2011 Annual Report
(OFFICE OF) TREASURER OF STATE
BRUCE L. POLIQUIN, TREASURER
BARBARA RATHS, DEPUTY TREASURER
Central Office: Cross Building, 3rd floor, Augusta, ME 04333-0039
TTY: (207) 624-7630
Mail Address: 39 State House Station, Augusta, ME 04333-0039
FAX: (207) 287-2367
Established: 1820
Telephone: (207) 624-7477
Reference: Policy Area: 00; Umbrella: 28; Unit: 248; Citation: T0005 M.R.S.A., Sect. 000000121
Average Count—All Positions: 15.00
Legislative Count: 15.00
PURPOSE:
The Office of the Treasurer of State manages the State’s cash and general obligation debt, unclaimed property program, municipal revenue sharing distributions and State held trust investments. The Treasurer also serves on the boards of the Maine Municipal Bond Bank, MaineHousing, Maine Public Employees Retirement System, Finance Authority of Maine, Adaptive Equipment Loan Board, Maine Health and Higher Education Facilities Authority, Maine Governmental Facilities Authority, Maine Educational Loan Authority, the Maine Public Utility Financing Bank, Dirigo Health Agency Board of Trustees, Indian Housing Mortgage Insurance Committee, Maine Vaccine Board, and chairs the NextGen College Investing Plan Advisory Committee.
ORGANIZATION:
The Office of the Treasurer of State was established by the Constitution of the State of Maine in 1820 with the Treasurer being elected biennially by both Houses of the Legislature sitting jointly. The Deputy Treasurer of State is designated by law as the chief clerk of the Office of the Treasurer and performs the duties of the Treasurer in the event of a vacancy or other absence.
PROGRAM:
The Office of the Treasurer processes all Cash Receipt Statements from all state departments. In Fiscal Year 2011, more than 125,670 were processed; more than 1.284 million checks were distributed, as well as 534,251 electronic funds transfer vendor payments. Banking services provided to State departments are coordinated by the Treasurer's Office--including deposit access to 33 Maine bank accounts, check stop payments and/or reissues, wire transfer services, and more. Cash flow is monitored. Funds not needed to pay state expenses may be invested through the Treasurer's Cash Pool in obligations of the U.S. Government, repurchase agreements, CDs in Maine banks, money market mutual funds, corporate bonds, and commercial paper. The Cash Pool includes 97 funds, averaged more than $616 million in FY 2011, and was managed for safety and liquidity with yield in mind. In FY 2011 the Cash Pool earned more than $1.28 million in earnings from investments, including more than $277,000 to the General Fund.
The Office of the Treasurer of State issues all general obligation notes and bonds of the State. This responsibility includes the preparation of Official Statements, acquisition of credit ratings and the engagement of any auction processes, underwriters and other entities needed to accomplish the issuance. Transaction closing details and money transfers are also managed by the Treasurer, as are debt service payments and distribution requests. At the close of Fiscal Year 2011 the State of Maine’s outstanding general obligation bond principal was $520.23 million.
Four long-term investments--the Governor Baxter Trust, Lands Reserved Trust, Permanent School Trust and the Several Trust--are managed by the Office of the State Treasurer through contracts with a third parties. A trust investment advisory committee led by the Treasurer provides policy advice and authorization for investment transactions. At the close of Fiscal Year 2011 the value of the trust funds was $27.4 million.
The Unclaimed Property Program is administered by the Office of the State Treasurer. Nearly $23.9 million in unclaimed property was identified during FY 2011. A total of 19,200 claims were paid, reuniting citizens with over $12.5 million of lost property.
The Office of the State Treasurer annually projects and monthly distributes Municipal Revenue Sharing monthly to 493 municipalities and territories. Revenue sharing distributions are based on a portion of the sales tax, corporate tax, and personal income tax revenues. Population, State Valuation, and Tax Assessment statistics are updated annually and used to calculate the pro rata distribution for each municipality. Approximately $93.15 million was distributed during FY 2011.
