Audit shows concerns about $2.6 million outside state treasurer bank account
The Nebraska State Treasurer's Office maintained an outside bank account for seven years — worth $2.6 million — that apparently flew under most state accounting radar.
The account wasn't recorded in the state accounting system or reflected in the state budget or the annual financial report, according to an audit of Treasurer Don Stenberg's office. It contained fees charged to participants in the Nebraska Educational Savings Plan Trust.
The recent audit identified concerns about the account, held at First National Bank of Omaha, including that it didn't draw interest and was allegedly used to avoid budgetary limits.
In 2017 alone, the account missed out on an estimated $51,507 in interest.
Read more: https://fremonttribune.com/legislature/audit-shows-concerns-about-million-outside-state-treasurer-bank-account/article_c8e411ce-da37-5f25-9744-20ad2575a158.html