Nebraska Administrative Code Topic - TREASURER, STATE
📘 Overview: Nebraska Administrative Code – State Treasurer
The Nebraska State Treasurer is responsible for the receipt, custody, investment, and disbursement of state funds. The administrative rules in the Nebraska Administrative Code (NAC) set standards for how the Treasurer carries out these duties, including:
Cash management and state banking – Ensuring liquidity and secure handling of funds.
Investment of state funds – Managing surplus funds in accordance with state law and safe investment practices.
Unclaimed property – Custody and reporting of abandoned or lost funds.
Debt management – Oversight of state bonds, loans, and other financial obligations.
Compliance and reporting – Rules for agencies and banks interacting with the State Treasurer’s office.
The NAC provides specific procedures, forms, and rules for each function of the State Treasurer.
📚 Detailed Cases / Situations under Nebraska NAC – State Treasurer
Case 1 – Handling of State Funds and Disbursements
The Treasurer must receive all state revenues and ensure that money is properly deposited into the state treasury.
Disbursements are made only in accordance with the state budget and law.
The Treasurer monitors agency requests for funds to prevent overdrafts and ensure proper accounting.
Example:
A state agency requests $5 million for highway construction. The Treasurer verifies the availability of funds, approves the transfer, and issues the disbursement. If insufficient funds exist, the request is delayed until revenue becomes available.
Case 2 – Investment of Surplus Funds
Rules specify that surplus funds may be invested in safe instruments like government securities, certificates of deposit, or certain bonds.
Investments must maximize return while maintaining safety and liquidity.
Periodic reports are required to show investment performance and compliance.
Example:
The Treasurer invests idle tax revenue in short-term government bonds. A citizen challenges the Treasurer’s decision, claiming higher returns were possible in riskier instruments. The Treasurer justifies the decision by showing compliance with NAC rules requiring safety over yield.
Case 3 – Unclaimed Property Administration
Property considered abandoned (e.g., bank accounts, uncashed checks, insurance benefits) is reported to the Treasurer after a statutory dormancy period.
The Treasurer holds these funds until the rightful owner claims them.
Procedures for notice, reporting, and claims are spelled out in the NAC.
Example:
A forgotten bank account is reported as unclaimed. The Treasurer contacts the owner and holds the funds in a separate account. Years later, the owner claims the money, and the Treasurer verifies the claim and releases the funds.
Case 4 – Debt Issuance and Bond Oversight
The State Treasurer oversees the issuance and repayment of state bonds.
Rules detail approval processes, recordkeeping, and compliance with debt limits.
The Treasurer ensures that interest payments and principal repayment are made on time.
Example:
Nebraska plans to issue $50 million in infrastructure bonds. The Treasurer reviews legal documents, ensures compliance with debt limits, and coordinates payment schedules. If the Treasurer detects non-compliance, bond issuance may be delayed.
Case 5 – Bank Collateralization and Security
Deposits held by private banks for state funds must be collateralized to protect public money.
The NAC specifies acceptable types of collateral and reporting procedures.
The Treasurer monitors compliance and may require additional securities if market conditions change.
Example:
A bank holding $20 million of state funds experiences a downgrade in credit rating. The Treasurer requires additional collateral to secure the funds in compliance with NAC rules.
Case 6 – Compliance Audits
The Treasurer periodically audits state agencies and banks to ensure proper handling of funds and compliance with NAC rules.
Non-compliance may result in administrative orders or additional oversight.
Example:
During an audit, the Treasurer discovers that a state agency did not properly report a revenue transfer. The Treasurer issues corrective instructions and monitors future transactions to ensure compliance.
Case 7 – Reporting and Transparency
Agencies and banks are required to submit reports on fund balances, investments, and unclaimed property.
The Treasurer compiles this information into public reports for accountability.
Example:
The Treasurer prepares an annual report on all unclaimed property in Nebraska. Citizens can see the total amount held, and the report helps ensure transparency in state financial operations.
🧠 Key Takeaways
Nebraska NAC rules for the State Treasurer ensure safety, accountability, and transparency in state finances.
The Treasurer manages cash, investments, unclaimed property, and debt, and monitors compliance by state agencies and banks.
Cases under these rules are administrative, usually involving audits, approvals, or enforcement of reporting and security requirements.
Proper compliance prevents financial loss, ensures legal adherence, and protects public funds.
RELATED Blog
comments