Compendium of Budget Information for the 2010 General Session

Executive Offices & Criminal Justice
Appropriations Subcommittee

Function

The State Treasurer budget consists of only one line item. The line item has four programs: Treasury and Investment, Unclaimed Property, Money Management Council, and Financial Assistance.

Intent Language

Under Section 63J-1-401 and 63J-1-402 of the Utah Code, the Legislature intends that any remaining funds shall not lapse at the close of fiscal year 2009.

Funding Detail

Sources of Finance	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
General Fund	$879,700	$938,900	$1,010,900	$938,400	$875,300
General Fund, One-time	$0	($6,300)	$0	$14,300	$115,500
Dedicated Credits Revenue	$196,500	$237,200	$271,300	$364,600	$436,400
Unclaimed Property Trust	$1,247,700	$1,309,500	$1,365,700	$1,465,300	$1,405,600
Beginning Nonlapsing	$350,900	$405,000	$466,700	$520,000	$0
Closing Nonlapsing	($405,000)	($466,700)	($520,000)	($475,000)	$0
Lapsing Balance	($32,900)	($91,900)	($244,800)	($301,200)	$0
Total	$2,236,900	$2,325,700	$2,349,800	$2,526,400	$2,832,800

Programs:	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Treasury and Investment	$917,800	$1,049,100	$1,135,300	$1,246,000	$1,265,500
Unclaimed Property	$1,261,300	$1,214,200	$1,150,100	$1,203,000	$1,405,600
Money Management Council	$57,800	$62,400	$64,400	$77,400	$85,400
Financial Assistance	$0	$0	$0	$0	$76,300
Total	$2,236,900	$2,325,700	$2,349,800	$2,526,400	$2,832,800

Categories of Expenditure	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Personnel Services	$1,586,700	$1,628,100	$1,709,400	$1,841,700	$2,160,100
In-state Travel	$800	$9,400	$2,600	$1,300	$3,300
Out-of-state Travel	$8,300	$7,200	$13,800	$11,200	$12,500
Current Expense	$557,000	$555,300	$533,100	$566,200	$550,600
DP Current Expense	$84,100	$93,800	$82,300	$106,000	$88,600
DP Capital Outlay	$0	$31,900	$8,600	$0	$17,700
Total	$2,236,900	$2,325,700	$2,349,800	$2,526,400	$2,832,800

Other Indicators	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Budgeted FTE	21.9	20.1	21.1	20.7	25.5
Vehicles	1	1	1	1	1

Subcommittee Table of Contents

Program: Treasury and Investment

Function

This program adheres to the Money Management Act and Rules of the Money Management Council, and uses appropriate investment research tools to maximize the safety of state and local government funds invested and to earn competitive yields. The Treasurer also maintains a Public Treasurers' Investment Fund (PTIF) so that other governmental entities can pool their idle money together for professional management, high liquidity and the best possible return.

All available funds are invested each day at the highest available interest rates. The primary investment instruments used are bank certificates of deposit, commercial paper, short-term corporate notes, and obligations of the U. S. Treasury and government agencies.

The Treasurer is a member of the State Bonding Commission which issues debt for the state. He oversees the team of professionals who work together to issue debt including the financial advisor, bond counsel, disclosure counsel and underwriters. He coordinates all relations with bond rating agencies including formal presentations at least once a year.

The Treasurer also manages the investments of the Permanent State School and Institutional Trust Land fund. The investment income from the public school's portion of this portfolio provides the income for the State Trust Lands Program which allocates funding directly to individual schools.

Performance

The following chart shows historical interest rates earned by the PTIF. A review of records back to 1981 shows this is the first time interest rates have fallen below 1% in the review period. Returns are directly correlated to the relative level of short-term interest rates.

Funding Detail

Sources of Finance	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
General Fund	$789,000	$843,700	$911,700	$858,400	$789,900
General Fund, One-time	$0	($6,100)	$0	$8,900	$115,500
Dedicated Credits Revenue	$196,500	$237,200	$271,300	$364,600	$360,100
Unclaimed Property Trust	$0	$0	$0	$61,500	$0
Beginning Nonlapsing	$100,900	$168,600	$130,000	$145,000	$0
Closing Nonlapsing	($168,600)	($130,000)	($145,000)	($100,000)	$0
Lapsing Balance	$0	($64,300)	($32,700)	($92,400)	$0
Total	$917,800	$1,049,100	$1,135,300	$1,246,000	$1,265,500

Categories of Expenditure	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Personnel Services	$709,400	$808,500	$957,000	$979,100	$1,048,600
In-state Travel	$100	$6,200	$1,800	$500	$2,300
Out-of-state Travel	$6,000	$3,900	$10,300	$8,200	$9,000
Current Expense	$181,600	$181,700	$137,500	$227,400	$170,800
DP Current Expense	$20,700	$16,900	$20,100	$30,800	$17,100
DP Capital Outlay	$0	$31,900	$8,600	$0	$17,700
Total	$917,800	$1,049,100	$1,135,300	$1,246,000	$1,265,500

Other Indicators	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Budgeted FTE	6.9	7.3	9.2	7.8	9.5
Vehicles	1	1	1	1	1

Subcommittee Table of Contents

Program: Unclaimed Property

Function

The Unclaimed Property Program is responsible for reuniting lost or abandoned property with its rightful owners. Property types include savings accounts, life insurance policies, payroll checks, safe deposit box contents, stocks and mutual funds, and other types of property. Any amount not returned to rightful owners is deposited in the Uniform School Fund.

By law, the division is required to publish a list of all property received during the year in a newspaper of general circulation. This publication generally is published and distributed in late spring. Additional outreach programs include radio ads, a listing of all names and addresses on the Internet, and visits to senior centers and other businesses to allow patrons the opportunity to lookup their names in the database. One employee is dedicated to locating names and businesses in the database.

The Unclaimed Property Division will continue to maximize returns of abandoned property to owners by increasing claims processed by three percent annually. This will be achieved by examining current business processes and implementing improvements where needed, resulting in more efficient management of current resources. In addition, the Division will increase productivity through the continued adoption of new IT enabled processes.

Statutory Authority

Statutory authority is provided within UCA 67-4a, "Unclaimed Property Act."

Funding Detail

The program's administrative costs are paid from the Unclaimed Property Trust Fund. As allowed in UCA 67-4a-405, the fund receives proceeds from the sale of abandoned property.

Sources of Finance	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Unclaimed Property Trust	$1,247,700	$1,309,500	$1,365,700	$1,403,800	$1,405,600
Beginning Nonlapsing	$250,000	$236,400	$331,700	$375,000	$0
Closing Nonlapsing	($236,400)	($331,700)	($375,000)	($375,000)	$0
Lapsing Balance	$0	$0	($172,300)	($200,800)	$0
Total	$1,261,300	$1,214,200	$1,150,100	$1,203,000	$1,405,600

Categories of Expenditure	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Personnel Services	$824,300	$764,400	$693,000	$791,900	$962,900
In-state Travel	$700	$3,200	$800	$800	$1,000
Out-of-state Travel	$2,300	$3,300	$3,500	$3,000	$3,500
Current Expense	$370,600	$366,400	$390,600	$332,300	$366,700
DP Current Expense	$63,400	$76,900	$62,200	$75,000	$71,500
Total	$1,261,300	$1,214,200	$1,150,100	$1,203,000	$1,405,600

Other Indicators	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Budgeted FTE	14.3	12.0	11.2	12.0	14.0

Subcommittee Table of Contents

Program: Money Management Council

Function

The Utah Money Management Council is responsible for the oversight of bank deposits and investments maintained by all Utah public treasurers. This involves overseeing and supporting over 500 public treasurers from municipalities of all types, large and small, urban and rural. Additionally, the council must oversee and monitor the degree to which over 60 financial institutions which hold public funds comply with the Money Management Act and Rules of the Money Management Council. The State Treasurer's Office provides staff to the council.

The council is comprised of five members appointed by the Governor with the advice and consent of the Senate. At least one member must be from banking, one must be an elected treasurer, one must be an appointed treasurer and one must be experienced in the field of investments. No more than three members of the council may be from the same political party.

Statutory Authority

Statutory authority for this program is provided within UCA 51 Chapter 7, "Money Management Act."

Funding Detail

Sources of Finance	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
General Fund	$90,700	$95,200	$99,200	$80,000	$85,400
General Fund, One-time	$0	($200)	$0	$5,400	$0
Beginning Nonlapsing	$0	$0	$5,000	$0	$0
Closing Nonlapsing	$0	($5,000)	$0	$0	$0
Lapsing Balance	($32,900)	($27,600)	($39,800)	($8,000)	$0
Total	$57,800	$62,400	$64,400	$77,400	$85,400

Categories of Expenditure	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Personnel Services	$53,000	$55,200	$59,400	$70,700	$77,200
Current Expense	$4,800	$7,200	$5,000	$6,500	$8,200
DP Current Expense	$0	$0	$0	$200	$0
Total	$57,800	$62,400	$64,400	$77,400	$85,400

Other Indicators	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Budgeted FTE	0.7	0.7	0.8	0.9	1.0

Subcommittee Table of Contents

Program: Financial Assistance

Function

Although this program received an appropriation from dedicated credits for FY 2010, it is not currently in use by the Treasurer. When operational, the program evaluates proposals for water and other infrastructure development submitted to the Community Impact Board, the Board of Water Resources, the Water Pollution Control Committee and the Safe Drinking Water Committee. It prioritizes and makes standardized responses. The FTE is funded by the boards which utilize its service.

Funding Detail

Sources of Finance	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Dedicated Credits Revenue	$0	$0	$0	$0	$76,300
Total	$0	$0	$0	$0	$76,300

Categories of Expenditure	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Personnel Services	$0	$0	$0	$0	$71,400
Current Expense	$0	$0	$0	$0	$4,900
Total	$0	$0	$0	$0	$76,300

Other Indicators	2006 Actual	2007 Actual	2008 Actual	2009 Actual	2010 Approp
Budgeted FTE	0.0	0.0	0.0	0.0	1.0

Subcommittee Table of Contents