Departments in the State Treasurer's Office
The Treasurer of State is the state’s cash manager and chief investment officer with the duty of managing and collecting public funds. A brief description of the departments within the Treasurer of State’s office is listed below.
The Accounting Department consists of two divisions: General Ledger and Reconciliation. Its clients are numerous state agencies, boards and commissions, including the Bureau of Workers’ Compensation (BWC), the Public Employees Retirement System and the State Teachers Retirement System. Personnel reconcile all of the accounts, research any exceptions and ensure that corrections are completed.
The Accounting Department also manages the banking relationship for warrant processing for state agencies and several custodial entities such as BWC, the state retirement systems and unemployment compensation. The department works with the state’s bank to oversee the settlement of warrants being cashed and research any discrepancies.
Administration & Policy
The Administration Department manages all Treasurer of State (TOS) operations and directs all office-wide policies as they relate to Treasurer’s office staff. The department also provides administrative support for the Treasurer. In addition, the Deputy Treasurer and Chief Legal Counsel work with department directors to implement polices as directed by the Treasurer.
Center for Public Investment Management
As an educational outreach for the Treasurer of State’s office, the Center for Public Investment Management (CPIM) provides continuing education to Ohio’s public funds managers and their oversight authorities. It is CPIM’s mission to offer the highest standard of comprehensive education and instruction in the areas of cash management, investments, public finance, and compliance and reporting.
Community Education & Communications
The Community Education Department was created to provide financial education programs to Ohioans. The focus of the Community Education Department is to help Ohio citizens make more informed decisions about personal finances by sharing the financial expertise of the Treasurer’s office.
The Communications Department is responsible for coordinating internal and external communications involving TOS goals, services, initiatives, and accomplishments. The dissemination of this information is accomplished via: the news media; the treasury web site; TOS publications; coordination with the Treasury’s regional representatives; and management of the Treasury’s toll-free telephone lines.
Office of Debt Management
The Office of Debt Management serves the state and the Ohio Treasurer of State by providing industry best-practice debt management services over two primary functional disciplines: Debt issuance and debt administration.
- Debt Management oversees the issuance of debt for which the Treasurer of State serves as the issuing authority. Primary debt issuance responsibilities span structuring, document review, pricing, and closing;
- Debt Management is responsible for providing debt administration services for both Ohio’s general obligation debt and other state debt that the Treasurer is responsible for issuing. Debt administration duties include reporting, paying agent functions, bond registrar services, debt certification, debt repayment, and revenue/disbursement processing.
The newly created Economic Development Department invests 12% of the state's portfolio - about $800 million - in special projects that grow the state's jobs, promote financial stability, and support the operations of Ohio's farmers. To fund such programs, the Treasury places deposits with approved Ohio banks at reduced rates. The Treasury never loses or gives away its money, but agrees to earn lower rates when participating banks partner with us to offer economic development programs. The department is also exploring ways that the Treasury can further serve as a catalyst for economic development in Ohio.
Economic Development administers the following Treasury programs:
- ReEnergize Ohio
Human Resources and Fiscal Services
The Human Resources and Fiscal Services Department is responsible for developing and monitoring the budget for the Treasurer of State’s office and paying the day-to-day operating bills. It is also responsible for the purchasing of goods and services for the office. In addition, the department administers all human resource activities including recruitment and selection, labor and employee relations, benefits, employee training and development, and payroll.
Information Technology Services
The Information Technology Services Department is responsible for supporting, developing and implementing technical solutions that promote efficiencies, align with business process, keep pace with emerging technologies, and ensure the safety and security of all digital assets.
Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. The Internal Audit Department helps the Treasury accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
The primary responsibility of the Investment Department is to actively manage the state’s multi-billion dollar investment portfolios. These portfolios include the State of Ohio Regular Account (including the General Revenue Fund), the Ohio Lottery Deferred Prizes Trust Fund and STAR OHIO. The Investment Department staff is responsible for developing strategies designed to maintain target levels of safety, liquidity and return as directed by the Treasurer’s Investment Policy.
The Public Affairs Department serves as the liaison between the Office of the Treasurer and the members of the Ohio General Assembly. Its staff represents the interests of the Treasurer and Treasury before the Legislature. They provide public testimony on bills that impact the Treasurer’s Office, its operation and programs. They also respond to constituent and agency inquiries and provide assistance and service to Ohioans who may have questions or issues on any topic.
Regional Representatives work as a direct extension of the central office of the Treasury located in Columbus, and serve as the Treasurer’s first line of contact for all local entities in a specific geographic region.
Regional Representatives seek ways for the Treasurer’s office to be helpful in the daily lives of Ohioans. Their primary responsibility is to partner with all of the treasury's departments in order to bring resources to their communities. This is done by building strong relationships with local officeholders, business owners, civic leaders, and constituents. Specifically, the Regional Representatives serves three functions: Program Compliance, Community Outreach, and Treasury Support
The Revenue Management Department is responsible for the collection, processing, and deposit of state revenue, and for providing cash management services to state and custodial agencies. The department includes six distinct areas of responsibility:
The Cashier Department receipts millions of dollars annually in state funds due from other state agencies. The Cashier Department also operates a cash office at the Ohio State Fair to provide change to vendors, cash checks for entertainers, and provide cash to the Expo office.
The Processing Room receives checks from the Cashier Department each day. The checks are imaged, balanced, and sent electronically to the bank every day.
Cigarette Excise Tax manages the tax stamps that are sold to cigarette wholesalers.
Treasury Management Services manages the state tax payments received via ACH debit and ACH credit, recording and disbursement of state/custodial revenue using online banking services, and processing check and electronic payments for Insurance taxes, Dealers in Intangible, Estate Tax, Housing Trust, Surplus Lines, Motor Vehicle/Watercraft Sales tax and Reparations Rotary.
The Mail Room is responsible for ensuring all outgoing letters and packages are properly stamped and mailed. Also, the mail room staff retrieves incoming mail from the Post Office and distributes to the appropriate agency personnel.
The department also works with state agencies on bank account openings, bank account access, and the acceptance of credit card and ACH payments
The Trust Department is comprised of the Compliance Division and the Trust Operations Division and oversees the safekeeping of investments for the Bureau of Workers’ Compensation; Ohio Tuition Trust Authority; State Teachers Retirement System; Public Employees Retirement System; Police and Fire Pension Fund; State Highway Patrol Retirement Fund; School Employees Retirement System; and the Southern Ohio Agricultural and Community Development Fund. In addition, Trust monitors whether custodial banks are in compliance with State Depository agreements as they relate to custody services and whether securities-lending agents appointed by the Treasurer are in compliance with the Treasurer’s policies. This division is also responsible for ensuring sufficient and eligible collateral is pledged by all state depositories and for safekeeping securities for various state agencies as required by the Ohio Revised Code.