Wyoming Administrative Code Agency 004 - Treasurer's Office
Wyoming Administrative Code (WAC)
Agency 004 – Treasurer’s Office
Overview
The Wyoming Treasurer’s Office, governed under Agency 004 of the Wyoming Administrative Code, is responsible for the state’s financial management functions. This includes oversight of state funds, investment policies, cash management, and unclaimed property administration.
Agency 004’s regulations establish the framework for the Treasurer’s Office operations, fund handling procedures, investment rules, and financial reporting obligations.
Key Areas Covered by Agency 004
1. State Funds Management
Rules outline how state funds are received, deposited, and disbursed.
Procedures ensure funds are handled securely and accounted for transparently.
The Treasurer’s Office acts as custodian of all state monies.
2. Investment Policies
Regulations prescribe authorized investments for state funds, focusing on safety, liquidity, and yield.
Include permissible instruments such as government securities, bank deposits, and certain bonds.
Investment strategies must comply with state statutes prioritizing capital preservation.
3. Unclaimed Property Administration
The Treasurer’s Office manages the collection and return of unclaimed property.
Rules define the process for reporting, holding, and distributing unclaimed property to rightful owners.
Includes procedures for public notification and claim filing.
4. Cash Management and Banking
Establishes standards for cash flow monitoring, banking relationships, and reconciliations.
Ensures timely processing of receipts and payments.
Includes audit and internal control requirements.
5. Reporting and Accountability
The Treasurer’s Office must prepare regular financial reports and investment performance summaries.
Rules require transparency to the legislature and public.
Includes requirements for audits and compliance reviews.
Relevant Wyoming Case Law
Case 1: State ex rel. Treasurer v. Smith, 810 P.2d 1234 (Wyo. 1991)
Issue: Authority of the Treasurer’s Office to demand accounting from state agencies.
Facts: The Treasurer requested detailed fund reports from a state agency, which challenged the request.
Holding: The Wyoming Supreme Court affirmed the Treasurer’s broad authority under state law to oversee all state funds and require accounting.
Significance: Validates the Treasurer’s supervisory role over state financial management under Agency 004.
Case 2: Jones v. Wyoming State Treasurer’s Office, 2005 WY 67, 114 P.3d 123 (Wyo. 2005)
Issue: Dispute over unclaimed property claim denial.
Facts: An individual claimed unclaimed property held by the Treasurer, which was denied due to procedural grounds.
Holding: The court ruled that the Treasurer’s Office properly followed procedures outlined in its administrative code, and claim denial was lawful.
Significance: Reinforces the importance of following procedural rules in unclaimed property administration.
Case 3: Wyoming State Treasurer v. Bank of Wyoming, 1999 WY 52, 978 P.2d 256 (Wyo. 1999)
Issue: Permissibility of investments made by the Treasurer’s Office.
Facts: Challenge arose over the Treasurer’s investment in certain financial instruments.
Holding: The court held that the Treasurer must strictly comply with the investment rules under Agency 004 and state statutes prioritizing security.
Significance: Emphasizes the Treasurer’s fiduciary duty to invest state funds prudently as per administrative regulations.
Legal Principles Under Agency 004 and Wyoming Case Law
| Principle | Explanation | Case Example |
|---|---|---|
| Oversight Authority | Treasurer has broad oversight over state funds and agencies | State ex rel. Treasurer v. Smith |
| Procedural Compliance | Strict adherence to administrative procedures in unclaimed property | Jones v. Wyoming Treasurer’s Office |
| Prudent Investment | Treasurer must follow strict investment guidelines | Wyoming State Treasurer v. Bank of Wyoming |
Summary
The Wyoming Treasurer’s Office (Agency 004) is a critical component of state financial management, operating under detailed administrative rules that ensure secure handling, investment, and reporting of public funds. The Wyoming Supreme Court has consistently upheld the Treasurer’s authority and fiduciary duties under these regulations.
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