The Utah Office of State Treasurer performs a broad array of functions that are critical to the banking, investment, and financing operations of state agencies and municipalities.
The office is also committed to helping Utahns find their lost property and increase their financial capability.
Constitutionally Defined Role
Utah Constitution, Article VII, Section 15:
(2) The State Treasurer shall be the custodian of public moneys.
(3) [The Treasurer] shall perform other duties as provided by statute.
Responsibilities outlined in UCA 67-4.
Treasury: Operationally Defined
Banking and Cash Management
As the state’s custodian of public funds, the Office of State Treasurer manages the state’s banking relationships, cash collection and concentration from state agencies, the funding of disbursements, and reconciliation of state bank accounts.
The office continuously identifies and implements improvements to business processes and related technologies, which maximize efficiency, limit costs, and control risk. A few examples of these initiatives include:
- Initiate a competitive procurement process for the state’s merchant services contract saving $5.7 million.
- Maximize interest earned on state cash by implementing processes and technology that has allowed the office to reduce idle cash balances in bank accounts by $30 million.
- Work strategically with state agencies to implement new banking technologies, including remote deposit capture, disbursement technologies, collection technologies, and image cash letter to name a few.
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Investments
The office administers the $32 billion Public Treasurers’ Investment Fund (PTIF), which provides daily liquidity to state agencies and more than 700 local government entities throughout Utah. The PTIF consistently performs better than other state pools of similar duration.
The office also administers several long-horizon investment portfolios and a number of statutorily required government escrow accounts.
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Debt Management
The State Bonding Commission and State Building Ownership Authority have authority to initiate the issuance of bonds from legislative debt authorizations. The Office of State Treasurer executes on these authorizations by orchestrating all debt issuance of the state, prepares and disseminates post-issuance market disclosures, and maintains investor, underwriter and rating agency relations. The office maintains the accounting of all debt issued as well as a debt model to inform state officials on impact and timing of contemplated debt offerings.
During the 2022 General Legislative Session, the legislature passed House Bill 82 – State Finance Review Commission, which establishes a new commission of State officials to oversee the borrowing and lending activities of the State, including State agencies and borrowing political subdivisions of the State. The bill also requires the Office of State Treasurer to publish an annual Debt Affordability Study on or before November 1 of each year.
In addition, the treasurer chairs and the office staffs the Utah Charter School Finance Authority (UCSFA), which provides municipal market access to Utah charter schools issuing debt. As part of these duties, UCSFA, with support from treasury staff, administers the state’s credit enhancement program to qualifying Utah charter schools providing significant savings to Utah schools.
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Unclaimed Property
Millions of dollars in unclaimed property is turned over to the state every year. This money comes for sources like dormant bank accounts, uncashed checks, safe deposit box contents, and unpaid insurance benefits.
When a business owes money to an individual it cannot find, it remits those funds to the state’s Unclaimed Property Division after three years of non-contact with the owner.
In calendar year 2020, the Division received 449,998 unclaimed properties totaling $52.1 million, and it reunited $36 million in lost property with rightful owners in fiscal year 2021 (July 2020 - June 2021). Visit mycash.utah.gov to search for unclaimed property and start your claim or call (801) 715-3300.
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Ex Officio Board Responsibilities
The Office of State Treasurer also provides essential support to a diverse range of public bodies and programs, including the:
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School and Institutional Trust Fund
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State Bonding Commission
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State Building Ownership Authority
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Utah Charter School Finance Authority
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Utah Money Management Council
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Utah Retirement Systems
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Utah Housing Corporation
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Utah Navajo Trust Fund
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Permanent Community Impact Board (CIB)
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State Post-Retirement Benefit Trust Fund
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Elected Official Post-Retirement Benefit Trust Fund
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Utah Capital Investment Board
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Private Activity Bond Authority
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Board of Canvassers
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Water Development Coordinating Council
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Capitol Preservation Board
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Utah Council on Financial and Economic Education
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Martha Hughes Cannon Statue Oversight Committee
- Executive Water Finance Board*
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*Governor appointment. Not defined in statute.
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