FY 2016 Appropriation

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.

Funding History
Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $92,700 from all sources for Money Management Council. This is a 1.3 percent increase from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $92,700 from the General/Education Funds, an increase of 1.3 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 Printing and Mailing ($2,000)$0
OngoingOne-TimeFinancing Source
($2,000)$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.

Statute

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

The Council must oversee and monitor the degree to which over 60 financial institutions holding 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, and the Treasurer serves as the Council's executive secretary without voting rights.

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.

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.


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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.