Board signs off on governance, record-keeping and compliance items; compliance officer briefs board on CAFR work

The State Board of Finance approved a set of governance and accounting items that the treasurer's office brings forward annually.

Board members approved an amendment to the July 7, 2021 minutes to correct inconsistent dollar-amount formatting. The board then approved record-keeping systems that use the cash basis for daily transactions with GAAP-adjusting entries at fiscal year end and approved minimum periodic reports including daily ledger balances, fund activity, safekeeping inventory and collateral sufficiency.

The board approved the treasury's current collateralization policy and ratified a code of ethics for board members; members were asked to sign and return the code of ethics form. The compliance officer, Autumn Sansone, reported she is completing the closing book for the comprehensive annual financial report and the statistical section due this week, and described a risk-assessment program covering cash-flow needs, internal controls and regulatory changes. The board voted to accept the compliance report.

Subcommittees of the former Employee Benefits Division reported on the Drug Utilization and Evaluation Committee (DUEC) findings. The DUEC uses UAMS College of Pharmacy resources and an EBRX vendor to evaluate evidence for new drugs; the board approved the DUEC report.