STATE TREASURER SHANE OSBORN RELEASES 6 MONTH PROGRESS REPORT

Part 3: Treasury Management

“Treasury Management shoulders an enormous responsibility,” Osborn said. “It receipts and disburses all state funds for a biennial budget set at almost $6.5 billion. Balancing the state’s books comes down to the outstanding men and women who comprise this division and in the past six months their performance has been nothing short of remarkable.

“Six months ago we set a determined course to re-organize our internal processes, streamline our operations, and implement common-sense procedures that will ultimately save taxpayer dollars.

“Today, I’m proud to report that our efforts have yielded incredible results. Our accomplishments are even more remarkable when, while the other Constitutional offices had their 2007-2008 budgets increased by an average of 4%, we received a reduction of 4.55%– the sharpest decline in operating budget of any other office.”

What it does:

Treasury Management is the Treasurer’s core constitutional function and is responsible for the management and reconciliation of all the state bank relationships, processing of state deposits, reconciling of incoming and outgoing ACH (Automated Clearing House) payments, the payment and processing of state warrants, and the receipting in of all state agency funds into the State Accounting System.

Accomplishments:

• Ensured the continued monthly reconciliation of the books in order to meet State Auditor recommendations.


• Launched an ongoing daily reconciliation of the bank records to the state accounting records on May 15th. This was a first in Nebraska’s history.


• Negotiated a new state-wide Automated Clearinghouse Services contract that reduced state expenses by 41%.