[Federal Register Volume 59, Number 197 (Thursday, October 13, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-25329]
[[Page Unknown]]
[Federal Register: October 13, 1994]
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DEPARTMENT OF THE TREASURY
Fiscal Service
31 CFR Part 205
RIN Number 1510-AA40
Rules and Procedures for Funds Transfers
AGENCY: Treasury, Fiscal, Financial Management Service.
ACTION: Final rule.
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SUMMARY: This rule amends the regulations implementing the Cash
Management Improvement Act of 1990 (CMIA), as amended, which governs
the transfer of funds between the Federal Government and the States
under Federal assistance programs. It finalizes without change a
previously published interim rule which delayed the date on which the
State of New York had to begin the second phase of CMIA implementation.
This rulemaking makes no other changes to the CMIA regulations.
EFFECTIVE DATE: This rulemaking is effective November 14, 1994.
FOR FURTHER INFORMATION CONTACT:
John Galligan, (202) 874-6935.
SUPPLEMENTARY INFORMATION:
Background
The regulations at 31 CFR part 205 established a two-stage
implementation of the Cash Management Improvement Act of 1990 (CMIA),
as amended, which governs the transfer of funds between the Federal
Government and the States under Federal assistance programs.
During the first phase of implementation, only the 20 largest
Federal assistance programs were covered by CMIA. From the second year
onward, the scope of CMIA expands to cover all ``major Federal
assistance programs,'' as defined by the Single Audit Act. This second
phase of implementation takes effect at the start of each State's 1995
fiscal year, so that States can introduce the new cash management
requirements with a new fiscal year.
The State of New York, however, has a unique fiscal year that
begins on April 1, which is 3 months prior to the start of the typical
State fiscal year on July 1. Hence, New York would be subject to
expanded CMIA requirements 3 months before the other States; it would
have only 9 months for the first phase of implementation, whereas all
other States and territories would have a full year.
On March 30, 1994, therefore, the Financial Management Service
(FMS) issued an interim rule to amend 31 CFR part 205 and allow New
York a full year for the first stage of implementation (59 FR 14753).
This interim rule modified the implementation schedule so that no State
had to begin the second phase prior to July 1, 1994. It made no other
changes to 31 CFR part 205 and affected only New York. It was effective
upon publication, but public comment was solicited from all interested
parties.
The FMS received one comment on the interim rule. The Executive
Department of the State of New York wrote to express support for it.
Accordingly, the FMS considers it appropriate to adopt the interim rule
as a final rule. The purpose of this rulemaking, therefore, is to
finalize, without change, the provision contained in the interim rule.
Executive Order 12866
It has been determined that this regulation is not a significant
regulatory action as defined in E.O. 12866. Therefore, a Regulatory
Assessment is not required.
Regulatory Flexibility Act
Because no notice of proposed rulemaking was required for this
rule, the provisions of the Regulatory Flexibility Act (5 U.S.C. 601 et
seq.) do not apply.
List of Subjects in 31 CFR Part 205
Electronic funds transfer, Grant administration, Grant programs,
Intergovernmental relations.
Issuance
For the reasons set forth in the preamble, 31 CFR part 205 is
amended by this final rule as follows:
PART 205--[AMENDED]
1. The authority citation for 31 CFR Part 205 continues to read as
follows:
Authority: 5 U.S.C. 301; 31 U.S.C. 321, 3335, 6501, 6503.
2. Paragraph (b) of Sec. 205.4 is revised to read as follows:
Sec. 205.4 Scope of subpart.
* * * * *
(b) Threshold of materiality. From the later of July 1, 1994, or
the beginning of a State's 1995 fiscal year, and thereafter, this
subpart applies, at a minimum, to all programs that meet the threshold
for major Federal assistance programs in a State.
* * * * *
Dated: September 9, 1994.
Russell D. Morris,
Commissioner.
[FR Doc. 94-25329 Filed 10-12-94; 8:45 am]
BILLING CODE 4810-35-M
