32 V.S.A. § 502

(a) The gross amount of money received in their official capacities by every administrative department, board, officer, or employee, from whatever source, shall be paid forthwith to the State Treasurer, or deposited according to the direction of the State Treasurer in such bank to the credit of the State Treasurer as the Treasurer shall designate, without any deduction on account of salaries, fees, costs, charges, expenses, claim, or demand of any description whatsoever, unless otherwise provided. Such monies shall be credited to such funds as are now or may hereafter be designated for the deposit thereof. Money so paid and all monies belonging to or for the use of the State shall not be expended or applied by any department, board, officer, or employee, except in accordance with the provisions of section 462 of this title.

(b) [Repealed.]

(c) Notwithstanding subsection (a) of this section, bank charges directly related to the investment, management, and custodial services for State funds may be applied against any related investment earnings resulting from the investment, management, and custodial services provided by the financial institution. Such charges shall include only those direct fees charged by financial institutions and as expressly approved by the State Treasurer. The State Treasurer shall obtain and retain detailed monthly statements from each respective financial institution of all charges assessed and such reports shall be available for audit by the Auditor of Accounts.