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 3 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 $250,000, 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, along with the Office of the State Comptroller, for the State's General Checking Account, Common Retirement System Fund; Labor's Unemployment Insurance Benefit, Occupational Training and as sole custodian for more than 100 accounts on New York State Public Authorities such as: The State Insurance Fund, Workers' Compensation Board, Dormitory Authority amongst others.
Treasury consists of the following units and their role(s):
- Accounting: To verify the accuracy and properly deposit and record all cash and checks received for accounts which Treasury has custodial responsibility. They also monitor the State's General Checking Account for normal daily activities.
- Depository Control: The State disburses checks out of the General Checking account, to pay State Employees or pay vendors for services rendered. If any of these check gets lost, accidently destroyed or cashed by the wrong person, the Depository Control Unit, can do a stop or void of said check, and then re-issue a new check when applicable.
- Reconciliation Unit: Reconciles over 100 main accounts every month for various state agencies and public authorities, including the General Checking account which is jointly controlled with the State Comptroller's Office. Reconciliation also documents, investigates, and resolves any/all discrepancies discovered during this process.
- Income Tax Unit: Responsible for lost draft applications to taxpayers and processes them once returned. They also reprint remake checks returned to the Department when a payees name needs to be changed. Income Tax also process forgery cases and reprint replacements checks when applicable.
- Warrant Control and Disbursement Unit: Disburse payroll for the entire state workforce, both in paper checks and electronic direct deposit(s). Warrant Control and Disbursement also disburses vendor check and reimbursements, such as travel, etc.