South Dakota Administrative Rules Title 6 - State Treasurer
South Dakota Administrative Rules, Title 6, is dedicated to the State Treasurer. This title contains the specific regulations that govern the State Treasurer's office in its role as the state's chief banking official and custodian of public funds. The State Treasurer is a constitutional officer in South Dakota, responsible for managing the state's finances, including receiving, safekeeping, and disbursing state moneys, as well as administering several key programs.
Here's a breakdown of the key areas typically covered in Title 6:
I. State Investment Council (Article 6:01):
This article outlines regulations related to the investment of state funds. While the State Investment Council is a separate entity responsible for investment decisions, the State Treasurer often serves as an ex-officio voting member and plays a role in the administration of these funds. Regulations within this article may cover:
General provisions for investments.
Rules for placing state funds in South Dakota banks.
Specific investment vehicles, such as venture capital funds. (Note: Some chapters related to specific investment types, like mortgage-backed securities or the Higher Education Savings Plan, may have been repealed as investment strategies and programs evolve).
Criteria for other qualified public depositories.
II. Public Deposit Protection Commission (Article 6:02):
This is a critical area for ensuring the safety of public funds. The State Treasurer is a member of the Public Deposit Protection Commission, which supervises the insuring of all public funds deposited in financial institutions within South Dakota. Regulations in this article typically cover:
General provisions for the protection of public deposits.
Collateral Segregation: Requirements for depositories of public funds to pledge collateral (securities) to secure 100% of the public funds held. These pledged securities are typically held by a custodian bank.
Loss Procedure: Procedures to follow in the event of a depository's failure to ensure the recovery of public funds.
III. Accountability for State Funds (Article 6:03):
This article details the operational aspects of handling state funds and ensuring accountability.
Cash Receipts Transmittals (6:03:01): Specifies regulations for state agencies regarding the remittance of funds to the State Treasurer's office, including deadlines and rules for holding funds in local accounts before transmittal. This ensures timely and accurate accounting of all money due to the state treasury.
IV. Veterinary Student Grants (Article 6:04):
Repayment of Veterinary Student Grants (6:04:01): This article focuses on the collection and oversight of repayments for veterinary student tuition assistance awards. The State Treasurer's office is responsible for administering the collection aspects of these grants.
Key Duties and Responsibilities of the South Dakota State Treasurer (as reflected in Title 6 and broader statutory duties):
The State Treasurer's office plays a multifaceted role in South Dakota's financial operations:
Chief Banking Official: Serves as the receiver and safekeeper of all public funds paid into the state treasury. This involves receiving, reconciling, and depositing state agency funds daily.
Fund Custodian and Disbursement: Has charge of and safely keeps all public moneys and properly pays out the same as directed by law, including processing warrants (checks) and electronic fund transfers (ACH).
Banking Relationships: Manages the state's banking relationships and oversees local bank accounts held by various state agencies.
Investment Oversight: Plays a role in monitoring the investment of state public funds and managing cash for use by the State Investment Office, as well as serving on the State Investment Council.
Public Deposit Protection: Ensures the security of public deposits through the Public Deposit Protection Commission.
Unclaimed Property Program: Administers the Uniform Unclaimed Property Act, having custodial responsibility for all unclaimed property and moneys, and returning them to rightful owners.
Accountability and Reporting: Accurately accounts for all moneys received and disbursed, providing reports to the Governor and ensuring financial transparency.
Grant Administration (Specific): Oversees the collection of veterinary student tuition assistance awards and may administer other specific grant programs like the Teen Court Grant Program.
Board Membership: Serves as a member of the Board of Finance (which manages state financial issues like bad debt and per diem allowances) and the Public Deposit Protection Commission, and as an ex-officio voting member of the State Investment Council.
In essence, South Dakota Administrative Rules, Title 6, provides the detailed regulatory framework for the South Dakota State Treasurer to perform its crucial duties of financial stewardship, ensuring the safety, accountability, and efficient management of the state's public funds.
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