Streamlined Banking

The primary objectives of the Streamlined Bank Account Management initiative are as follows:

• Increased investment earnings on cash balances
• 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.

Streamlined Banking seeks to expedite cash concentration at the Office of the State Treasurer (OST) and eliminate redundant bank accounts and business processes. The streamlined banking solution has both tangible and intangible benefits to both the agencies and the state.

Benefits for the State:

• Increased investment earnings
• Reduction in bank fees
• Centralized and standardized disbursement processing
• Improved data for reporting and management purposes
• Improved Internal Controls
• Allows agencies to concentrate on primary business
• Reduced duplication of efforts

Benefits for Individual Agencies:

• Limited responsibility for bank reconciliation process.
• Allows agencies to concentrate on primary business.
• Reduced duplication of effort by recognizing revenue at the point of origination.
• Audit accountability issues related to bank accounts will be handled by SAO and OST.
• Reduce the number of bank accounts.

The participating Streamlined Banking agencies are:

• State Accounting Office (SAO)
• Department of Administrative Services (DOAS)
• State Board of Pardons and Paroles (P&P)
• Department of Banking and Finance (DBF)
• Department of Audits and Accounts (DOAA)
• Office of the State Treasurer (OST)
• Georgia Public Defender Standards Council (GPDSC)