Agency: State Treasurer Function The State 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, subject to the Money Management Act. The Treasurer also manages the investments of the Permanent State School and Institutional Trust Land Fund, the Permanent State Trust Fund (Tobacco Settlement), and the Other Post Employment Benefit Trust Fund. The Treasurer coordinates the sale of all debt authorized by the Legislature, operates a public treasurers' investment fund for the benefit of all public entities and reconciles bank accounts. The office also administers the Unclaimed Property program in behalf of the state.
Statutory Authority The following laws govern the activities of the State Treasurer: - Utah Constitution, Article VII: The State Treasurer shall "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). "The State Treasurer shall be the custodian of public moneys' (Section 15).
- UCA 67-4-1 lists many of the duties of the State Treasurer. Highlights include receiving and maintaining custody of all state funds; investing funds according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act; paying warrants drawn by the Division of Finance as they are presented; accounting for all moneys received and disbursed; keeping safe all bonds, warrants, and securities delivered into his custody; giving information in writing as to the condition of the treasury, or upon any subject relating to the duties of office; keeping 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.
Funding Detail The office draws approximately half of its revenue from the Unclaimed Property Trust Fund (please see the Unclaimed Property Program for more information). Dedicated credit collections come from charges for providing financial services. Personnel services are approximately eighty percent of the Treasurer's costs. | Sources of Finance | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | General Fund | $938,900 | $1,010,900 | $938,400 | $875,300 | $940,200 | | General Fund, One-time | ($6,300) | $0 | $14,300 | $91,100 | $0 | | Dedicated Credits Revenue | $237,200 | $271,300 | $364,600 | $363,300 | $528,400 | | Unclaimed Property Trust | $1,309,500 | $1,365,700 | $1,465,300 | $1,399,500 | $1,412,300 | | Beginning Nonlapsing | $405,000 | $466,700 | $520,000 | $475,000 | $344,600 | | Closing Nonlapsing | ($466,700) | ($520,000) | ($475,000) | ($445,000) | $0 | | Lapsing Balance | ($91,900) | ($244,800) | ($301,200) | ($396,100) | $0 | | Total | $2,325,700 | $2,349,800 | $2,526,400 | $2,363,100 | $3,225,500 |
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| | Line Items | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | State Treasurer | $2,325,700 | $2,349,800 | $2,526,400 | $2,363,100 | $3,225,500 | | Total | $2,325,700 | $2,349,800 | $2,526,400 | $2,363,100 | $3,225,500 |
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| | Categories of Expenditure | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Personnel Services | $1,628,100 | $1,709,400 | $1,841,700 | $1,802,700 | $2,192,500 | | In-state Travel | $9,400 | $2,600 | $1,300 | $1,600 | $3,800 | | Out-of-state Travel | $7,200 | $13,800 | $11,200 | $1,600 | $12,500 | | Current Expense | $555,300 | $533,100 | $566,200 | $481,100 | $570,100 | | DP Current Expense | $93,800 | $82,300 | $106,000 | $76,100 | $95,300 | | DP Capital Outlay | $31,900 | $8,600 | $0 | $0 | $156,300 | | Capital Outlay | $0 | $0 | $0 | $0 | $195,000 | | Total | $2,325,700 | $2,349,800 | $2,526,400 | $2,363,100 | $3,225,500 |
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| | Other Indicators | 2007
Actual | 2008
Actual | 2009
Actual | 2010
Actual | 2011
Approp | | Budgeted FTE | 27.3 | 27.3 | 27.3 | 25.5 | 25.0 | | Vehicles | 1 | 1 | 1 | 1 | 1 |
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Subcommittee Table of Contents |