What must the Tax Collector do annually regarding the Petty Cash Fund?

The correct response indicates that the Tax Collector must annually close out the Petty Cash Fund and seek state approval. This process ensures that the fund is properly accounted for and managed in accordance with state regulations. Regularly closing out and reconciling the Petty Cash Fund helps maintain financial integrity, allows for any discrepancies to be addressed, and ensures that the fund does not exceed the approved limit without oversight.

Seeking state approval provides an additional layer of oversight, ensuring that the practices followed are in line with state guidelines and requirements for managing public funds. This requirement is essential for transparency in the use of public resources and helps in the prevention of misuse or mismanagement of funds, reinforcing the importance of accountability in public office operations.

In this context, while other options might suggest practices related to fund management, they do not accurately reflect the specific annual requirement placed on the Tax Collector regarding the Petty Cash Fund.