Cash management workshop english

ICGFM International Conference Cash Management Workshop May 20, 2010

ICGFM Cash Management Workshop Opening and Introductions What is Cash Management? Organization and Communication Treasury Single Account and Banking Relations Debt and Investment Policies Cash Flow Forecasting Managing Cash Inflows and Outflows Q&A

What is Cash Management? Definition Objectives Importance What It Is NOT Results of a Poorly Defined Program Components of a Strong Program

Definition of Cash Management Having the RIGHT money in the RIGHT place at the RIGHT time to meet Government obligations in the most cost effective way. “ Government Cash and Treasury Management Reform” by Ian Storkley, ADB The Government Brief, Issue 7-2003

Objectives of Cash Management Cash Mobilization: Get the cash in as fast as you can Controlled Disbursement: Release the cash at the last possible moment Investment Program: Do something worthwhile with the cash in the meantime “ Best Practices in Treasury Management” by Nicholas Greifer and Jeffrey Vieceli, Government Finance Review, April 2000

Importance of Cash Management Safeguard cash and investment assets Minimize the volume of idle balances Match the timing of cash inflows and cash outflows

Importance of Cash Management Reduce operational risk by increasing the certainty that payments are made and receipts are deposited on time Reduce the cost of borrowing, minimize transaction costs, increase investment income

Cash Management is NOT Cash Management is NOT a substitute for: Poor budgeting decisions Spending in excess of budget authority

Cash management is NOT budget or accounting control Budget and accounting controls (quotas and commitments) are intended primarily to ensure budget users’ compliance with budget The intent of cash management is to manage the government’s cash in a cost-effective way that minimizes risk Cash Management is NOT

Many countries control their budgets and facilitate their accounting through the release of funds through various cash accounts Budget revenue and expenditure control must be DE-LINKED from cash to meet cash management objectives Cash Management is NOT

Proliferation of both private and central bank accounts which are difficult to manage Restrictions on the use of cash within those bank accounts resulting in unnecessary borrowing or lost investment income Lack of responsibility over idle balances or ill-timed payments Results of a Poorly Defined Program

Inefficient and expensive choices about how short-falls are funded Inappropriate or non-existent information for projecting short-falls or excess balances Isolation of the Treasury from information on cash balances and control of those balances Cash rationing occurs Results of a Poorly Defined Program

Inability to project cash inflows and outflows Volatility in the government cash balance which can thwart the central bank’s monetary policy Expensive banking charges coupled with poor or non-existent banking services Results of a Poorly Defined Program

Components of a Strong Program All of the following components are essential for a strong cash management program.

Components of a Strong Program Written Policies and Procedures Responsibilities Banking Investments Cash Handling, Collections and Deposits Disbursements Cash Forecasting

Components of a Strong Program Organization Cash Management Unit within Treasury has primary responsibility One Cash Management professional Responsibilities of all players (Treasury, spending ministries, revenue generating ministries) are clearly defined

Components of a Strong Program Banking Strong banking relationships are established with the Treasury, NOT THE BANKS , as the driver Treasury is the owner and controls ALL government bank accounts Number of bank accounts is kept to a bare minimum and cash balances are available to Treasury for disbursement

Components of a Strong Program Banking There are written agreements with all banks including central bank The government earns interest on all its available cash balances and in turn pays for all the banking services it receives Formal selection of banks through a tender process based on security, transaction costs, interest rates and other services

Components of a Strong Program Banking Banks perform the following types of services : Sweep funds at the end of day Provide receipt, disbursement and cash balance information electronically in real time Electronically transmit payroll and disbursements Electronically interface data from banking system to cash management / treasury software

Components of a Strong Program Receipts and Deposits Collections are made through the banking system Deposits are available for disbursement or investment no later than the next day Deposit accounts are swept daily to central government accounts

Components of a Strong Program Disbursements Treasury performs a centralized payment function Payments are only made on the dates payments are due Payments to vendors and employees are made electronically Cash disbursements are eliminated if possible or at least minimized

Components of a Strong Program Disbursements Ministries and agencies are penalized for making commitments outside of their budget authority Disbursement timing matches timing of cash inflows (spending plans) Monies are only transferred to disbursing accounts when payments are made

Components of a Strong Program Cash Flow Forecasting Annual, monthly, weekly and daily estimates of: Receipts Disbursements Cash Balances Performed daily on a 12-month roll-forward basis High rate of accuracy and predictability Follow-up and analysis on variances

Components of a Strong Program Be Proactive Take action when projections indicate larger variances than expected

Organization and Communication

Cash Management Unit Flow of Information Cash Management Committee Organization and Communication

Cash Management Unit Responsibilities Forecasts, monitors and tracks cash flows Prepares cash flow reports and identifies and reports on variances Provides leadership and direction to all ministries / departments on cash management issues Develops and maintains cash management policies and procedures

Cash Management Unit Responsibilities Recommends improvements in all aspects of cash management to strengthen internal controls and enhance available cash balances Prepares risk and cost benefit analyses Maintains banking relationships

Cash Management Unit Qualifications of a Cash Manager Degree in finance, accounting, economics Excellent communication skills, both written and verbal Ability to establish positive working relationships with internal and external key players Ability to discern trends and identify risks

Cash Management Unit Qualifications of a Cash Manager Ability to sell new ideas Strong analytical skills: Variance analysis Business processes Cost benefit analysis

Borrowing Plan Updated Economic Forecast Liquidity Management Cash Balances Revenue Forecasts Spending Plan Investment Plan Actual Inflows and Outflows Cash Manager Flow of Information

Flow of Information Key Information Sources Banking System (Commercial and / or Central Bank) Accounting System Budget Spending Quotas, Plans and Amendments Reports Monitoring Budget Execution Macro-Economic Forecasts

Flow of Information Key Information Sources Major Budget Institutions (Exception Reporting) Revenue Institutions (Exception Reporting) Debt Unit

Cash Management Committee Members Macro-Economic Forecasting Unit Revenue Agencies Major Budget Agencies Central Bank MOF, Budget MOF, Debt Treasurer

Cash Management Committee Purpose Review forecasts Agreements on initial forecasts and changes (macro-economic statistics, budget amendments, cash flow projections) Recommend short-term action Establish performance goals Recommend improvements to cash management practices

Treasury Single Account and Banking Relations

Treasury Single Account Treasury Single Account (TSA ): a series of linked bank accounts through which all government transactions flow

Treasury Single Account Active or Centralized TSA Requests for payment are sent to the Treasury for payment Most efficient both from a cash management and expenditure control perspective Avoids borrowing and additional interest charges to finance the expenditures of some agencies while other agencies keep idle balances in their bank accounts

Treasury Single Account Passive TSA Multiple bank accounts in the Central or private banks controlled by Treasury but managed by spending agencies Payments made directly by spending agencies The Treasury sets cash limits but does not control individual transactions Accounts cleared every day and balances transferred to the central Treasury account

Treasury Single Account Passive TSA Avoid pre-funding of ministry accounts Incentive structures: UK - spending agencies are penalized for drawing cash in advance of need

Treasury Single Account Passive TSA Incentive structures: New Zealand - departments negotiate annual cash requirements and pay penalties if they run out of cash or earn interest on their surplus funds. The ministry of finance sweeps department bank accounts each evening and invests the surplus in the overnight money market.

Treasury Single Account Combination of Centralized and Passive TSA Centralize Large Payments Decentralize Small Payments

Treasury Single Account Banking Relationships Establish strong banking relationships with the Government as the driver Formal agreement with the central bank The government should earn interest on all its deposits and in turn should pay for all the banking services it receives

Treasury Single Account Banking Relationships Formal selection of commercial banks through a tender process. Evaluation criteria should be based on: Security Ability to link the central bank Ability to sweep funds at the end of day Interest and transaction rates Ability to provide information electronically in on-line, real time and other services.

Functional Identify bank accounts Close unnecessary accounts Structure remaining accounts into pyramid style Re-engineer disbursement process Re-engineer revenue process Sequence transfer of cash balances Establish cash forecasting team Administrative Amend laws and regulations Revise reporting templates Draft procedures manuals Revise accounting processes Renegotiate banking arrangements Moving to Centralized Cash (Steps - in theory)

Typical issues in developing economies Institutional malaise Culture change Entitlements – Supplements/Per Diem Absence of modern banking system Challenges

Challenges Absence of reliable information No list of bank accounts Lack of Infrastructure For both banking and accounting systems Lack of Human Capacity View of Imprest Accounts at Entitlement

RFPs for Banking Services - Components Document the Current Environment Develop the RFP Evaluate the Bank Responses Bank Presentations and Bank Visits Develop Overall Implementation and Obtain Approval

Step 1 – Document the current environment Banking Needs Assessment - The first step is a review of the current banking environment. The goal is to establish a firm understanding of what can and should be considered as requirements in the targeted banking structure.

Step 1 – Document the current environment Major Tasks Prepare a customized packet for each area of your treasury organization regarding their current banking services Request current bank account analyses for all banks and accounts Design a checklist determining necessary information to gather from each function

Step 1 – Document the current environment Results Understand the current environment for banking services Understand the key business and technical requirements Identify potential service gaps and improvement opportunities

Step 2 – Develop the RFP RFP Formulation and Distribution - The second step is the development of the RFP based on the information gathered in Step 1.

Step 2 – Develop the RFP Major Tasks Develop an overall vision for banking structure and services required Analyze current bank account structures and providers Inventory and assess specific concerns and issues for bank service requirements Determine list of banks to be included in RFP process Develop the customized RFP for those selected banks and issue RFP

Step 2 – Develop the RFP Results Conceptual design of the future banking structure Communication & recommendations for preferred services

Step 3 - RFP Evaluation The third step focuses on evaluating and prioritizing the bank responses to determine which banks can realistically be considered to move from the current to the target environment.

Step 3 - RFP Evaluation Major Tasks Customize RFP evaluation tool for bank services Conduct quantitative analysis of RFP responses Score bank RFP results on a weighted basis Perform additional technical and qualitative analysis on bank RFPs Complete cost analysis on proposed pricing using the estimated volumes Determine the short list of banks to participate in the presentation phase

Step 3 - RFP Evaluation Results Banks are objectively prioritized based on their capabilities and responses Recommended banks identified to participate in bank presentations and visits

Step 4 - Finalist Presentations and On-Site Tours The fourth step is the research and validation to ensure that the bank can meet the current and future requirements, as stated in their response, at a level of satisfaction to your needs.

Step 4 - Finalist Presentations and On-Site Tours Major Tasks Notify the banks that did not make the final cut Contact the short list of banks that made the final cut to let them know of next steps and give them advance notice Develop the desired presentation format/script, and provide this to the banks Schedule the presentations and bank visits Evaluate the demonstrations formally and debrief after each meeting Conduct on-site tours of finalist banks as necessary

Step 4 - Finalist Presentations and On-Site Tours Results Validation of bank capabilities with regard to your requirements

Step 5 - Bank Selection and Plan Development The fifth step is the selection of the bank and development of an overall plan which will consider the key tasks, the staffing / skill requirements, timeframes and estimated costs required as next steps to move towards the targeted environment.

Step 5 - Bank Selection and Plan Development Major Tasks Select the preferred bank(s) Develop overall implementation plan which includes: – Key project tasks and dependencies – Staffing and skill set requirements – Timeframes – Key deliverables

Step 5 - Bank Selection and Plan Development Results Documented and agreed upon implementation plan for the conceptual design of the preferred banking structure Approval to move forward with the implementation

Tying Debt Issuances to Forecasts Short-Term vs. Long-Term Debt Assumption of Investment Risk Ensuring Investments Are Secure Examples of US State and Local Government Investment Policies Debt and Investment Policies

Debt and Investment Policies Importance of Tying Debt Issuances to Forecasts Cash Flow Forecasts Length of Debt Match maturity date to sources of repayment Match service dates to sources Return Forecasts Debt “proceeds” must be invested Match return on investment to interest of bonds

Long Term Debt Municipal Bonds Bonds issued by any of the 50 states, the territories and their subdivisions, counties, cities, towns, villages and school districts, agencies, such as authorities and special districts created by the states, and certain federally sponsored agencies such as local housing authorities. Historically, the interest paid on theses bonds has been exempt from federal income taxes and is generally exempt from state and local taxes in the state of issuance. Approximately $1.3 trillion municipal bonds outstanding. Generate about $50 billion tax-free interest income each year. Can be 20 years, or for the life of the project. Debt and Investment Policies

Debt and Investment Policies Short Term Debt Municipal Notes. Short-term municipal obligations, generally maturing in one year or less . Common types are (1) bond anticipation notes (BANs), (2) revenue anticipation notes (RANs), (3) tax anticipation notes (TANs), (4) grant anticipation notes, (5) project notes, and (6) construction loan notes

Suggestions for Debt Policies Issuance Guidelines Town will strive to maintain/improve its bond and/or credit rating to minimize borrowing costs and preserve access to Credit. Annual Debt service costs not to exceed 8% of Town’s Operating expenditures at the time obligation incurred. Total remaining balances of Long Term Debt obligations not to exceed 1.5% of Town’s net assessable base at the time the obligation is incurred. 2. Allowable Investments for Proceeds 3. Statements on Projects 4. Refinancing 5. Glossary of terms Debt and Investment Policies

Importance of Tying Investments to Forecasts Cash Flow Forecasts Length of investment Match maturity date to needs Match maturity date to potential new investments Forecast on Estimated Returns Benchmark Blending your overall return to match your benchmark Average rate of return Debt and Investment Policies

Ensuring Investments are Secure Follow the code of your state or country, then be conservative Be very specific in your investment policy on what can and cannot be used (examples on the next few pages) Investment policy needs to have oversight Constantly monitor information Monitor investment report daily Diversify And….. Debt and Investment Policies

Assumption of Investment Risk – Not just earning the highest return but protecting capital Diversify Portfolio Term Type Include details in your Investment Policy Investment Report Types of Investment Risk Internal vs. External Suggestions to Mitigate Risk Investment Policy Investment Monitor Debt and Investment Policies

Investment Policy Example Objective – typically safety, liquidity, yield. Roles – who is responsible for investing the funds (ultimately) Investment Monitor Finance Board 5. Ethics and Conflict of Interest Internal Controls 7. Uses for Investment Proceeds 8. Benchmarks 9. Purchasing Investments – Mechanics 10. Allowable Investments 11. Report Components 12. Glossary of terms Debt and Investment Policies

Note – Include these parameters in your investment report. Debt and Investment Policies Class Length % of Total Portfolio Stocks, bonds, and other evidences of indebtedness of the Commonwealth of VA 60 months or less 75% Stocks, bonds, notes and other evidences of indebtedness of the United States 60 months or less 100% Prime Quality Commercial Paper 270 days or less 35% with a 5% per issuer limit

Debt Policy Links - Links http://www.sykesville.net/minutes/DEBT_POLICY09.pdf http://www.arlingtonva.us/Departments/ManagementAndFinance/Bond/PFM%20Response%20to%20Debt.pdf http://www.co.hanover.va.us/finance/adopted-04/debt_policy.pdf Municipal Bond Terms - Links http://emuni.com/glossary.php Investment Policy - Links http://www.loudoun.gov/controls/speerio/resources/RenderContent.aspx?data=dafd99cde3184aa2b29943686bf619d0&tabid=326 http://www.loudoun.gov/ http://www.arlingtonva.us/departments/Treasurer/files/file71534.pdf http://www.nctreasurer.com/dsthome/InvestmentMgmt/GovermentalOpsReports/asset+allocation+overview.htm http://www.nystar.state.ny.us/board/assets/sbtif.pdf http://www.treasurer.state.md.us/reports/Investment_Policy.pdf Debt and Investment Policies

Cash Flow Forecasting Outline Objectives Process Components Analysis Float

Objectives of Cash Flow Forecasting Budget Execution Management Financial & Treasury Control Strategic Objectives Capital Budgeting & Net Borrowing Costs Liquidity Management

Cash flow planning and forecasting as a result of the synchronization of revenue estimates and spending plans results in a coordinated effort to make sure that resources are available when needed to properly execute the budget and meet the needs of a variety of budget stakeholders. Budget Execution Management

Financial & Treasury Control Comparing actual cash flows to estimates is fundamental to asset and liability management (especially in the “current” section of the balance sheet) Preparing cash flow estimates leads to improvements in the collections and disbursement processes

Strategic Objectives Cash forecasting can be used as the basis for evaluating alternative strategic financial policy objectives.

Capital Budgeting & Net Borrowing Costs Forecasts of revenues & expenditures (incl. borrowing costs) will lead to improved techniques for evaluating different projects. Cash flow forecasting leads to a financial analysis of alternatives to finance operating and capital budgets that will seek to minimize the “costs” involved.

Liquidity Management Forecasting the cash position is essential to managing maturities and issuance of investments and debt.

Cash Flow Forecasting Process Horizon Participants Budget Methodology Information Sources Components

Forecasting Horizons Short Term Less than one month Medium Term Quarterly Long Term One Year or More

Participants Treasury Budget Department External/Internal Debt Departments Ministry of Finance (Macro Economic Department) Tax/Customs Ministries Other Line Ministries Spending Units Central Bank (or Commercial Banks) Everyone has to be involved in some way to get a good forecast!

Budget The primary financial management tool of the government. All estimates of cash flows must start with this financial management tool, especially since it is usually prepared on a cash basis.

80 – 20 Rule In cash flow forecasting every piece of the puzzle is important, but……. 80 percent of our revenue (& expenditures) comes from (or goes to) 20 percent of our sources This means that we need to spend the most time on the “80” rather than on the “20”!

Methodology Fund vs. Agency Basis Fund: Forecasting cash flows on the basis of governmental fund types i.e. general revenue fund, highway (road) fund, etc. Agency: Forecasting cash flows on the basis of governmental agency or ministry

Methodology Economic vs. Functional Basis Economic Class – Forecasting cash flows on the basis of economic classification is probably the best, because it lends itself to robust variance analysis Functional – Forecasting cash flows on the functional basis of government is possible but probably does not lend itself to a thorough analysis of patterns or variances between forecasts and actuals.

Methodology Degree of Certainty Certain Flows Forecastable Flows Less Predictable Flows

Information Sources Information Systems Cash vs. Accrual Banking System Budget Documents

Components Revenues Expenditures Lending Borrowing Other Balance Sheet Accounts

Revenues Budget as source reference. The initial budget revenue estimate must be backed by some consistent, corroborating macroeconomic analysis. Revenue collecting agencies should prepare monthly estimates using budget as a base. Weekly or daily estimates of the monthly plan can be prepared using historical daily data lined up against “payment due dates”.

Revenues For example: 1,000 currency units are estimated in a given month for corporate income tax which is due on the 15 th of the month. It is probable that 70/80 percent of the tax estimated to be collected will be received from the 14 th to the 18 th of the month. (Assuming all are business days.) This type of information can be confirmed by reviewing historical cash flow information and comparing the dates received to the dates due.

Revenues More than likely, for a tax like a corporate profits tax, you will see such a pattern during a month. A sales tax or VAT collected through the month will likely have a flatter, more even pattern.

Expenditures Spending Plans Historical Review Rates of Spending Seasonality of Spending

Spending Plans The use of spending plans is probably the most thorough way to develop a forecast of cash outflows. Spending Units (or other level of Ministry) should prepare monthly spending estimates based on budget and guidance on revenue forecasts. The spending plan should incorporate the proper level of flexibility given the seasonal nature of some spending categories. The development of spending plans must be examined on a cost benefit basis relative to the value of their preparation. The “80 percent” of the spending still needs the most attention!

Historical Information The past is usually the best predictor of the future in countries with mature financial and budgetary systems. The past can be the best predictor of the future in countries with young financial and budgetary systems if information can be “normalized” for the current year’s situation. Use the Calendar to examine the patterns!

Expenditures The spending plans and historical data can be used to forecast monthly data. Historical information, common sense and “known” dates will assist with weekly and even daily breakdowns.

Lending (Assets) Estimated cash flows from outstanding loans. Cash flows out to fund new loans Should be included in budget.

Borrowing (Liabilities) Existing debt payments Timing of issuance of debt Timing of new payments on recently issued debt

Changes in Other Balance Sheet Accounts Cash flows from: Accounts Receivable Asset Sales (Privatization) Sale of Precious Metals Equity Investments (Dividends) Foreign Exchange Activity Maturing Short Term Investments

Changes in Other Balance Sheet Accounts Cash flows to: Equity investments in public entities Purchase of precious metals Pay down of past due accounts payable Foreign exchange activity New short term investments

Variance Analysis Fundamental Issues Legal Issues Technical (Administrative) Issues

Fundamental Issues Affecting Variances Economic growth higher or lower relative to assumptions: Higher/lower than expected tax collections Decrease/Increase in citizens seeking social benefits Economic conditions leading to increased borrowing costs or higher investment earnings Inflation rates higher than expected leading to higher rates of growth in indexed payments. Disasters/Emergency Situations Foreign Exchange

Legal Issues Affecting Variances Changes to tax laws by legislature that effect revenue collections. Payouts of settlements of court cases. Court interpretations of existing tax laws or spending mandates. Sharing ratio of taxes between levels of government.

Tech/Admin Issues Affecting Variances “Float” Collections Disbursements Calendar Issues Coding Issues

Modifications to Cash Flow Fundamental Issues Legal Issues Technical (Administrative) Issues

Understanding and Measuring “Float”

Collection Float Mail Float The delay between the time a check (payment) is mailed and it is received. Processing Float The delay between the time a payment is received and it is deposited. Availability Float The delay between the time a payment is deposited and the time the account is credited.

Disbursements Float Mail Float The delay between the time a check is mailed and the date the check is received. Processing Float The delay between the time the payee receives the check and the time the check is deposited. Clearing Float The delay between the time the check is deposited and the time it is presented to the payor’s bank for payment.

Float Analysis The purpose of analyzing disbursement and collections float is to shorter this float to as few days as possible. Cutting down the time for funds to go from point A to point B and having information systems tracking this information every step of the way will lead to decreased costs. Shortening disbursement or collections float will likely be the result of using improved banking products or making changes in internal administrative processes.

Measuring Float Revenue Dollar Amount Calendar Days of Float Dollar Days of Float 1 1,500,000 4 6,000,000 2 4,500,000 2 9,000,000 3 3,000,000 6 18,000,000 Totals 9,000,000 33,000,000

Measuring Float Average Daily Float = Total Dollar Days of Float/Total Calendar Days in Period Annual Cost of Float = Average Daily Float * Opportunity Cost of Funds

Measuring Float Average Daily Float = 33,000,000/30 Average Daily Float = 1,100,000 Annual Cost of Float = 1,100,000*9% Annual Cost of Float = 99,000

Managing Cash Inflows and Outflows

Managing Cash Flows Accounting Controls Banking Products & Services

Accounting Controls Payment Frequency On-Demand vs. Once Per Week Disbursements Vendor Analysis Aggregation of Multiple Payments to Single Vendors Payment Terms

Banking Products Zero Balance Account Fraud Prevention Wire Transfers Automated Clearing House Disbursements Purchasing and T/E Cards

Banking Products/Terminology Deposits - Paper Checks Armored Car/Currency Lock Box Credit Cards

Zero Balance Account ZBAs are linked to Concentration Accounts At the end of each day any positive or negative balances are netted Can accept deposits or disbursements Not the same as a sweep account

Zero Balance Account Can be used to improve reconciliation process Typically used for payroll or benefits Federal Receipts

Fraud Prevention Debit Blocks Debit Filters Both restrict potentially fraudulent ACH transactions from posting to an account

Wires Real Time Gross Settlement (RTGS) Same day availability

Automated Clearing House Batch processed electronic payment system Not same day credit Funds Availability Used for high volume/low value payments Payments can be scheduled up to two weeks in advance Electronic Data Interchange Cash Concentration

Paper Checks - Disbursements Account Reconcilement “ Issue File” “ Positive Pay”/”Payee Name Verification” Controlled Disbursement

Purchasing Cards Simplifies Purchasing and Payment Process Lower Overall Transaction Processing Costs per Purchase Increased Information Reduced Paperwork

Purchasing Cards Decentralizes the Purchasing Function Set/Control Purchasing Dollar Limits Set/Control Vendors Rebates Available

Purchasing Cards Written Agreement with Bank Written Polices and Procedures with Staff End of Year Tax Reporting

Paper Checks - Receipts Deposit Reconciliation Reporting of deposits by location Remote Deposit “ On-site” conversion of checks to electronic images for deposit

Armored Car - Outsourcing Some armored car companies can offer private “vaults.” “ Vault” acts as an extension of the bank’s teller line.

Lockbox Wholesale High dollar value/low volume Many non-standard invoices or single payments for multiple invoices Retail Low dollar value/high volume Standardized invoices (Utilities)

Credit Cards Types of Payments Infrastructure needed Internal Controls Liability

Laura Trimble: ltrimble@ota.treas.gov Gail Ostler: gostler@otatreas.us

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