This report contains two of three studies conducted to determine whether state officials who had control over large amounts of money were investing surplus or idle funds prudently. Details of the third study may be found in report number 4, page 73.
The management of money in the Alcoholic Beverage Control Division of the State Tax Commission and the University of Mississippi Medical Center was the concern of this report. During the four-month test period from January 1, 1973, to April 30, 1973, both the ABC Division and the University Medical Center were found to have surplus cash. If these funds had been invested in 4 percent certificates of deposit, interest income of approximately $272,000 could have been earned.
Since the report, both parties have made arrangements to secure certificates of deposit for the investment of their excess cash.
For a paper copy of this report, contact PEER by telephone at 601-359-1226 or by e-mail at reports@peer.ms.gov.