The State Treasurer, with the advice and approval of the State Budget and Control Board, shall keep in a general deposit account all moneys held by him for the account of all State funds which, in the opinion of the Board, may be properly consolidated. The Board shall designate the accounts which shall be so kept and the accounts which shall be carried as special deposits. The records of the State Treasurer and the Comptroller General shall, at all times, reflect the true cash balance of each fund comprising the general deposit account. Properly authorized obligations of the respective State funds comprising the general deposit account shall be paid therefrom, but no overdraft shall be permitted in any funds which will not be covered by the receipt of revenue or moneys belonging to such fund within a reasonable time.