Code of Vermont Rules Agency 03 - OFFICE OF THE STATE TREASURER
Overview
Agency 03 of the Code of Vermont Rules (CVR) governs the Office of the State Treasurer (OST) in Vermont. This agency is responsible for managing the state’s finances, including funds, investments, debt, and unclaimed property. The rules in this agency provide guidance on how the Treasurer operates, manages public funds, and fulfills statutory responsibilities.
The purpose is to ensure transparency, accountability, and efficiency in managing Vermont’s financial resources.
Key Areas Covered
Definitions
CVR Agency 03 defines important terms such as:
State funds – All monies belonging to the State of Vermont, including operating funds, trust funds, and special accounts.
Treasury operations – Activities related to managing, investing, and safeguarding state funds.
Unclaimed property – Funds or assets held by the state for which the rightful owner cannot be located.
Duties and Responsibilities of the State Treasurer
Cash Management: Ensures the state has sufficient liquidity to meet obligations.
Investments: Invests state funds in safe and prudent vehicles, often guided by risk management and statutory limits.
Debt Management: Issues state bonds and manages debt service to fund public projects.
Accounting and Reporting: Maintains accurate financial records and produces reports on state finances.
Management of Unclaimed Property
Agency 03 includes rules for collecting, reporting, and returning unclaimed property to rightful owners.
Establishes procedures for businesses and financial institutions to report abandoned assets to the Treasurer.
Provides public access to unclaimed property registries.
Financial Reporting and Transparency
The Treasurer must provide regular reports on the state’s financial position, investments, and debt.
Ensures compliance with auditing standards and state financial policies.
Rules may include timelines, formats, and public disclosure requirements.
Investment Guidelines
Establishes criteria for investing state funds to balance risk and return.
Includes permissible investment types, limits on exposure, and requirements for professional management.
Ensures that investments comply with state law and fiduciary responsibilities.
Debt Issuance and Management
Provides rules for bond issuance, repayment, and reporting.
Ensures public projects are financed responsibly and transparently.
May set conditions for approval of new debt and management of existing obligations.
Fees and Services
Rules may include procedures for charging fees for certain Treasury services, such as processing unclaimed property claims or managing special funds.
Provides guidance on how fees are calculated and collected.
Compliance and Enforcement
Businesses, financial institutions, and government agencies must comply with reporting and financial management rules.
The Treasurer has authority to enforce rules, including audits, notices, or legal action to ensure compliance.
Purpose and Goals
Safeguard Vermont’s public funds and assets.
Ensure prudent investment and debt management.
Provide transparent and accurate financial reporting to the public and legislature.
Return unclaimed property to rightful owners efficiently.
Maintain accountability and fiduciary responsibility in all Treasury operations.
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