Budget Management and Accounting
The Budget and Accounting Unit performs all budgeting and accounting functions essential to the daily operation and management of the State Treasurer's Office. This Unit is responsible for the formulation, justification and execution of the Office's annual budget which includes funding for agency operations as well as funding for costs of issuance and general advisory fees related to annual bond sales, and insurance costs related to statewide commercial premiums and the State Insurance Trust Fund. As part of the annual budget process, the Unit also calculates and prepares State Insurance Trust Fund annual premiums for all State agencies to be included in the Department of Budget and Management's annual budget instructions.
The general accounting functions of the Unit include the approval and processing of vendor invoices, cash receipt deposits, payroll processing, maintenance of all financial records, fund balance reconciliations, preparation of year-end closing records and the development and implementation of all accounting controls and procedures. In addition, this Unit is responsible for managing the general office supply inventories on behalf of the agency, including centralized ordering and tracking of supplies, ensuring cost efficient purchasing, and providing oversight over supply requests as they relate to necessity and budget availability.
This Unit also carries out essential accounting functions on behalf of the State, including processing timely payments of State debt and quarterly payments under financial agreements related to the Master Lease programs and the Injured Workers' Insurance Fund (IWIF). This includes collection of the yearly IWIF assessments and the transfer of funds from over 150 State agencies and departments. Accounting also collects insurance premiums and agency deductibles from all State agencies to fund the State Insurance Trust Fund (SITF) and to cover the purchase of agency specific insurance policies. In addition, this Unit processes all disbursements out of the SITF in the form of agency reimbursements and settlement payments to claimants as requested by the Insurance Division or the Board of Public Works. Finally, working collaboratively with the Banking Services Division, this Unit is responsible for processing agency requests for check reissues, stop payments and recoveries from the State's Unpresented and Undeliverable funds.