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Statutory Duties of the Treasurer
Treasurer Lynn Fitch
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Statutory Duties of the Treasurer
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The Mississippi Code details the fiduciary responsibilities of the Treasurer as follows:
To invest and account for general, special, clearing, and special purpose investment funds, as well as bond proceeds, according to specific legislated authorization and direction
To account for and invest trust funds in the custody of the Treasurer
To account for and disburse funds for scheduled payments on bonded indebtedness
To prepare all reports and maintain all records required by the Federal Tax Reform Act for calculating any required arbitrage rebate
To distribute proportionate tax revenues to counties, cities, and other taxing districts of the state
To monitor the cash position of all Treasury funds to ensure that cash balances are invested immediately and sufficient cash balances are on hand to pay obligations as they become due
To provide a cash flow projection for the timing of receipts and disbursements
To identify and recommend to other state agencies the use of cash management techniques which speed collection and increase earnings on investment balances
To prepare semi-annual GAAP (Generally Accepted Accounting Principles) report packages on all funds managed by the Treasurer for inclusion in the Comprehensive Annual Financial Report prepared by the Department of Finance and Administration.
To act as custodian of unclaimed property reported to the Treasurer and attempt to locate the rightful owners so that they may claim their property
To serve as Treasurer to the Mississippi Employment Security Commission
To ensure that all state deposits in approved depository institutions are collateralized at 105 percent of the deposit balance according to statute
To serve as custodian for securities pledged to the state and its agencies
To annually approve and issue a commission to all financial institutions serving as depositories for state funds
To process and pay all warrants issued by the state in payment of its obligations
To administer the Mississippi Prepaid Affordable College Tuition (MPACT) program and invest the corpus of the MPACT trust fund on behalf of the purchasers of state-guaranteed college tuition contracts
To oversee the Mississippi Affordable College Savings (MACS) program and monitor performance of the MACS program manager