State treasurer reports strong fee revenue from investments, asks modest staffing and cybersecurity support

State Treasurer told the appropriations committee his office produced significant non-tax revenue for the state by managing short-term and quasi-governmental investments and asked for a modest increase in staff to handle cybersecurity and technology needs.

He reported the treasurer's office raised approximately $541 million in the prior fiscal year and is on track to raise $575 million in the current fiscal year, numbers he said are large compared with the prior decade. He described the office as small (about 25 employees) and asked for an increase equal to roughly $361,000 in the biennium to fund an IT director and a cashier position to handle bank-management functions and cybersecurity tasks.

The treasurer emphasized that much of the state's cash is invested under conservative statutory limits (Treasury bills, agencies, government-sponsored enterprises, commercial paper and similar fixed-income instruments). He said the bulk of general-fund investments are managed in-house and that certain quasi-governmental entities maintain outside managers with separate fee schedules. The treasurer also said counties and local 9-1-1 centers vary greatly in IT capacity; he urged collaboration but said local differences create cybersecurity responsibilities the treasurer's office helps coordinate.

Ending: The treasurer asked the committee to consider the modest staffing additions, saying the positions would help protect public funds and support oversight of boards and quasi-governmental entities the office manages.