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Core Functions

Daily Cash Management
  • Incoming deposits and disbursements are monitored and calculated to determine how much money to invest on a daily basis.

Warrant and Electronic Funds Transfer (EFT) Processing
  • State warrants are processed, agency EFT expenditures are approved, and wire transfers are initiated.

Receipt Processing
  • Approximately 600 bank accounts in various banks throughout the state are maintained. All money received by state agencies is deposited into these accounts. Balances in state bank accounts are withdrawn and invested on a daily basis.

Debt Service Payments
  • After bonds are sold, the debt service principal and interest payment schedule for each bond issue is recorded. Debt service payments are paid to the state's paying agent who ensures that the bond holders get paid.

  • Daily information from investment transactions provided by the State Board of Investment (SBI) is verified to ensure that the state received the correct amount of principal and interest. Collateral pledged to state funds is also monitored to protect the state against loss.

County Receipt Collections
  • Minnesota statutes require that all counties collect various fees, fines and surcharges through county officers and the court system. These funds are forwarded to the Treasury for credit to the state's general fund or other dedicated funds as prescribed by law.

Electronic Government Services
  • Oversee and develop processes related to financial transactions conducted electronically by the state.

Payroll Tax Withholding
  • Report payroll tax withholding information and make payments on a timely basis to the Internal Revenue Service, the State of Minnesota, and various other states.
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