Service 1: General Banking Services for Centralized Accounts Provide basic banking functions for approximately six accounts, including: 1. General Fund – operating account receiving revenues by ACH, wire, on-site scanned checks, and weekly cash deposits. Accounts payable disbursements are made by EFT or checks, which are controlled by Positive Pay. This account had an average cash balance of $414 million during the 2023- 2024 fiscal year with the balance fluctuating between $82 million in October to $660 million in January. 2. Payroll Direct Deposit – this account maintains a zero balance, receives funds by book transfer from the General Fund account, and pays all employee payroll direct deposits. This account pays approximately $52 million in an average month for ACH direct deposits. 3. Payroll Checking – this account is used for writing occasional paychecks, which are controlled by Positive Pay. It accounts for an insignificant amount of activity each year. 4. School Food Service – this account is used for site deposits of check, cash and coin from each of our school cafeterias. It is exclusively a depository account, with debit block and funds removed from the account by book transfer to the General Fund. Some locations use armored car or night drop. For reporting purposes, we must track deposits by location, which we currently do using a locator number indicating the school number with a monthly reconcilement totaling deposits by location. 5. Adult Education – this account is used for our Lifelong Learning program and is a separate account since the program collects funds through an on-line payment system. It has less activity than other accounts. 6. JCPS Holding – this account is used exclusively to collect school deposits being transferred to central office accounts prior to an internal reconciliation process. This account receives cash, check, and ACH deposits and sends ACHs out or book transfers to the JCPS General Fund account. The account generally maintains a zero balance.
