E20B
State Treasurer
Operating Budget Data
($ in Thousands)
FY 02 FY 03 FY 04 FY 03 - 04 FY 03 - 04
Actual Approp. Allowance Change % Change
General Funds $4,166 $4,036 $3,768 -$267 -6.6%
FY 2003 Cost Containment 0 -200 0 200
Contingent & Back of Bill Reductions 0 -1 -22 -21
Adjusted General Funds $4,166 $3,834 $3,747 -$88 -2.3%
Special Funds 483 492 619 127 25.7%
Reimbursable Funds 22,865 19,415 28,115 8,700 44.8%
Contingent & Back of Bill Reductions 0 -1 -10 -9
Adjusted Reimbursable Funds $22,865 $19,414 $28,105 $8,692 44.8%
Adjusted Grand Total $27,514 $23,740 $32,471 $8,730 36.8%
ÄÃ The fiscal 2003 adjusted working appropriation reflects cost containment actions totaling $200,000.
The adjustments were to reduce contractual banking fees and to capitalize bond sale expenses. The
working appropriation also reflects the proposed contingent reduction for employee transit expenses in
fiscal 2003.
ÄÃ The fiscal 2004 allowance includes an $8.7 million increase over the adjusted fiscal 2003 working
appropriation. Most of this increase is attributable to the State’s insurance coverage program. Costs
are expected to rise 46% from $18.8 million in fiscal 2003 to $27.5 million for fiscal 2004.
ÄÃ General funds for the Treasurer’s Office decline by 2.3% in fiscal 2004 due to the continuation of the
substitution of special funds to cover bond sale expenses which was initiated as part of cost
containment in fiscal 2003.
Note: Numbers may not sum to total due to rounding.
For further information contact: Terri Bacote-Charles Phone: (410) 946-5530
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E20B - State Treasurer
Personnel Data
FY 02 FY 03 FY 04
Actual Working Allowance Change
Regular Positions 52.00 53.00 53.00 0.00
Contractual FTEs 1.00 0.00 0.00 0.00
Total Personnel 53.00 53.00 53.00 0.00
Vacancy Data: Regular Positions
Budgeted Turnover: FY 04 2.55 4.82%
Positions Vacant as of 12/31/02 2.50 4.72%
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E20B - State Treasurer
Analysis in Brief
Major Trends
Reconciliation of the State’s Main Accounts: In fiscal 2002, the average number of days to reconcile
accounts was 30 days; however, only half of the months were completed on time. The Treasurer’s Office
is in the process of implementing a new reconciliation system that is expected to improve upon the fiscal
2002 performance
Administration of the State Insurance Program: The reported performance measures show increasingly
more new claims being submitted and processed by the Insurance Division with a substantial increase
occurring between fiscal 2002 and 2003 (150 more claims). It also shows an upward trend in the number
of claims remaining open at year’s end, however, not exceeding the office’s stated goal.
Debt Issuance Services: The State’s expenses per bond sale rose 10% from fiscal 2002 to 2003. The
office anticipates holding expenses for fiscal 2004 to the fiscal 2003 level.
Issues
State Insurance Coverage on the Rise: The fiscal 2004 allowance for the State’s insurance protection
includes an $8.5 million increase over the fiscal 2003 working appropriation. This increase is attributable
to various factors. The States Treasurer should brief the committees on the factors and discuss plans
to mitigate the financial impact (cost management efforts) of these factors over the next several
years to ensure that the State receives cost-effective insurance protection.
Capitalization of Bond Sale Expenses: The fiscal 2004 allowance provides special funds, in lieu of
general funds, to cover bond sale expenses. These special funds are derived from bond sale proceeds.
The State Treasurer should comment on this change in the current practice and discuss the impact
it will have on making funds available for authorized projects.
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E20B - State Treasurer
Recommended Actions
Funds
1. Modify language to reduce the appropriation for tort claims and
to lower the tort claim limit.
2. Reduce funds for out-of-state travel $ 5,000
3. Reduce funds for motor vehicle gas and oil expenses 1,500
4. Reduce funds for management studies and consultants 4,000
5. Reduce funds for office assistance 2,500
6. Reduce funds for library supplies 2,000
7. Add language to reduce the authorization to expend reimbursable
funds received from other agencies.
Total Reductions $ 15,000
Updates
New Automated Account Reconciliation System: The Treasurer’s Office has completed the procurement
of the new Automated Account Reconciliation System and fully expects, once implemented, to correct the
audit items related to the reconciliation of its disbursement and depository accounts.
State Treasurer’s Office Legislative Package: The office’s legislative package for the 2003 session
includes bills to more efficiently manage and control capital debt and a bill to expand from fixed rate
financing.
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E20B
State Treasurer
Operating Budget Analysis
Program Description
The State Treasurer is responsible for the management and protection of State funds and property. To
carry out these responsibilities, the State Treasurer selects and manages the depository facilities for State
funds, issues or authorizes agents to issue payments of State funds, invests excess funds, safeguards all
State securities and investments, and provides insurance protection against damage to State property and
liability of State employees. The State Treasurer also administers the sale of Maryland general obligation
bonds and serves as a member of the Board of Public Works. The State Treasurer’s Office consists of four
programs: treasury management; insurance management; insurance coverage; and bond sale expenses.
Performance Analysis: Managing for Results
The Treasurer’s Office is tasked with providing cash management including the reconciliation of the
State’s main accounts (depository and disbursement) and working funds. In fiscal 2002, the average
number of days to reconcile accounts was 30 days; however, only half of the months were completed on
time. The Treasurer’s Office is in the process of implementing a new reconciliation system that is expected
to improve upon fiscal 2002 performance. With the new system, it is expected that the office will not only
reduce the average days to reconcile to 20 days, but more importantly ensure that for each month, the
State is meeting the goal of reconciling within 30 days of receipt of the bank statement.
The Treasurer’s Office is also responsible for the efficient and cost-effective administration of the State
Insurance Program that includes self-insurance and procurement of commercial insurance. As shown in
Exhibit 1 the reported performance measures show increasingly more new claims being submitted and
processed by the Insurance Division with a substantial increase occurring between fiscal 2002 and 2003
(150 more claims). It also shows an upward trend in the number of claims remaining open at year’s end,
however, not exceeding the office’s stated goal of 1,500. The office is estimating much improved
performance starting in fiscal 2003 and continuing to fiscal 2004, including increasing the number of claims
closed and increasing the amount of funds recovered through subrogation investigations.
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E20B - State Treasurer
Exhibit 1
Insurance Division
FY 2001 FY 2002 FY 2003 FY 2004
Actual Actual Est. Est.
New Claims Processed 2,938 2,994 3,150 3,200
Claims Closed 3,087 2,924 3,125 3,175
Pending Claims 970 1,040 1,065 1,090
Subrogation Funds Recovered
($ in Thousands) $919.5 $551.6 $1,100.0 $1,125.0
Source: State Budget Books
The Treasurer’s Office coordinates the State’s debt issuance with the goal of keeping the State’s
borrowing costs low and minimizing the State’s federal tax liability. The State’s expenses per bond sale
rose 10% from fiscal 2002 to 2003. A portion of the additional expense is due to the refunding of bonds.
The office anticipates holding expenses for fiscal 2004 to the fiscal 2003 level. Also, in fiscal 2001 and
2002, the State was able to retain over 85% of the earnings on bond proceeds after making the required
arbitrage payments. For fiscal 2003 and 2004, the office is projecting substantially higher earnings from
bond proceeds, but it is expected that as a percentage the State will retain less than 80%. The anticipated
higher earnings are from the increase in aggregate proceeds from sales.
Impact of Cost Containment
Cost containment actions approved by the Board of Public Works on January 8, 2003, reduced the
State Treasurer’s Office budget by $200,000 in general funds. The reductions occur in two of the office’s
programs – Treasury Management and Bond Sale Expense. Due to a delay in implementing a new banking
service, the office was able to negotiate a lower implementation fee that will provide $75,000 of the cost
containment amount. The remaining $125,000 represents the use of special funds, in lieu of the budgeted
general funds, for bond sale expenses. The special funds come from the bond proceeds.
It is anticipated that a Budget Reconciliation and Financing Act (BRFA) of 2003 will contain
provisions to further reduce the State’s Treasurer’s Office’s fiscal 2003 appropriation by approximately
$2,400. This reduction will occur in employee transit expenses (funds to support free transit ridership for
State employees).
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E20B - State Treasurer
Governor s Proposed Budget
As shown in Exhibit 2, the fiscal 2004 allowance increases the State’s Treasurer’s Office budget by
$8.7 million. General funds for the office decline by 2.3%. This decline primarily represents the
continuation of the use of special funds to cover bond sale expenses (substitution noted above) which are
reflected in the 26% increase in special funds. Most of the budgeted increase occurs in reimbursable funds
and is attributable to the State’s insurance program (includes the administration and insurance coverage).
The program is expected to rise 46% from $18.8 million in fiscal 2003 to $27.5 million in fiscal 2004.
Reasons for the increase are discussed in Issue 1.
Exhibit 2
Governor’s Proposed Budget
State Treasurer
($ in Thousands)
FY 02 FY 03 FY 04 FY 03 - 04 FY 03 - 04
Actual Approp. Allowance Change % Change
General Funds $4,166 $4,036 $3,768 -$267 -6.6%
FY 2003 Cost Containment 0 -200 0 200
Contingent & Back of Bill Reductions 0 -1 -22 -21
Adjusted General Funds $4,166 $3,834 $3,747 -$88 -2.3%
Special Funds 483 492 619 127 25.7%
Reimbursable Funds 22,865 19,415 28,115 8,700 44.8%
Contingent & Back of Bill Reductions 0 -1 -10 -9
Adjusted Reimbursable Funds $22,865 $19,414 $28,105 $8,692 44.8%
Adjusted Grand Total $27,514 $23,740 $32,471 $8,730 36.8%
Where It Goes:
Personnel Expenses
Employee and retiree health insurance............................................................................... $50
Retirement (includes deferred comp.) ................................................................................ -40
Turnover rate increased ..................................................................................................... -20
Transit expenses ................................................................................................................. 2
Other adjustments............................................................................................................... -12
Insurance Protection Expenses 8,500
Other Changes 0
Training for new Account Reconciliation System ............................................................. 5
Equipment for new Account Reconciliation System.......................................................... 21
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E20B - State Treasurer
Where It Goes:
Out-of-state travel for conferences..................................................................................... 14
Gas and oil expenses for vehicles ...................................................................................... 3
Information Technology services for the new claims tracking system .............................. 65
Claims data inquiry services with American Services Group............................................ 8
Net increase in banking services and investment management ......................................... 13
Office supplies.................................................................................................................... 10
Association dues................................................................................................................. 4
Other administrative adjustments....................................................................................... 107
Total $8,730
Note: Numbers may not sum to total due to rounding.
Most of the remainder of the budgeted increase for the State Treasurer’s Office derives from costs
associated with the implementation of the new Account Reconciliation System (training and equipment)
and a new claims tracking system. Both systems are to improve the current handling of these respective
functions.
Impact of Cost Containment
The BRFA of 2003 will provide a provision to eliminate the deferred compensation match for fiscal
2004. In the State Treasurer’s Office this amounts to $31,701.
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E20B - State Treasurer
Issues
1. State Insurance Coverage on the Rise
The fiscal 2004 allowance of $25.7 million for the State’s insurance protection includes an $8.5 million
(49%) increase over the fiscal 2003 working appropriation of $17.3 million. The State’s insurance
protection includes coverage for damage to State property or liability of State employees. The State
provides for its insurance protection through a combination of self-insurance (trust fund) and the purchase
of specific excess commercial insurance policies. Most of the State’s losses are borne by the self-insured
fund. This occurs due to the structure of most of the State’s coverage which typically has the self-
insurance fund covering the first dollars of a loss up to a prescribed limit (e.g., for property the first $2.5
million). Once that limit is reached, the commercial insurance provides for the remaining balance of the
loss.
The increase is attributable to the following factors:
ÄÃ Costs to procure excess commercial insurance blanket coverage increased dramatically in the
past year – In response to September 11, 2001, the insurance industry has increased the cost to
purchase coverage. Moreover, the industry has attempted to further minimize its future liability by
changing the policy provisions as well. For example in fiscal 2002, the State paid $752,000 for its
excess property coverage that included coverage for terrorism. The fiscal 2003 cost has increased
to $3.9 million (5 times greater) and it excludes terrorism coverage. The estimated fiscal 2004
costs are expected to increase 5% over the fiscal 2003 amount.
ÄÃ Claims experience driving up tort premiums – The cost of tort premiums is increasing largely
due to the State’s recent losses. In fiscal 2002, tort losses were $3.3 million. It is expected that
fiscal 2003 losses will rise above the actual for 2002 by about $900,000. Also adding to the cost of
the premium is the increase in the cap from $100,000 to $200,000 on tort claims.
ÄÃ Increase in liability losses – The State’s payout under coverage for Officers and Employees
increased from $1 million in fiscal 2002 to an estimated $3.1 million in fiscal 2003. Several large
settlements awarded by the Board of Public Works are under this liability section. These awards are
not capped. Similarly, motor vehicle losses were $738,000 in 2002 and are expected to rise to $1.5
million in fiscal 2003.
ÄÃ Transfer of $5 million from the Insurance Trust Fund in fiscal 2002 – The BRFA of 2002
transferred $5 million from the available fund balance to the general fund.
These factors combine to create an Insurance Trust Fund projection with fund balances decreasing
over the next several years unless the premiums are increased. The estimated balance at the end of fiscal
2003 is $15 million. This is projected to decline to $11 million at the end of fiscal 2004. The Insurance
Fund’s actuary recommended a fund balance of $23 million. The current fund balance of approximately
$19 million is below this level. Moreover, a number of these factors fall within the purview of State
9
E20B - State Treasurer
government administration. For example, the State could (re-) initiate aggressive risk management that
makes use of detailed claims loss data to reduce risk and paid losses.
The State Treasurer should discuss with the committees each of the factors contributing to the
rise in the State’s cost for insurance. The discussion should also include how the Insurance Division
plans to mitigate the financial impact (cost management efforts) of these factors over the next
several years to ensure that the State receives cost-effective insurance protection. As a cost
containment measure, it is recommended that State tort liability limits be lowered, effective with
the passage of the budget bill, to $100,000 and that State contributions be reduced to reflect savings
from that action. The limit can be increased in the next budget if fiscal conditions improve.
2. Capitalization of Bond Sale Expenses
The fiscal 2004 allowance provides a total of $290,000 to cover the bond sale expenses including legal
and administrative expenses (attorney fees, printing, and consulting services). The allowance is primarily
made up of special funds. These special funds are to derive directly from the bond sale proceeds.
A review of appropriations from the early 1990s to the present shows that bond sale expenses have
been met through the provision of general funds. The fiscal 2003 appropriation for bond sale expenses is
$290,000 in general funds. The State Treasurer’s Office has used a portion of these appropriated funds to
cover the July 2002 bond sale expenses; however, due to cost containment, the office intends to use bond
sale proceeds ($125,000) in lieu of general funds to meet the next bond sale expenses.
The use of bond sale proceeds to cover these expenses is a change in the current practice. Although
this expense is minimal, when taken in the context of the amount of proceeds resulting from the State’s
bond sales ($200 to $500 million), the use of these special funds will either result in a reduction in the
proceed funds available for authorized capital projects or it will necessitate a higher State issuance.
Moreover, the State will pay for a one-time expense over the entire life of that bond.
The State Treasurer should comment on this change in the current practice and discuss the
impact it will have on making funds available for authorized projects.
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E20B - State Treasurer
Recommended Actions
1. Modify the following language:
SECTION 9. AND BE IT FURTHER ENACTED, That $11,899,495 $10,899,495 is
appropriated in the various agency budgets for tort claims (including motor vehicles) under the
provisions of the State Government Article, Title 12, Subtitle 1, the Maryland Tort Claims Act
(MTCA). These funds are to be transferred to the State Insurance Trust Fund; these funds, together
with funds appropriated in prior budgets for tort claims but unexpended, are the only funds available
to make payments under the provisions of the MTCA. Tort claims are limited as follows:
(A) Tort claims for incidents or occurrences occurring after July 1, 2003, paid from the State
Insurance Trust Fund, are limited hereby and by State Treasurer’s regulations to payments
of no more than $100,000 to a single claimant for injuries arising from a single incident or
occurrence.
(A)(B) Tort claims for incidents or occurrences occurring after October 1, 1999, paid from the
State Insurance Trust Fund, are limited hereby and by State Treasurer’s regulations to
payments of no more than $200,000 to a single claimant for injuries arising from a single
incident or occurrence.
(B)(C) Tort claims for incidents or occurrences occurring after July 1, 1996, and before October
1, 1999, paid from the State Insurance Trust Fund, are limited hereby and by the State
Treasurer’s regulations to payments of no more than $100,000 to a single claimant for
injuries arising from a single incident or occurrence.
(C)(D) Tort claims for incidents or occurrences resulting in death on or after July 1, 1994, and
before July 1, 1996, paid from the State Insurance Trust Fund, are limited hereby and by
State Treasurer’s regulations to payments of no more than $75,000 to a single claimant.
All other tort claims occurring on or after July 1, 1994, and before July 1, 1996, paid from
the State Insurance Trust Fund, are limited hereby and by State Treasurer’s regulations to
payments of no more than $50,000 to a single claimant for injuries arising from a single
incident or occurrence.
(D)(E) Tort claims for incidents or occurrences occurring prior to July 1, 1994, paid from the
State Insurance Trust Fund, are limited hereby and by State Treasurer’s regulations to
payments of no more than $50,000 to a single claimant for injuries arising from a single
incident or occurrence.
Explanation: Modify Section 9 language to reduce the appropriation for tort claims by $1 million
and to lower the tort claim liability limit to $100,000. The reduction is a cost containment measure
to reflect the savings from lowering the limit. The limit can be increased in the next budget if fiscal
conditions improve.
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E20B - State Treasurer
Amount Position
Reduction Reduction
2. Reduce funds for out-of-state travel. The remaining $ 5,000 GF
allowance of $25,000 is an increase of 60% or $9,350
over the fiscal 2003 working appropriation.
3. Reduce funds for motor vehicle gas and oil expenses. 1,500 GF
The remaining allowance of $4,820 is an increase of 29%
or $1,080 over the fiscal 2003 working appropriation.
4. Reduce funds for management studies and consultants. 4,000 GF
The remaining allowance of $50,000 is an increase of
69% over the fiscal 2002 actual of $30,000. The
additional funds recognize the need for more studies in
support of the Insurance program
5. Reduce funds for office assistance. The remaining 2,500 GF
allowance of $7,500 is an increase of 50% or $2,500
over the fiscal 2003 working appropriation. The funds
can provide for temporary assistance in peak times.
6. Reduce funds for library supplies. The remaining 2,000 GF
allowance of $11,500 is an increase of 56% over the
fiscal 2002 actual of $7,400. The funds recognize the
need to expand subscriptions to publications in support
of new functions.
7. Add the following language:
Authorization to expend reimbursable funds received from other agencies is reduced by $1,000,000.
Explanation: The State Treasurer’s fiscal 2004 allowance includes an authorization to expend the
funds received from other state agencies for insurance coverage. This language reduces the
authorization by $1 million to reflect the cost containment action taken to reduce the State’s tort
claim liability limit to $100,000.
Total General Fund Reductions $ 15,000
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E20B - State Treasurer
Updates
1. New Automated Account Reconciliation System
The Treasurer’s Office has completed the procurement of the new Automated Account Reconciliation
System. Implementation is underway with the vendor. Testing of the installed configured software with
R*Stars interface is planned for early April 2003. Employee training is to be completed by the end of April
2003 and full system launch is anticipated during June 2003. The office intends to run parallel systems for
two months.
With this new system the Treasurer’s Office fully expects to correct the audit items related to the
reconciliation of its disbursement and depository account.
2. State Treasurer’s Office Legislative Package
The State Treasurer’s Office’s legislative package for the 2003 session includes proposals to more
efficiently manage and control capital debt and capital appropriations. The package also includes a
proposal to expand from fixed rate financing. The legislative package has been sponsored by the Joint
Committee on the Management of Public Funds.
One of the proposals (HB 444/SB 316) seeks to place a seven-year limitation on the authority to spend
funds for capital projects, with certain exceptions. The bill also provides for the disposition of terminated
State debt authorizations. This bill is proposed to prevent the current occurrence where the State has
outstanding debt authorizations dating back to 1968. This is debt authorized but unissued. These old
authorizations reduce the State’s overall debt capacity.
Another proposal (HB 434/SB 319) seeks to allow the State to enter into nonfixed rate financing.
Currently, the State is limited to issuing fixed rate debt in a public sale. The bill, specifically, would allow
up to 15% of a State issue to be financed under a variable rate (at a private negotiated sale) with approval
from the Board of Public Works. It also allows the State to enter into interest rate exchange agreements.
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E20B - State Treasurer
Appendix 1
Current and Prior Year Budgets
Current and Prior Year Budgets
State Treasurer
($ in Thousands)
General Special Federal Reimb.
Fund Fund Fund Fund Total
Fiscal 2002
Legislative
Appropriation $4,492 $424 $0 $18,078 $22,994
Transfer from
Insurance Trust
Fund 0 0 0 4,875 4,875
Budget
Amendments 0 116 0 0 116
Reversions and
Cancellations -326 -57 0 -88 -471
Actual
Expenditures $4,166 $ 483 $ 0 $22,865 $27,514
Fiscal 2003
Legislative
Appropriation $4,036 $360 $0 $19,415 $23,811
Budget
Amendments 0 132 0 0 132
Cost
Containment -201 0 0 -1 -202
Working
Appropriation $3,835 $ 492 $ 0 $19,414 $23,740
Note: Numbers may not sum to total due to rounding.
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E20B - State Treasurer
Fiscal 2002
In fiscal 2002 the State’s Treasurer’s Office spent $4.5 million more than its legislative appropriation
of $23 million. The increase occurred mainly in reimbursable funds and was due to a rise in both claim
losses and the cost for commercial coverage. The additional funds were transferred from the Insurance
Trust fund balance. General funds were reduced for cost containment purposes. A budget amendment
increased special funds to reflect proceeds received from a bond sale (refunding sales). Those proceeds
are used to cover expenses.
Fiscal 2003
Similar to the budget amendment for fiscal 2002, special funds have been increased to recognize
proceeds received during the bond sale.
15
Object/Fund Difference Report
State Treasurer
FY 03
FY 02 Working FY 04 FY 03 – FY 04 Percent
Object/Fund Actual Appropriation Allowance Amount Change Change
Positions
01 Regular 52.00 53.00 53.00 0 0%
02 Contractual 1.00 0 0 0 0.0%
Total Positions 53.00 53.00 53.00 0 0%
Objects
01 Salaries and Wages $ 3,255,417 $ 2,998,396 $ 3,413,359 $ 414,963 13.8%
02 Technical & Spec Fees 86,451 21,000 26,000 5,000 23.8%
03 Communication 117,604 127,509 54,142 -73,367 -57.5%
16
04 Travel 35,646 29,950 40,792 10,842 36.2%
07 Motor Vehicles 17,016 17,891 11,744 -6,147 -34.4%
08 Contractual Services 2,661,329 2,905,185 2,795,749 -109,436 -3.8%
09 Supplies & Materials 248,826 249,361 247,866 -1,495 -0.6%
10 Equip - Replacement 44,517 310,696 130,849 -179,847 -57.9%
11 Equip - Additional 128,952 5,671 2,998 -2,673 -47.1%
E20B - State Treasurer
13 Fixed Charges 20,918,517 17,276,951 25,778,726 8,501,775 49.2%
Ã
Total Objects $ 27,514,275 $ 23,942,610 $ 32,502,225 $ 8,559,615 35.8%
Funds
01 General Fund $ 4,166,459 $ 4,035,820 $ 3,768,463 -$ 267,357 -6.6%
03 Special Fund 483,089 492,154 618,780 126,626 25.7%
09 Reimbursable Fund 22,864,727 19,414,636 28,114,982 8,700,346 44.8%
Total Funds $ 27,514,275 $ 23,942,610 $ 32,502,225 $ 8,559,615 35.8%
Note: Fiscal 2003 appropriations and fiscal 2004 allowance do not include cost containment and contingent reductions.
Appendix 2
Fiscal Summary
State Treasurer
FY 03 FY 03
FY 02 Legislative Working FY 02 – FY 03 FY 04 FY 03 – FY 04
Unit/Program Actual Appropriation Appropriation % Change Allowance % Change
01 Treasury Management $ 4,650,878 $ 4,766,158 $ 4,779,438 2.8% $ 4,748,808 -0.6%
01 Insurance Management 1,584,848 1,504,215 1,504,215 -5.1% 1,714,307 14.0%
02 Insurance Coverage 20,882,702 17,250,000 17,250,000 -17.4% 25,749,110 49.3%
01 Bond Sale Expenses 395,847 290,000 408,957 3.3% 290,000 -29.1%
Total Expenditures $ 27,514,275 $ 23,810,373 $ 23,942,610 -13.0% $ 32,502,225 35.8%
General Fund $ 4,166,459 $ 4,035,820 $ 4,035,820 -3.1% $ 3,768,463 -6.6%
Special Fund 483,089 359,917 492,154 1.9% 618,780 25.7%
17
Total Appropriations $ 4,649,548 $ 4,395,737 $ 4,527,974 -2.6% $ 4,387,243 -3.1%
Reimbursable Fund $ 22,864,727 $ 19,414,636 $ 19,414,636 -15.1% $ 28,114,982 44.8%
E20B - State Treasurer
Ã
Total Funds $ 27,514,275 $ 23,810,373 $ 23,942,610 -13.0% $ 32,502,225 35.8%
Note: Fiscal 2003 appropriations and fiscal 2004 allowance do not include cost containment and contingent reductions.
Appendix 3