FY 2016 Appropriation

The State Treasurer is responsible for all state funds. The Office controls the receipt and deposit of state money, manages the banking relationships for all bank accounts, invests all funds at competitive market rates and provides liquidity for all state disbursements, subject to the Money Management Act. The Treasurer also manages the investments of the State School and Institutional Trust Funds, the Permanent State Trust Fund (Tobacco Settlement), and the State Post-Retirement Benefits Trust Fund (OPEB Trust Fund). The Treasurer coordinates the sale of all debt authorized by the Legislature, operates the Public Treasurers' Investment Fund (PTIF) for the benefit of all public entities in Utah, and reconciles bank accounts. The office also administers the Unclaimed Property program on behalf of the state.

Funding History
Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $3,069,000 from all sources for State Treasurer. This is a 4.2 percent reduction from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $954,200 from the General/Education Funds, an increase of 2.9 percent from revised Fiscal Year 2015 estimates.

Appropriation Adjustments

In addition to statewide compensation and internal service fund cost increases, the following appropriation adjustments were made during the 2015 General Session:

DescriptionOngoingOne-Time Executive Compensation$39,500 ($39,500)
OngoingOne-TimeFinancing Source
$25,700$0General Fund
$0 ($25,700)General Fund, One-time
$13,800 ($13,800)Dedicated Credits Revenue
H.B. 368 - Executive Office Compensation (Rep. Wilson) Increases Governor salary from $109,900 to $150,000 beginning Jan. 2017. Also adjusts salary for Lt. Governor, Attorney General, State Treasurer, and State Auditor (as a percentage of the Governor's salary). Fiscal note is $184,900 ongoing GF and $32,400 from dedicated credits, but due to the delayed implementation, 100% would be backed out one-time for FY 2016 and 50% would be backed out one-time for FY 2017.
Printing and Mailing ($18,500)$0
OngoingOne-TimeFinancing Source
($18,500)$0General Fund
Through the development and enhancement of electronic processing, particularly through the conversion to paperless Public Treasurers' Investment Fund (PTIF) statements, the State Treasurer's Office has realized a savings of over $10,000 per year in printing and mailing expenses.
Treasurer Processing Automation$18,500$0
OngoingOne-TimeFinancing Source
$18,500$0General Fund
This is a reallocation from base budget reductions. The Treasurer's budget was reduced by the same amount, related to savings from printing and mailing following modernized and automated processing efforts. The cut amount was returned to the office to continue these efforts.

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 money 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.

Intent Language

HB0003: Item 9

Under section 63J-1-603 of the Utah Code, the Legislature intends that appropriations provided to the State Treasurer in Item 21, Chapter 14, Laws of Utah 2014 not lapse at the close of Fiscal Year 2015.

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 75 percent of the Treasurer's costs.

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COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.