STATE TREASURY REVIEW
FISCAL YEAR 2010
It looks like a bank, it works like a bank, it must be a bank. In fact, the Office of the Treasurer of State is a bank for the State. Every day the Office accepts deposits, reconciles accounts, prepares statements, and answers customer’s questions. As a bank for the State, the Office provides the same services for the State as the private banks do for their customers.
On an average day, the Office accepts more than $61 million in deposits – taxes, fees, and other payments made by the people of Arkansas – and credits them to the proper account. These deposits are made up of electronic fund transfers, cash, and checks. On an average day, approximately 5,000 checks are processed through the Receiving Department. Treasury reconciles over 8,700 accounts daily, representing the funds of more than 200 State agencies. In fiscal year 2010, $16.2 billion in receipts were processed and $16.4 billion state warrants were redeemed. Total receipts have increased 7.28% over the 2009 fiscal year, while warrant redemptions have increased 9.33% in the same time period. For Fiscal 2010, we distributed to state agencies $4.3 billion in general revenues and $1.04 billion in special revenues.
