Cash Management

By effectively directing money into one bank account, the state is able to meet financial obligations while maximizing investment opportunities. Every day, Cash Management:

• Performs a variety of financial transactions that concentrate money collected by all state agencies into the state’s bank of record.
• Coordinates anticipated cash flows of the state’s accounts and communicates this information to the Investment Division of the State Treasurer’s Office so they can make accurate revenue forecasts and optimal investments.

The state gets good value for its taxpayers’ dollars through central coordination of state agency finances. On an on-going basis, Cash Management:

• Is a liaison between state agencies and financial institutions through master agreements that provide economies of scale so that the state can save money on banking services.
• Ensures that all financial activities are performed in a secure environment to speed up the safe movement of funds.
• Incorporates innovative ideas and cost-effective technology to improve the financial services it offers to provide the accuracy, efficiency, security, transparency and accountability demanded by both state agencies and taxpayers.

The electronic processing of transactions promotes environmental responsibility by reducing the production of documents and checks required to process financial transactions. Last year, Cash Management electronically performed 96 percent of the state’s $350 billion cash flow.

Additional Information

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