Streamlined Banking
The primary objectives of the Streamlined Bank Account Management initiative are as follows:
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Increased investment earnings on cash balances
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Improved efficiencies related to revenue and disbursement business processes.
The Streamlined Banking project was the result of recommendations from the “Commission for a New Georgia”. The objectives are to improve the State’s cash management practices and to create efficiencies in operations.
The project seeks to expedite cash concentration at the Office of Treasury and Fiscal Services (OTFS) and eliminate redundant bank accounts and business processes. The new streamlined banking solution has both tangible and intangible benefits to both the agencies and the state.
Benefits for the State:
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Increased investment earnings
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Reduction in bank fees
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Centralized and standardized disbursement processing
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Improved data for reporting and management purposes
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Improved Internal Controls
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Allows agencies to concentrate on primary business
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Reduced duplication of efforts
Benefits for Individual Agencies:
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Limited responsibility for bank reconciliation process.
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Allows agencies to concentrate on primary business.
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Reduced duplication of effort by recognizing revenue at the point of origination.
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Audit accountability issues related to bank accounts will be handled by SAO and OTFS.
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Reduce the number of bank accounts.
The Streamlined Banking Project will be a phased roll out starting with 6 pilot agencies that went live on May 7, 2007.
The 6 Pilot Agencies are:
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State Accounting Office (SAO)
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Department of Administrative Services (DOAS)
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State Board of Pardons and Paroles (P&P)
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Department of Banking and Finance (DBF)
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Department of Audits and Accounts (DOAA)
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Office of Treasury and Fiscal Services (OTFS)
After successful implementation of the pilot agencies and stabilization of the new banking process, the remaining PeopleSoft agencies will be moved to Streamlined Banking in phases. The move will be accomplished by grouping agencies for each phase and will be completed in the next one to two years. This process will begin shortly after year end closing for fiscal year 2007.
Training Materials
SLB Training Materials
Frequently Asked Questions
SLB Frequently Assked Questions