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Colleen C. Davis
State Treasurer


Cash Management Policy Board



About the Board:

The Board establishes policies for the investment of all money belonging to the State or on deposit from its political subdivisions, except money deposited in any state pension fund or the State Deferred Compensation Program. It determines the terms, conditions and other matters relating to those investments including the designation of permissible investments. (Del. Code Title 29 Ch. § 2716 Cash Management Policy Board)

Board Duties

The Board will exercise the judgment and care under the circumstances which persons of prudence, discretion and intelligence exercise in the management of their own affairs with due regard to the probable income and level of risk from investments of money belonging to the State or its political subdivisions in accordance with the policies established by the Board. In carrying out its purpose to determine the terms, conditions and other matters relating to the investment of money belonging to the State or its political subdivisions, unless the Board shall find it not in the State’s best interest, the Board shall:

  1. Require as a condition to any deposit of such funds in any state or national bank or savings and loan institution that such deposits be continuously and fully secured by direct general obligations of or obligations the payment of the principal and interest on which are unconditionally guaranteed by the United States of America or other suitable obligations as determined by the Board;
  2. Require that the selection of financial institutions to provide banking and investment services pursuant to this section be conducted on an open and competitive basis as defined by the Board. It shall be the responsibility of the Board to approve the selection of each of the said financial institutions by a majority vote of the members of the Board. The Board, by a majority vote of its members, shall be responsible for setting the policy as to the allocation between short and long term investments and the allocation of funds to the respective financial institutions selected through the open and competitive process; and
  3. Require that temporary clearing accounts as well as major disbursement accounts be established in a bank or banks whose principal office is located within the State.

Membership:

Warren Engle head shot

Warren C. Engle

Chair, Cash Management Policy Board

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Manubhai C. Karia

Manubhai C. Karia

Chair, Investment Subcommittee

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Tarrie Miller

Tarrie L. Miller

Chair, Banking Subcommittee

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Stephen Marvin headshot

Stephen Marvin

Vice Chair, Investment Subcommittee

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Leland Sylver

Leland Sylver

Vice Chair, Banking Subcommittee

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Colleen Davis

Colleen Davis

State Treasurer

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Richard J. Geisenberger

Richard J. Geisenberger

Secretary, Department of Finance

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Jeffrey Bullock

Jeffrey Bullock

Secretary, Department of State

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Ruth Ann Jones

Ruth Ann Jones

Controller General

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Board members serve on committees to review specific programs, projects, or issues and make recommendations to the Board. Currently, the Board consists of the Investment and Banking Subcommittees. Each Board member serves on at least one committee. Each committee meets quarterly.


Board Resource Materials:

Check back for news about the Cash Management Policy Board

Click here to make a FOIA request regarding the Cash Management Policy Board. All FOIA requests for the Board must be directed to the Office of the State Treasurer (OST) via the state FOIA portal. OST Director of Communications Carl Kanefsky serves as the FOIA Coordinator for the Board.


Cash Management Policy Board Meetings and Materials



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