1VAC75-20-50. Average daily balance computation.
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.
Historical Notes
Derived from VR640-02 § 5, eff. November 18, 1993; amended, Virginia Register Volume 39, Issue 18, eff. July 1, 2023.
Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.
As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.