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State Treasurer seeks permanent EARNS manager, modernization funds for payments and reconciliations
Summary
State Treasurer Colleen Davis requested a full‑time Delaware EARNS program manager ($117,900) and multiple IT and modernization authority increases for bank reconciliations, PCI compliance, and debt management as the office grows assets and payments volume.
State Treasurer Colleen Davis told the Joint Finance Committee the Office of the State Treasurer is making modest FY27 requests to sustain core operations and the Delaware EARNS retirement‑savings program.
Davis asked the committee to fund a $117,900 general‑fund FTE to serve as Delaware EARNS program manager and continue employer engagement and program growth; she said EARNS has grown quickly since its pilot began July 1, 2024 and now holds over $9 million in assets under management.
OST also requested technology and compliance funding: $60,000 ASF for secure end‑user services under DTI's SUS shared‑service model (contractual obligation), $107,800 for out‑of‑warranty PC replacement (partially recommended), $150,000 ASF for bank account reconciliation modernization and $150,000 ASF for a debt management integration project, and $500,000 ongoing ASF to cover statewide merchant services and PCI DSS compliance costs.
Davis emphasized OST’s role managing the consolidated investment portfolio and said the office has generated strong investment returns for the state (more than $100 million in net returns in recent years) and contributed substantially to the general fund during her tenure. She framed the budget requests as investments in secure payments, audit readiness and program sustainability rather than discretionary expansion.
What’s next: Committee members thanked Davis for her service (this was her final JFC appearance) and signaled review of OST requests during budget markup.
