The Utah Office of State Treasurer provides essential support to a diverse range of public bodies and programs. Treasurer Damschen serves as an ex officio member of 19 boards and commissions.
The Board of Canvassers is responsible for canvassing statewide election returns and certifying the completeness of the vote totals reported.
The Utah State Legislature and Governor Michael O. Leavitt created the Capitol Preservation Board (CPB) in 1998 to be the Stewards of the Capitol. The board and its staff maintain, improve, and oversee the buildings and grounds on the Capitol Hill Complex. CPB manages four unique programs on a daily basis:
The board oversees the operation and careful management of the Capitol Hill Complex buildings and grounds. CPB staff oversee all interior building projects and exterior grounds projects as well as communicate with and assist Capitol Hill tenants. Projects are instituted to improve access to Capitol visitors or employees, increase the life safety of the buildings and their inhabitants, and preserve the buildings and grounds for generations to come.
To accommodate and serve the more than 200,000 people who visit each year—for business, events, and tourism—the Visitors Center implements programs for education, training, and civic engagement. Many Capitol visitors—from local community groups to far-traveling tourists—take exciting and informative tours with one of the volunteer docents.
Events & Scheduling
The Capitol Events and Scheduling Program managed by CPB schedules more than 4,400 events each year in 28 spaces inside the Capitol, East Senate Building, and the State Office Building, as well as in the White Memorial Chapel, Plazas, Lawn Areas, and South Steps of the Capitol Hill Complex. The thousands of events on Capitol Hill range from free speech rallies and government meetings to choral performances and wedding ceremonies.
Inventory, Collections, & Curation
The Inventory Program defines, identifies, registers, and tracks all important contents of the Capitol Hill Complex—including all state-owned items of historical significance—and oversees the care and conservation of these items. Inside the Capitol, a wide variety of original artwork, treasured artifacts, and historical furnishings are on display, in storage, or used functionally. CPB oversees the selection and installation of exhibits, artwork, and statuary in the Capitol Hill Complex.
Capitol Preservation Board Members
The board is made up of 11 members, including representatives from all three branches of government—executive, legislative, and judicial. Each member of the board serves for the length of their terms in office.
CLICK HERE to learn more about the Capitol Preservation Board.
During the 2012 General Session, the legislature eliminated the governor's and legislators' post-retirement health care benefits for new governors and legislators and established the Elected Official Post-Retirement Benefits Trust Fund for the purpose of investing funds for existing governor and legislator post-retirement health care benefits.
The legislature also authorized the board of trustees for the State Post-Retirement Benefits Trust Fund to serve as trustees for the Elected Official Post-Retirement Benefits Trust Fund and established procedures for the investment of and expenditures from the trust funds. This action was accomplished through passage of S.B. 156, "Elected Official Retirement Benefits Amendments."
The Martha Hughes Cannon Statue Oversight Committee was established by the legislature(House Bill 444, 2018 General Session) to accomplish the fundraising, design, and construction of a statue of Martha Hughes Cannon to be placed in the United States Capitol.
The Permanent Community Impact Board (CIB) provides loans and grants to counties, cities and towns that are impacted by mineral resource development on federal lands. Because local communities cannot collect taxes from federal lands, their ability to provide necessities like roads, municipal buildings, water and sewer service is diminished. To reduce that burden, a portion of the federal lease fees are returned to the Community Impact Board to distribute to the impacted communities.
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The Private Activity Bond (PAB) Authority is Utah’s tax-exempt bonding authority creating a lower cost, long-term source of capital under the Federal Tax Act of 1986. The Federal Government allocates over $37 billion per year to states on a per capita basis, with Utah receiving $325,692,465 for 2018. Each state establishes its usage priorities by statute.
CLICK HERE to learn more about the Private Activity Bond Authority.
When Utah became a state in 1896, Congress granted approximately seven million acres of land into 12 separate trusts for the support of state institutions, the largest being a trust for the perpetual support of public schools.
The land has been administered by the School and Institutional Trust Lands Administration (SITLA) since its inception in 1994. SITLA has earned and contributed $1.87 billion in revenue for beneficiaries.
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In 2014, the Utah Legislature created the School and Institutional Trust Fund Office (SITFO) as an independent state agency with a five-member Board of Trustees, chaired by the state treasurer, to invest the funds produced by SITLA’s administration of the land.
SITFO manages Utah’s $2.5 billion permanent funds investment portfolio. It invests the permanent endowments in a manner that supports annual distributions in perpetuity while providing for inter-generational equity between current and future beneficiaries.
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During the 2018 general session, the legislature authorized the Land Trusts Protection and Advocacy Office (LTPAO) to advocate for Utah trust lands beneficiaries, oversee SITLA and SITFO administrations, and help the public understand and support these endowments.
The LTPAO represents the beneficiary interests of the school and institutional trust with undivided loyalty. The Utah State Treasurer serves in a fiduciary capacity to trust beneficiaries providing oversight and support to the advocacy office. In accordance with the Utah Enabling Act, Utah Constitution, and state law, the advocacy office ensures productive use of and optimal revenue generation from trust lands, and prudent and profitable investment of trust funds.
The Office of State Treasurer provides oversight of the LTPAO jointly with the Land Trusts Protection and Advocacy Committee. Additionally, the office provides administrative and accounting support to SITFO and the LTPAO.
Created in 1982, the State Bonding Commission is comprised of the governor (or governor’s designee), the state treasurer, and a third at-large member from a political party different from that of the governor.
The commission establishes the basic conditions under which G.O. bonds may be issued and provides final approval for their issuance. The State’s G.O. bonds, which are supported by a pledge of the full faith, credit, and resources of the state for repayment, are issued to provide funding for various transportation and building projects within the State. The State’s General Obligation bonds have been assigned the highest credit rating by Moody’s Investors Service, Inc. (Aaa), Standard and Poor’s (AAA) and Fitch Ratings, Inc. (AAA).
The commission can authorize and approve the issuance of general obligation refunding bonds to refinance state debt when appropriate to reduce interest costs associated with outstanding G.O. bonds.
The state issues lease revenue bonds under its Master Lease Program through the State Building Ownership Authority. The authority is comprised of the governor (or governor’s designee), the state treasurer, and the chair of the State Building Board.
The authority establishes the conditions under which the State’s lease revenue bonds may be issued and provides final approval for their issuance. The state’s lease revenue bonds are issued to provide funding for various building projects within the state. Unlike G.O. bonds, the state’s revenue bonds are not backed by the general taxing authority of the State, but are payable from annual appropriations by the legislature. All bonds issued using the Master Lease Program are cross-collateralized. The state’s lease revenue bonds have the following ratings: Moody’s Investors Service, Inc. (Aa1) and Standard and Poor’s (AA+).
The authority can also authorize and approve the issuance of lease revenue refunding bonds to refinance lease revenue debt to reduce interest costs associated with outstanding lease revenue bonds.
The State Post-Retirement Benefits Trust Fund (OPEB Trust Fund) was created in fiscal year 2007 to fund the liability associated with Other Post-Employment Benefits obligations. The OPEB Trust Fund is invested by the treasurer in a balanced, diversified portfolio of investments in order to generate the returns necessary to meet the Fund’s future obligations.
The OPEB Trust Fund is administered by a board of trustees consisting of the state treasurer, the director of the Division of Finance, and the director of the Governor’s Office of Planning and Budget. The board of trustees serves as fiduciary for the OPEB Trust Fund.
The Utah Capital Investment Board works to mobilize venture equity capital for investment to help create jobs and to diversify and stabilize Utah’s economy. The board consists of five members: GOED’s executive director (or the executive director’s designee), the state treasurer, and three members appointed by the governor and confirmed by the Senate.
The Utah Charter School Finance Authority was created to provide an efficient and cost-effective method of financing charter school facilities in the state. Its governing board of authority is composed of the governor or designee, the state treasurer, and the state superintendent or designee.
CLICK HERE to learn more about the Utah Charter School Finance Authority.
The Utah Council on Financial and Economic Education (UCFEE), chaired by Treasurer Damschen, was established by legislative resolution (SCR 3) in 2009 to ensure improved financial and economic education in Utah through the collaboration of private and public entities that engage in teaching financial principles and that share a commitment to empowering Utahns to achieve economic stability, opportunity, and upward mobility.
UCFEE works to:
- Advocate for and strengthen financial education requirements and programming within the public education system.
Local and national studies have found that students who take a financial literacy course have greater financial knowledge and improved behavior during their lifetime. Proper financial education teaches our youth critical financial concepts, and our robust and specific competency-based standards set us apart as the leader in the space. The state mandate requiring students to complete a financial literacy course in order to graduate equips more students with the knowledge and skills they need to make informed financial decisions and establishes a framework for Utah schools to provide quality financial education to students. A primary objective of UCFEE is to defend and strengthen Utah’s K-12 financial education requirements.
- Identify and support programs that empower individuals and families to achieve economic stability, opportunity, and upward mobility.
UCFEE identifies and supports programs that enhance the financial capability of Utahns. The council has the greatest impact by focusing its limited resources on specific, goal-oriented initiatives.
- Promote collaboration among UCFEE partner organizations.
UCFEE stands as a singular, neutral, and official convener to facilitate ongoing collaboration among partner organizations, fostering an awareness of existing resources and initiatives that promote financial wellness in Utah. This awareness can enhance the effectiveness of individual efforts and the overall financial wellbeing of Utahns.
CLICK HERE to learn more about UCFEE.
Utah Housing Corporation (UHC) was created in 1975 by Utah legislation to serve a public purpose in creating an adequate supply of money with which mortgage loans at reasonable interest rates could be made to help provide affordable housing for low and moderate income persons.
The Utah Housing Corporation Board of Trustees is comprised of nine members representing various counties of the state and various occupations. The Utah state treasurer, the commissioner of the Utah Department of Financial Institutions, and the executive director of the Utah Department of Workforce Services are ex-officio members of the board. The six appointed members of the board represent various business and industry groups and reside in six different counties of the state. They are appointed by the governor and require the consent of the Senate.
CLICK HERE to learn more about Utah Housing Corporation.
The Utah Money Management Council is created within Title 51, chapter 7 of Utah statute. The council is comprised of five members, including at least one elected treasurer from within the state of Utah, at least one appointed treasurer from within the state of Utah, and experienced representatives from Utah’s banking and investment community.
The state treasurer serves as executive secretary to the council, and by statute the Office of State Treasurer staffs the council.
The council works in close partnership with the Office of State Treasurer, the Office of Attorney General, the Utah Department of Financial Institutions and the Division of Securities to oversee public deposits and investments to ensure the safety of public funds in Utah according to provisions of the Money Management Act and the Rules of the Money Management Council.
The Utah Navajo Trust Fund works to improve the health, education, and general welfare of members of the Navajo Nation in San Juan County through projects, such as the construction of new facilities for community use and new housing, the renovation and repair of existing housing, and providing scholarships and financial aid to Navajo students.
Utah Retirement Systems (URS) provides retirement and insurance benefits exclusively for Utah public employees. URS serves more than 200,000 members and about 470 public employers, including the state of Utah, local governments, school districts, higher education, and more.
URS is a component unit of the state of Utah, governed by Utah Code Title 49. It administers eight defined benefit pension systems and four IRS-qualified retirement savings plans. Its health benefits division, PEHP Health & Benefits, provides medical, dental, life, and other benefits.
CLICK HERE to learn more about URS.
The Water Development Coordinating Council coordinates the use and application of the funds available to the state to give financial assistance to political subdivisions to promote the conservation, development, treatment, restoration, and protection of Utah waters. The council also promotes the coordination of the financial assistance programs administered by the state and the use of the financing alternative most economically advantageous to the state and its
political subdivisions. Additionally, the council assesses the adequacy and needs of the state and its political subdivisions with respect to water-related infrastructures and advises the governor and the legislature on those funding needs.