New program part of treasurer’s digital transformation strategy
May 10, 2022 (Little Rock, Ark.) – The state treasury implemented a new digital receiving portal as part of Treasurer Dennis Milligan’s plans to digitalize the office’s operations, and the office recently processed its 100,000th receipt – a milestone for the treasury and a major transformation from the previous method of hand-delivery.
Historically, agency representatives had to hand-deliver their receipts – which notify the Treasury which account to deposit the funds into – to the treasurer’s office in Little Rock. That was until Milligan implemented the “TRIP” program, which stands for Treasury Receiving Interactive Program.
“We built this digital program internally and it has provided not only my staff but representatives with state agencies we serve a much more efficient way to direct their funds,” Milligan said. “More than 85% of receipts worth roughly $11 billion are now submitted via the new TRIP digital portal.”
“The electronic deposit process… has provided tremendous efficiency to E&E’s fiscal office,” said Chrissy Horner with the Arkansas Department of Energy and Environment. “Not only has it streamlined the process, it shortened the two to three day deposit confirmation turn-around time to less than a single business day.”
The treasury receives about $70 million each day in funds from local, state and federal agencies and receives anywhere from 2,000 to 3,000 checks daily.
“The TRIP portal provides agencies a secure procedure for delivering receipts to us in real time,” Milligan said, adding that it offered additional benefits to agencies during the Covid-19 pandemic. “It added an extra layer of security during that time when social distancing was strongly encouraged.”
Furthering ease and efficiency for agencies the treasury serves, it also provides an online record of transactions. The TRIP platform was implemented in the Treasury in July 2019.
Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $6 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $474 million in investment returns and has grown the investment portfolio’s receipts to record highs. www.artreasury.gov.