To be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

To be a recognized leader in providing exceptional financial management and services

Stewardship: Cultivating an ethic of responsible management of the Commonwealth's resources entrusted to our care

Integrity: Maintaining the highest ethical standards in the way we conduct our business; honoring our commitments and being personally responsible for our words, actions, and results

Excellence: Striving to achieve exceptional results in service to the citizens of the Commonwealth

Collaboration: Leveraging the power of working together in an inclusive and respectful manner

Innovation: Pursuing new approaches, tools, and technology for delivering services and improving processes to drive progress

The Department of the Treasury is an innovative, customer-driven, results-oriented state agency providing statewide financial management services for the Commonwealth.  Treasury’s philosophy of stewardship and service through innovation is part of our culture and has been the hallmark of our program and service delivery.  The agency has a long history of increased productivity and response to customer needs. 

Treasury consists of seven very distinct divisions that serve the Commonwealth.  Debt Management directs financing for capital needs of the Commonwealth and its agencies, boards and authorities.  Risk Management administers statewide insurance and self-insurance programs.  Cash Management and Investments invests the Commonwealth's funds and maintains a statewide banking network. Unclaimed Property administers the Virginia Disposition of Unclaimed Property Act and the Escheats Statute.  Accounting and Trust Services provides support services to Treasury and related boards and authorities for budgeting and accounting for investments, trust and bond funds, and debt issuances.  Check Processing and Bank Reconciliation provides support services for the receipt and disbursement of state funds. Administrative Services provides day-to-day active management and control of the agency. 

Mission Focus - Treasury continues to strive to achieve its mission to ensure excellence in the management and administration of its diverse financial programs and services through innovative fiscal management and fiduciary oversight, and to instill these values in its leadership, financial professionals, and staff.

Data Governance Standards - Treasury is partnering with the Office of Data Governance and Analytics (ODGA) to develop, implement, and maintain a comprehensive data governance initiative. This initiative will enhance the agency’s capability to leverage data as a strategic asset aligning with its mission to be trusted stewards of Virginia’s financial resources. Treasury will establish robust policies, standards, and best practices, and will employ available technology solutions to ensure effective data governance.

Treasury continues to aggressively pursue innovation and efficiency through the work of our Information Technology team.  Some highlights of Treasury's current and future products are summarized below: 

Data Analytics - Treasury will continue to develop data analytics utilizing available tools that allow management to integrate, gather, present, and analyze internal and external data from disparate sources.  Treasury management will utilize data analytics applications to make data more readily available and timely providing insight into Treasury’s performance related to daily operations and long-term goals. Real-time data will allow management to monitor both agency and division-level performance and facilitate fact-based decision-making. 

Legacy Internal Applications - Treasury Information Technology Division (IT) continues to maintain two legacy applications that support critical back-office functions. The Central Access Database application is an internally developed application to support Identity and Access Management. This system is several years old and requires inefficient manual supporting processes. The Agency is interested in pursuing possible enterprise offerings from Virginia Information Technologies Agency (VITA) in this space as Role and Identity Management is paramount to protecting Commonwealth data. In addition, Treasury utilizes an internal Knowledge Base and Project Library called "Workspaces". This tool was also internally developed over 10 years ago using older technology. The current system has reached performance limits and lacks sufficient reporting and collaboration functionality. The agency would like to pursue alternative options, possibly utilizing the Microsoft Power Platform in Microsoft Teams etc.

Unclaimed Property Automation – IT continues to support the Division of Unclaimed Property (UCP) during these planning cycles to include added compliance and automation around claims processing.  IT and UCP successfully implemented an automated telephone interface allowing clients to follow a self-service status of their claim. In addition, IT has implemented enhancements around the UCP Audit and Compliance needs. While the UCP system utilizes a full SaaS solution, IT continues to support their technology and integration needs.

Risk Management Information Systems Replacement – Treasury's Division of Risk Management (DRM) completed the replacement of its legacy Risk Management Information System which combines three separate applications, VACCS, VAPS and CIVITAS, into one application. VAPS and CIVITAS went live in summer 2024.  The Car Care System, VACCS, is slated to go live in October of 2024 and will include an enhanced premium invoicing process. The previous systems, built on outdated and vulnerable ASP.NET technology, are being replaced with a unified SaaS solution. The transition will enhance system maintainability, accessibility, and operational efficiency by consolidating member data, accounts, and administration into a single platform. The new system offers improved reporting and analytics, significantly boosting DRM's ability to deliver high-quality, timely reports for the actuary and helping Treasury meet state budget deadlines. 

Funds Management System (FMS) Upgrade – IT rolled out several maintenance releases for Cash Management of Investments Division’s (CMI) FMS application, aligning with the strategic goal of achieving excellence in operational results, resiliency, and stability. One key initiative, the Trade Ticket Automation, will enable FMS to automatically generate and send trade files to its custodian. In addition, CMI and IT are in the design phase of a significant Wire Automation project. This project seeks to eliminate the need for CMI staff to manually enter data into bank portals and document transactions in the FMS system, instead allowing the FMS system to handle wire transactions directly. In support our continuity operations, IT also plans to enhance FMS with additional features to ensure that CMI staff always have access to up-to-date investment and cash position data, regardless of the IT system's status.

Bond Requisition Process Systemization – Operations continues an effort to replace the manual, legacy, spreadsheet driven processes that currently support the bond requisitions process. This project will automate processes today that are limited to the knowledge of a small number of existing staff.  With the advent of imminent retirements, an automated system will greatly aid in succession planning. In addition, this system will remove several manual processes and enable a new customer “portal” for those needing to do business with Treasury. Three of the five bond programs are complete.

Cloud Computing/Failover and Resiliency - Treasury has an open goal to move its virtual server environment to Azure Web Cloud Services as this has the potential for cost savings, while decreasing our dependency on physical infrastructure located in the Commonwealth Data Center.  

Security for Public Deposits Act (SPDA) - In support of greater transparency, Treasury has incorporated required enhancements to the SPDA program, adding additional levels of oversight regarding public depositors. The on-line system is designed to automate the monthly reporting of public deposits.  The system requires upgrades which enhance customer support and meet the current business needs of the agency. The improvements will also provide operational efficiencies for Treasury staff.

Digital Equity and Inclusion - Treasury acknowledges the importance of Digital Equity and Inclusion and is exploring options to promote digital equity on Treasury public facing websites. This should include expanded accessibility, usability and outreach, ensuring our services align with Executive Order One and the One Virginia initiative, while fulfilling our legislative responsibilities as custodians of Commonwealth finances. IT, with support of the VITA Web Modernization project team, continue to pursue improvements to our public facing web sites for accessibility and consistency for our constituents.

Backoffice Automation - In line with Treasury's strategic goal to "Increase effectiveness through technology" and to leverage the new "Low Code" Microsoft Power Platform available to VITA customers, IT has launched several initiatives to enhance automation and workplace efficiency. Recently, IT introduced Robotic Process Automation to streamline the access request process, yielding positive results. Building on this success, IT is collaborating with Operations to automate the currently manual, and in some cases paper-based, process of entering bank statement data for reconciliation.

Additionally, IT has developed "Low Code" applications to manage our Invoice and Contract processes more effectively. Our ongoing objective is to automate all Treasury forms, introduce advanced workflows, and eliminate manual, inconsistent, and time-consuming procedures.  This supports the strategic objective to “Enhance the management of agency documents throughout their lifecycle”.

Throughout this performance cycle, IT will actively seek out new use cases within the Agency to drive further efficiencies and time savings.

Debt Management and IT - For Treasury's Debt Management Division, the current IT investments continue to meet the current agency business needs. Planning discussions, however, should occur to determine if greater resources will be needed in the future to meet any potential opportunities related to bond system data managed by Debt and Operations, that could have operational benefits (reduction to duplication and improvement to data accuracy through the reduction of human error). In addition, with the Financial Data Transparency Act (federal law), there may be greater burdens on Operations for Authority financials (and Department of Accounts and possibly Operations for the Commonwealth's financials as a whole), that could require future software acquisition, consultants, and greater staffing related to a potential XBRL requirement. Given that FDTA is new, the specific requirements and impacts are currently unknown, but planning needs to begin now for any potential impacts. No specific funding has been appropriated for this effort.

COTS to SaaS – Bank Reconciliation - While the current off the shelf application, Frontier, that supports the Bank Recon process currently meets agency needs, the system is costly and requires costly upgrades every 2 or 3 years. In line with the objective to increase effectiveness through technology by exploring new platforms to gain efficiencies, IT will need to look at SaaS options in this space to limit administrative overhead.

Treasury Partner Portal - Within Q2 of FY 2025, Treasury will implement an external Portal or Gateway to facilitate our partner higher education, banking and locality users to securely authenticate and request/perform transactions such as Local Government Investment Pool (LGIP) wire requests, submission of requisitions against authorized bonds and certify collateral for our public banking institutions under the SPDA system.  This portal will facilitate one stop authentication and access to authorized systems.

Secretary of Finance – Cyber WorkGroup – The Secretary of Finance, with support from VITA, has an initiative underway during this planning cycle to strengthen the cyber controls and share common practices that are applicable specifically to the Finance or “Money” agencies such as Treasury, Taxation and Department of Accounts.  The Work Group is chartered to define core competencies among the finance agencies and develop an action plan and resource requirements needed for this endeavor.  Agencies as well as VITA will be submitting any needed decision packages as required.

In order to provide the high level of performance and service required by a critical, high-level finance agency, Treasury employs financial professionals who are experts in their fields. Treasury faces several challenges in maintaining a top-level staff.  First, Treasury has an aging workforce. Currently, 28% of Treasury employees can retire within the next few years.  Some of these employees hold senior level positions across the agency. Second, Treasury employees are recruitment targets by banking, finance, investment, and insurance firms, as well as universities and other finance offices. In the past year, Treasury lost approximately 16% of its workforce. The current unemployment rate in Virginia is 2.8%. Treasury can expect to continue to experience turnover as employers seek knowledgeable, highly skilled, well trained, candidates to fill their positions. Third, Treasury salaries are below market as compared with the private sector, Richmond area local government entities, and even other state agencies.

In order to maintain a high level of service in light of budget constraints, Treasury will revise its training policy, using an extensive needs analysis to develop a training plan.  The plan will develop specific job skills for existing staff that might be needed to step in and fill the void created by retirements, resignations and emergency situations. In addition, cross training will be reviewed and augmented to address potential Continuity of Operations contingencies.  Treasury will continue to adapt recruitment strategies to ensure the best candidates.  Treasury will review its salary administration plan to allow a flexible compensation strategy to attract and retain a diverse workforce.  Additionally, Treasury will review its recognition policy to reward top performing employees for their contributions to the agency.

The Department of the Treasury leases space on three floors and storage space in the basement in the James Monroe Building in support of its mission.  The Monroe Building, however, is currently slated for demolition.  Treasury awaits the results of a study commissioned by the General Assembly to determine possible new office facilities for Treasury employees.

Federal Government Uncertainty - Due to Virginia's proximity and economic dependence on federal employment, actions (or inactions) such as sequestration, furloughs, and budget shutdowns could have a detrimental impact on Virginia’s economy.  In addition, regulatory, congressional, and other actions by the federal government could negatively impact Commonwealth bond ratings.

Federal Tax Code Changes - As the Tax Cuts and Jobs Act provisions near a sunset in 2025, it is thought that Congress will look to make changes to the tax code.   As items are evaluated, there could be certain benefits to governments if certain provisions such as the ability to advance refund tax-exempt bonds on a tax-exempt basis were reinstated.  However, of greater concern is the risk of governments losing their ability to issue tax-exempt and private activity bonds should the funds lost to these exemptions be seen as needed to assist with other budgetary priorities.  The loss of tax-exemption would cause borrowing rates to increase and would result in an increase to future debt service costs and it could result in a reluctance by some governmental entities to pursue capital projects on the same pace as would have otherwise been sustained.  Similarly, the Commonwealth is monitoring for any further changes to provisions concerning Build America Bonds (BABs), which was a program where issuers sold taxable bonds with the understanding a subsidy would be provided by the federal government.  Through federal sequestration, the subsidy has been reduced and at times has been completely questioned.  As a result, the Commonwealth has had to conservatively budget for an entire cut of the subsidy to simply be prepared for any failures of the federal government to make good on its program.  The Commonwealth will continue to look for any opportunities to refund its BABs and will be monitoring for any federal tax code changes that impact bond issuers.   

Literary Fund Assets Availability - Constitutionally, the Literary Fund is required to maintain an $80 million asset balance.  Available cash balances beyond that amount may be used for K-12 school purposes.  This has typically taken the form of loans to localities for school construction and payments for teacher retirement.  In recent years, the Literary Fund has not been making new loans.  The 2022-2024 Appropriation Act, however, authorized up to $200 million in school construction loans in each of the first and second years.  The Appropriation Act also made changes to the terms of Literary Fund loans to make them more attractive to localities.  While there has been a significant influx of cash from the Unclaimed Property program to the Literary Fund in recent years due to various one-time stock sales and similar activities, it is expected that this source of income to the Literary Fund will dwindle. Finally, increased outreach claim efforts are returning a higher percentage of unclaimed properties, leaving less available income to the Literary Fund, further exacerbating the declining asset balance situation.

VaRISK- Constitutional Officers plan; Jails - Over the past several years there have been concerted efforts by a few local private insurers to provide liability coverage to regional jails.  They have been successful in entering agreements with a handful of the lowest risk facilities. This has resulted in shrinking the pool of jail facilities participating in VaRISK and leaving higher risk facilities with more substantial loss histories in the Plan. This has contributed to increased costs for the remaining facilities.  The Division of Risk Management (DRM) has no ability to deny coverage for any state agency/constitutional officer/regional jail/local government. DRM is statutorily required to provide liability protection options no matter how high the risk or how negative the loss history.

Sovereign and Qualified Immunity - Treasury's Division of Risk Management administers several risk management plans and programs that protect Virginia's constitutional officers, including sheriffs and regional jail officers, and localities from financial loss.  The Commonwealth utilizes sovereign immunity and qualified immunity to reduce claim liability and costs.  Any legislative efforts to limit or eliminate these defenses would increase the cost of these programs significantly.

Concentration of Pending Retirements - While Treasury has been fortunate to have many long serving employees, one division within Treasury has several key positions with employees who have either recently retired or who are eligible for retirement.  This includes managers of trust accounting, check processing, and bank reconciliation. Treasury has struggled to attract adequate replacements in this area and will need to continue to focus on succession planning before a vast amount of institutional knowledge retires.

Treasury's base budget is funded 15% from general funds ($12.8 million) and 85% from non-general funds ($71.3 million). The non-general fund sources are: $8.0 million from the receipt of unclaimed property used to administer the Commonwealth’s unclaimed property laws; $57.76 million from insurance trust fund balances; $.2 million from charges to select agencies for check printing services; $.95 million from charges to debt issuing authorities and agencies for debt issuance and management services; $1.65 million for investment services provided to state and local governments; and $.8 million for fees charged financial institutions and insurance carriers.

Treasury receives revenues from various services provided to its customers and constituencies. These non-general fund sources are from the receipt of unclaimed property used to administer the Commonwealth’s unclaimed property laws; charges to state agencies and localities for insurance coverage; charges to select agencies for check printing services; charges to debt issuing authorities and agencies for debt issuance and management services; for investment services provided to state and local governments; and fees charged to financial institutions and insurance carriers. It is expected that non-general fund revenue will remain stable.

The following statistics provide a comprehensive snapshot of Treasury’s productivity during FY 2022:

None.

In FY 2024, Treasury managed investments totaling $45.2 billion in state and local government funds, issued or participated in financing over $1.6 billion in debt obligations (and nearly $2.1 billion if transportation items presented to the Treasury Board were included in the total), processed 1.8 million checks, collected $257 million in unclaimed property revenue, returned $89.3 million of unclaimed property to rightful owners, and transferred $200 million to the Literary Fund for public education purposes.   In addition, Treasury provided liability and property insurance for the Commonwealth, its agencies and institutions, and local officials and employees in over 500 political subdivisions and non-profit organizations.  Treasury also manages the Commonwealth’s banking through a statewide network of three concentration and twenty-four regional banks, accelerating the deposit and availability of state funds received from approximately 300+ regional depositing locations. 

Provided Financial Guidance to Policymakers – The Debt Management Division provided guidance to both the Governor’s Office and the Legislative Branch through either its development of required reports or its requested participation in various discussions. The Division analyzed an economic development project related to a combined NBA and NHL arena and considered the project’s impact on debt capacity. The Division has continued to strive for excellence in reporting and has further enhanced its Debt Capacity Advisory Committee Report. In addition to extensively evaluating the impact of higher interest rates on debt capacity and interest costs, the Division incorporated an additional revenue stress test based on historical Commonwealth data. These changes are in addition to greater reporting on the impact of transportation debt on the model and the overall debt level of the Commonwealth. As a result of these efforts, the most recent 2023 DCAC Report was deemed the most comprehensive report to date for providing decisionmakers with relevant data and insights.

Incorporated Innovation into the Financing Process - The Debt Management Division has until recently benefited from years of record low interest rates.  In an increased interest rate environment, however, the Debt Management Division has had to carefully plan and evaluate its debt issuances and any opportunities to refund bonds. In FY 2023, the Debt Management Division was presented an innovative method to achieve refunding savings through a tender of taxable bonds. The team pursued more information and then engaged an underwriting team to accomplish this effort. Through the process, it became apparent that this effort could be expanded to additional tax-exempt bonds. As a result of this innovative financing technique and the willingness to undertake the extensive effort, Treasury was able to achieve approximately $21 million of net present value savings across a tender transaction and a related taxable advance refunding.

Fiscal Year 2024 - Fiscal Year 2024 was a very consequential year for Treasury. Treasury earned more interest income from investment earnings than ever before. Debt management used a variety of techniques to issue low interest bonds and refund higher interest bonds. HR led a multiyear engagement effort within the agency that culminated in Treasury being named a ‘Top Workplace 2024’ by the Richmond Times Dispatch.  UCP processed a near record number of claims and is on pace to exceed that record in FY25. Risk Management transitioned to a new claims management system that will help our customers with increased transparency and help our agency identify data trends. Risk Management also led an aggressive and successful effort to reduce the states property insurance premiums.

The Department of the Treasury strives for continuous improvement of processes, analytics, and documentation to deliver on its commitments to stakeholders.

Treasury will maximize operational results by measuring our internal portfolio performance against peer benchmarks and stay abreast of relevant industry trends.

• Engage peer groups to better understand emerging public finance trends and to gain better insight of best practices.

• Review alternate benchmarks to gauge portfolio performance.

• Explore crypto currency policies and legislation.

• Determine banking needs for cannabis-related businesses.

• Explore the use of alternate payment options (e.g., electronic payments such as Pay Pal, Zelle).

• Identify and implement relevant municipal market trends and maintain an open dialogue with members of the municipal market community.

Treasury will inventory all of its current data, identify data gaps, and improve its analytics capabilities to provide an unbiased perspective of performance.

• Identify data gaps.

• Complete the development of the data analytics platform for the Cash Management & Investments and Debt Management divisions.

In order to enhance the productivity and efficiency of agency resources, Treasury will provide a structured process for creating, maintaining, and retaining agency documents used across the agency.

• Standardize a taxonomy and templates for policy and process documentation.

• Document and implement a process for the continual review and refinement of operating procedures and policies.

• Explore process automation options for document review, revision, and approval.

• Enhance the current data retention plan.

Treasury seeks to modernize and improve each division’s processes to ensure long-term success as a trusted steward for the Commonwealth.

• Streamline the claims process.

• Evaluate and streamline the annual financial reporting structure and processes.

• Expand the ways the agency collects and distributes unclaimed property.

• Replace or enhance standalone macros.

• Review and, as needed, modify the Investment allocation processes for the General Fund.

Treasury strives to create a workplace that reflects the communities we serve and where everyone feels empowered to bring their full, authentic selves to work to serve the citizens of the Commonwealth with excellence.

Treasury will expand recruitment channels and ensure current employees are cross-trained on critical processes to prepare employees for career development and progression.

• Expand and diversify recruitment channels.

• Develop and implement cross-training strategies to broaden staff

• Assess as needed, and enhance the agency’s telework strategy.

Treasury will strive to create and sustain an agency culture that affirms and respects diversity and employs inclusive practices throughout daily operations.

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Engaged employees are invested in the organization, and typically are more productive. Linking employee contributions to agency goals and objectives will improve employee morale. Treasury programs that focus on employee recognition and engagement help to ensure that employees feel valued for their contributions. This enhances the agency’s ability to retain valuable employees.

• Enhance the agency’s recognition program to increase engagement.

• Revitalize an engagement team and work in conjunction with the team to develop and implement strategies for improving workplace culture.

• Promote the importance of engaging in a public service culture through the education of employees and the use of volunteer service leave.

Information technology no longer represents just a computer and a network, but a dynamic set of services that facilitate the on-time, right-sized, efficient delivery of products, while being elastic and agile enough to support the ever-changing needs of our partners, users, and most importantly our citizens.

Treasury will modernize IT tools and infrastructure, enabling newer technologies to serve its customers better.

• 

• Develop a new bond requisition system.

• Automate banking functions.

Treasury will continually strive to save time and resources while increasing quality and level of service.

• Explore new platforms to gain efficiencies (e.g., move to the cloud).

• Formalize the information technology investment process.

• Assess potential opportunities to increase paperless functions and processes.

• Incorporate digital equity solutions into technology decisions.

Parallel to Treasury's core values, transparency and accountability are of critical importance to our stakeholders, investors and employees alike. Only through these efforts can we remain trusted stewards and innovative in our approach to operational excellence.

Effective communication is important for engaging and informing employees and agency stakeholders. By focusing our communication strategies, we help employees and stakeholders develop a better understanding of the work of the agency and changes in our operations.

• Increase the agency’s social media presence for specific programs.

• Examine internal and external communication processes to identify improvement opportunities.

Through focused enhancements to Treasury's website and better use of social media platforms, the public should have access to information to better understand Treasury's performance of its duties.

• Provide program metrics on the agency’s website and keep them up to date.

• Review and update the agency’s website content regularly.

This service area provides debt issuing and advisory services for the Commonwealth, certain state authorities, agencies and institutions.

As staff to the Treasury Board, Virginia Public School Authority (VPSA), Virginia College Building Authority (VCBA), Virginia Public Building Authority (VPBA) and the Tobacco Settlement Financing Corporation, the Debt Management Division (the Division) plans and coordinates the issuance of debt obligations for financing the capital needs of agencies, institutions of higher education, and local school division throughout the Commonwealth. The Division also administers outstanding debt obligations and monitors for opportunities to refinance the obligations for savings, and ensures compliance with applicable federal regulations (e.g., arbitrage restrictions under Internal Revenue Code; continuing disclosure requirements under Securities Exchange Commission Rule 15c2-12). The Division also administers two leasing programs for use by state agencies to finance equipment needs and energy efficiency projects, assists Virginia Department of Transportation staff with financings executed by the Commonwealth Transportation Board, analyzes and coordinates the approval of leases and other alternative financing arrangements and reviews, when requested, private activity bond requests requiring the Governor’s signature. 

In the area of advisory services, the Division considers and advises the Administration, General Assembly staff, agencies and institutions on financing alternatives proposed or under consideration.  This may include traditional options (e.g., bonded debt through established state issuing entities) or leases, public private partnerships, privatization etc.  As staff to the Debt Capacity Advisory Committee (DCAC), the Division evaluates the Commonwealth’s tax-supported debt commitments and develops recommendations for consideration by the Committee on debt affordability.

The Division administers a biennial Treasury Board debt service budget of approximately $2.1 billion.

This service area directly aligns with the Department of the Treasury’s mission to be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

The budget for this service area is comprised of personnel costs funded through general fund and non-general fund appropriations. Non-general fund support is from Virginia Department of Transportation and Virginia Public School Authority. Fees charged to participants in NGF programs are deposited to the GF and serve to offset service area costs.  Those fees are not reflected in the numbers below.  

This service area administers risk management, insurance, self-insurance, claims and litigation management and related risk services for agencies, officials, employees and certain affiliates of the Commonwealth of Virginia, its political subdivisions, entities, non-profit organizations and individuals as specified by statute. The risk management service mission is to provide protection of the Commonwealth’s assets, using a high level of expertise resulting in the most cost effective delivery of insurance coverage, claim and litigation management, risk services and loss control activities.



Highlights include:

Liability and property insurance for the Commonwealth, its agencies and institutions, and employees, and over 540 political subdivisions and non-profit organizations.



This includes nearly 10,184 state buildings and their contents with a value in excess of $58 billion and, including more than $6.8 billion in fine arts. 

This service area directly aligns with the Department of the Treasury’s mission to be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

The budget for this service area is funded by non-general funds from premiums received from participants in the State Insurance Plans.

This service area provides for the (1) management and investment of state funds, (2) administration and management of the Local Government Investment Pool (LGIP), a AAAm rated fund available to local governments and other public entities of the Commonwealth for the investment of public funds, (3) administration and management of the Commonwealth's AAAF/S1 rated Local Government Investment Pool Extended Maturity Portfolio (LGIP EM), (4) administration of the State Non-Arbitrage Program (SNAP) to ensure the investment of bond proceeds are in compliance with federal arbitrage rebate regulations, (5) management and investment of other portfolios on behalf of the Commonwealth (6) management of the Commonwealth's statewide banking network and cash concentration system, and (7) development of banking and cash management services for state agencies and institutions.

Highlights include:

The Cash Management and Investment Division (CMI) administered $45.2 billion in managed investment portfolios, comprised of $30.6 billion in the General Account portfolio, $14.2 billion in the LGIP portfolio, $227.8 million in LGIP EM portfolio, $317.4 million in the Tobacco Indemnification & Community Revitalization Endowments, $39.0 million in special portfolios, and $43.0 million in outside trustee portfolios as of June 30, 2024.

CMI manages an extensive, efficient statewide banking network of 24 regional banks and three concentration banks that accelerates the deposit and availability of state funds received from several hundred regional depositing locations throughout the state. Treasury's IT Division provided support essential to automating receipt and upload of daily files from the Commonwealth's three concentration banks into CMI's Financial Management System.

CMI continues to make significant strides automating and improving integration of its investment, banking, and related support activity workflows.  Accomplishments include elimination of task redundancy and human error common in legacy keystroke environments, reduction or elimination of reliance on paper, enablement of shared screen and real time information use by multiple teams, and reduction in uncertainty of inflow and outflow of funds. As a result of these combined efforts, CMI was able to work remotely as soon as the pandemic began with no impact to investment returns, banking obligations or controls.  Work is ongoing to continuously improve on these results, especially in the areas of automation, process simplification, and the complete elimination of paper from our processes and controls.

This service area directly aligns with the Department of the Treasury’s mission to be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

The budget for this service area is funded with general and non-general funds.

This service area administers the Virginia Disposition of Unclaimed Property Act (UPA) and the Escheats Statute. The UPA protects the property rights of owners of tangible and intangible personal property by requiring holders to report the property to the Treasury. The Escheats Statute assists localities by returning abandoned real estate back to an active tax-earning status. This service area monitors escheat activities with local government officials and escheators and handles numerous inquiries and questions related to the process.

Some highlights include:

Treasury, through the Unclaimed Property Division (UCP) collected $252.3 million in unclaimed property revenue, returned $68 million of unclaimed property to rightful owners, and transferred $220 million to the Literary Fund for public education purposes in FY 2024.

For FY 2024, Division’s Public Relations (PR) and Marketing team continued with new marketing initiatives to promote the Unclaimed Property Program.  PR continued utilizing numerous virtual call event outreach efforts to contact potential partners to assist our team in educating and informing our citizens.  For FY24 the UCP Virtual Call Events resulted in 36 call events locating over $1.9 million for citizens.  

Moving forward, the PR and Marketing team will continue to concentrate on the high dollar claimants, now including investigative letters and our UCP flyer mailed to last known address.  This allows citizens the chance to confirm our legitimacy and contact the marketing staff directly.  Marketing staff is attending more regional business meetings to present UCP information and look up members in the database.  This also allows additional networking to set up new events or more presentations.  Additionally, PR and Marketing will focus on helping local governments and charities find their unclaimed property.

In FY 2024, UCP collected 11,822 holder reports containing 1,422,283 owners.  There were 240,662 properties paid on 71,837 claims were processed.

This service area directly aligns with the Department of the Treasury’s mission to be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

The budget for this service area is funded from non-general funds. The service area receives revenue primarily from holders of unclaimed property that is held by the State Treasurer in a custodial capacity. Operating expenses are appropriated; a reserve is maintained for payments for revenue refunds to owners of unclaimed property when claims are filed; and each year the remainder is transferred to the Literary Fund.

This service area provides statewide trust accounting and financial reporting services to Commonwealth agencies, institutions, and several of its debt-issuing authorities.  Some highlights include:

As of June 30, 2024, approximately $10 billion in public deposits, net of federal deposit insurance, was secured by securities pledged as collateral to the Treasury Board by the banks and savings institutions holding Virginia public deposits.

As of June 30, 2024, over $498 million in securities pledged by insurance companies conducting business in the Commonwealth were held as collateral by the Treasury for the benefit of Virginia insurance policyholders.

On behalf of the Commonwealth and its debt-issuing authorities, Treasury made debt service payments totaling $2 billion in FY 2024.

This service area directly aligns with the Department of the Treasury’s mission to be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

The budget for this service area is primarily to fund personal service costs and bank safekeeping fees. The primary revenue streams that fund this service area are general fund appropriations and special revenue funds from annual administrative fees charged insurance companies that operate in Virginia and financial institutions that hold public funds under the Security for Public Deposits Act.

This service area prints and distributes Commonwealth checks and reconciles Commonwealth bank accounts.  Some Highlights include:



In FY 2024, Treasury printed and distributed 99.78% of all checks on time, Check Processing printed and distributed approximately 2 million checks for the Commonwealth, and Bank Reconciliation reconciled more than 63 bank accounts monthly for the Commonwealth.

This service area directly aligns with the Department of the Treasury’s mission to be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

The budget for this service area is used primarily to fund check production costs including postage, check stock, and printer and computer hardware and software maintenance. This service area is funded by general fund appropriations and special revenue funds from fees collected from the Department of Social Services, the Virginia Employment Commission, and the Virginia Retirement System for the processing of their checks. Treasury prints and mails approximately 1.4 million general warrant, tax refund, and retirement checks annually for which it receives a general fund appropriation to cover its postage costs for this service.

As a central state agency, the Department of the Treasury provides statewide services to citizens, agencies, and institutions of the Commonwealth. The Administrative Services service area of Treasury provides the day-to-day management and control of the agency and its seven service areas. This service area includes the State Treasurer, Deputy State Treasurer and the functional areas of Procurement, Policy, Legislative Review, Facilities Maintenance, Human Resources, Information Technology, Internal Review and Controls, and Strategic Planning.

This service area directly aligns with the Department of the Treasury’s mission to be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.

The budget for this service area is funded with general and non-general funds. Changes may be required by future actions of the General Assembly as budgets are developed for this biennium.