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Indiana Treasurer of State

Indiana Treasurer of State

Treasurer > Strategic Plan Strategic Plan

Internal Memo
To: TOS Staff
From: Jillean Long Battle, Chief Deputy Treasurer
Date: January 13, 2016
Re: Indiana TOS Strategic Plan FY 2015-2017

The following are included in this memo:

  1. Our Vision
  2. Basic Facts
  3. Our Primary Programs
  4. Performance Measures
  5. Our Priorities

Our Mission:

We uphold fiduciary responsibilities while investing and safeguarding public funds, overseeing the management of the state’s financial assets, and providing accurate and timely funding to state and local stakeholders.

Basic Facts: 

The State Treasurer’s Office was created by the first state constitution in 1816 to collect all public revenue and keep correct and separate account of all monies received and paid out by the state of Indiana. In 1933, the Indiana Department of Revenue was deemed responsible for the collection of all state taxes, while the Treasurer became primarily responsible for the investing and safe-keeping of state funds. The regular duties of the office include managing an investment portfolio of over $7 billion comprised of receipts from the state general fund and 70 trust funds.  As part of the investment program, the Treasurer maintains deposits in the form of certificates of deposit and repurchase agreements in nearly 163 banks, savings and loans, and credit unions in Indiana. The success of the office is largely contributed to the Treasurer’s dedicated and talented staff, several of whom have been employed with the State of Indiana for over twenty-five years. Every dollar the state treasurer earns in interest income for the State is one less dollar that taxpayers will have to pay in taxes to fund government services.

Our Primary Programs and Functions:

  1. Employee Stock Ownership Program: 

    In 2008, the Treasurer created a program called Indiana’s ESOP Initiative (IEI) to encourage privately owned businesses to become ESOP employers. The initiative called for a $50 million dollar state investment in Indiana banks that specifically lowered their interest rates in loans made to employee-owned businesses. In essence, the $50 million designated for IEI and its mission was set up as a linked-deposit program through the Treasurer of State’s Office.  In the ESOP Linked-Deposit Program, the Treasurer of State purchases certificates of deposits from local banks at reduced rates of interest, and in turn, the local banks provide loans at reduced rates of interest to Indiana businesses becoming Hoosier ESOP companies.
  2. Banking and Cash Management:

    Receipts from state agencies and offices are received, reconciled and deposited daily. State warrants (checks) are validated and redeemed from the treasury each day. The office also has the responsibility for the management of the state’s banking services which include deposit accounts, lock box/remote capture, positive pay, ACH and wire transfers, charge card processing, e-check payments, and direct deposit.
  3. Investment of State Funds:

    The Treasurer is the steward of nearly $8 billion as of July 1, 2015, and is permitted to purchase, sell, or hold direct obligations issued by a federal agency, a federal instrumentality or a federal government sponsored enterprise.  Investment income is currently the third largest source of income to the general fund.
  4. Financial Education:

    As chair of the Indiana Education Savings Authority and vice-chair of the NAST Financial Literacy/ Financial Wellness Committee and her role on the College Savings Plan Network’s Executive Committee, the Treasurer serves to promote fiscal literacy among parents, teachers, students, and veterans.
  5. Indiana State Police Pension Trust:

    The Indiana State Police Pension Trust Fund was established by the General Assembly to provide pension, death, survivor, and other benefits to present and former employees of the department and their beneficiaries. The Treasurer has served as Trustee to the fund since 1937. The Trust was nominated for the Money Management Intelligence’s 2012 Public Pension Awards for Excellence.

Performance Measures

The performance measures of the Office of the Treasurer include:

  1. Investment of state funds in a manner that promotes safety, liquidity, and yield. Percentage of times the office’s investments have complied with Indiana Code.
  2. Percentage of times the office has complied with generally accepted governmental accounting standards.
  3. Percentage of times the office delivers payments to stakeholders accurately, timely and efficiently.