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Treasurer outlines budget needs: staff equity, IT projects, CO2 payments and a proposed delayed transfer of unclaimed property
Summary
State Treasurer Thomas Beadle asked the Appropriations committee to fund targeted salary equity, additional IT implementation hours, CO2 PILT distributions and to delay the transfer of unclaimed property from the Department of Trust Lands to the Treasurer’s Office until planning and security work is complete.
State Treasurer Thomas Beadle presented the Office of State Treasurer’s budget (House Bill 1005) to the Appropriations – Government Operations Division, outlining workforce, technology, statutory distribution and a proposed transfer of the state’s unclaimed property program.
Beadle said his office’s top request was targeted salary equity to address retention and compression: the office requested $250,000 in targeted market equity during the budgeting process and both governors’ executive budgets included $100,000 of that request. He cited a high turnover rate (34.8% in the prior year) and said the office’s long tenures (average seven years in position) have made the agency vulnerable to pay compression compared with similar classified roles in other agencies.
IT costs and distribution changes
The treasurer requested additional IT funding to implement statutory distribution changes and improve the tax-distribution (TDOC) software used to deliver funds to political subdivisions. Beadle told the committee that IT Development (ITD)…
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