|
|
| Investments and Cash Management |
| The Bureau of Investments and Cash Management provides various financial services to 16 public authorities/agencies for whom the Commissioner acts as custodian or fiscal agent. The Bureau also provides services for special programs/projects; e.g., the Linked Deposit Program and the International Fuel Tax Agreement project. |
Cash Management services are provided to 15 authorities.
- Deposits checks to demand deposit accounts established on behalf of these authorities.
- Wires monies to/from depository accounts and custodial accounts.
- Wires monies from depository accounts to pay for expenditures.
- Processes, signs, and distributes checks on the authorities behalf.
|
Investment services are provided to 14 authorities/agencies.
- Invests a billion dollar short-term money market portfolio that is regulated by 20 different statutes as well as 13 different investment guidelines.
- Performs over 1,600 transactions annually with a value exceeding $30 billion.
Selection of Depository Bank(s) and Safekeeping of Public Money services are provided to 16 authorities/agencies.
- Selects banks for deposit of funds on behalf of authorities/agencies.
- Ensures that deposits and Certificates of Deposits (CDs) are fully collateralized when they exceed the FDIC limit of $100,000, and that Repurchase Agreements are collateralized in accordance with Treasury’s Investment Policy.
Accounting and Reporting services are provided to 16 authorities/agencies.
- Prepares various accounting and financial reports.
Financial Operations Control and Analysis
The Bureau of Financial Operations Control and Analysis fulfills the Commissioner’s responsibilities as joint custodian of the State’s General Checking Account and as sole custodian for the State Insurance Fund, and the Treasurer’s responsibilities as sole custodian for the funds of the Teachers’ Retirement System.
- Cash Management services are provided to four authorities
The Bureau annually issues over 19 million checks with a monetary value exceeding $40 billion. These include checks for State General Checking (payroll and vendor), Personal Income Tax refunds, State Insurance Fund, and Teachers’ Retirement System. The Bureau annually deposits 132,000 items, which are all processed manually.
- Accounting and Reconciliation services are performed for the General Checking account and for 16 public authorities/agencies.
- Payee Problem Resolution - With the issuance of checks, Treasury also has the concomitant responsibility to resolve the majority of subsequent payment problems associated with those checks. Approximately 21% of Treasury’s staff is involved with payee problem resolution which involves the manual investigation and handling of these problems. Check problems include the following:
Checks returned by the Post Office as undeliverable (Nixies);
Checks which are lost, destroyed, or aged; Check forgery.
|
|
