Virginia Administrative Code
Title 1 - ADMINISTRATION
Agency 75 - DEPARTMENT OF THE TREASURY
Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS
Section 1VAC75-20-50 - Average daily balance computation
Universal Citation: 1 VA Admin Code 75-20-50
Current through Register Vol. 41, No. 3, September 23, 2024
A. The average daily balance for any month shall be derived by dividing the sum of the daily balances of any item being computed by the number of calendar days in the month.
B. In computing the amount of public deposits and the average balance of public deposits to be collateralized during any month, there shall be excluded the amount of each deposit that is insured by the Federal Deposit Insurance Corporation.
Statutory Authority: § 2.2-4405 of the Code of Virginia.
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