Agency: State Treasurer

Function

The Treasurer is responsible for all state funds. The Office controls the receipt and deposit of state monies, manages the banking relationships for all bank accounts, invests all funds at the highest market rates and provides liquidity for all state disbursements. In addition, the Treasurer coordinates the sale of all debt authorized by the Legislature, operates a local government investment pool for the benefit of all public entities, reconciles bank accounts and manages the Division of Unclaimed Property. The Office also provides staff support for the Money Management Council which oversees the deposit and investment of all public monies.

Statutory Authority

The following laws govern the activities of the State Treasurer:

• Utah Constitution, Article VII: The State Treasurer shall 'be the custodian of public moneys' (Section 15) and "hold office for four years beginning on the first Monday of January next after their election" (Section 1). The State Treasurer "shall be 25 years of age or older at the time of election." No person is eligible for the Office of the State Treasurer "unless at the time of election that person is a qualified voter and has been a resident citizen of the state for five years next preceding the election" (Section 3).
• UCA 67-4-1-2: The State Treasurer shall 'receive and maintain custody of all state funds; unless otherwise provided by law, invest all funds delivered into the state treasurer's custody according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act; pay warrants drawn by the Division of Finance as they are presented; return each redeemed warrant to the Division of Finance for purposes of reconciliation, post-audit, and verification; ensure that state warrants not presented to the state treasurer for payment within one year from the date of issue, or a shorter period if required by federal regulation or contract, are canceled and credited to the proper fund; account for all moneys received and disbursed; keep separate account of the different funds; keep safe all bonds, warrants, and securities delivered into his custody; at the request of either house of the Legislature, or of any legislative committee, give information in writing as to the condition of the treasury, or upon any subject relating to the duties of his office; keep the books open at all times for the inspection by the governor, the state auditor, or any member of the Legislature, or any committee appointed to examine them by either house of the Legislature; authenticate and validate documents when necessary; adopt a seal and file a description and an impression of it with the Division of Archives; and discharge the duties of a member of all official boards of which he is or may be made a member by the Constitution or laws of Utah. When necessary to perform his duties, the state treasurer may inspect the books, papers, and accounts of any state entity.'

Funding Detail

The office draws 50.5 percent of its revenue from the Unclaimed Property Trust Fund and 35.7 percent from the General Fund. Dedicated credit collections for financial services performed account for 12.6 percent. Personal Services account for 79.6 percent of expenditures.