Treasurer Dennis Milligan
Dennis Milligan was elected to the Office of Treasurer of State in 2014 and re-elected in 2018. As Treasurer, he serves as the State’s banker and is responsible for an investment portfolio of approximately $4.5 billion.
If you’d like to find out more about Treasurer Milligan, please visit his page.
The Treasurer’s Office
The Office of Treasurer of State of Arkansas was established by the Constitution of 1836 with the Treasurer being selected by a joint vote of both houses of the General Assembly. Each Constitution since that time has provided for a Treasurer of State.
The first person selected Treasurer of State was better known for having established the first newspaper in Arkansas. William E. Woodruff, the founder of the Arkansas Gazette, served as Treasurer of State from 1836 through 1838.
The Treasurer of State serves as the State’s banker and is responsible for an investment portfolio of approximately $4 billion. Every day, our staff accepts deposits, reconciles accounts, prepares statements and answers customers’ questions. As the bank for the State, the office provides many of the same services as private banks.
On average, the office accepts more than $70 million daily in deposits from various local, state and federal sources, and credits them to the proper accounts. These deposits are made up of electronic funds transfers, checks and cash. We process between 2,000 to 3,000 checks and reconcile over 3,000 accounts daily, representing the funds of nearly 200 state agencies, boards and commissions.
One of the most toured places in the office is the vault. The vault weighs 22,000 pounds — or the weight of two full-grown elephants — and was built between 1910 and 1912. Thousands of visitors each year, from every state and many foreign countries, visit the vault. School groups from around the state regularly visit the Capitol and come to the vault to take a picture holding anywhere from $100,000 to half-a-million dollars.
The door and the vault itself are two of the most interesting features for all visitors who come for a tour. The vault was shipped by train to Little Rock from the Mosler Safe Company in Hamilton, Ohio. Transporting the vault door from the train station to its current location in the Capitol proved to be a challenging task. A separate rail spur line had to be built to connect the train station to a second story window in the Capitol building in order to get the door in its rightful place inside the Treasurer’s Office suite.
The vault lock also tells a story of its own. It is controlled by a timing mechanism built by a Swiss clock maker. This is an entirely mechanical device and cannot be hacked. Each day, our tellers close the vault and set its timer, which controls when the vault can be reopened. The vault lock is not controlled by, or connected to, any Internet-controlled device.
Individuals and small groups are welcome anytime between 8 a.m. until 4:15 p.m., Monday through Friday. For large groups, it may save you some time to schedule your visit so as to avoid waiting for other visitors to finish their tour. Please use the contact form to schedule your visit.
Senior Leadership Team
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