CORONAVIRUS (COVID-19): Important Updates Regarding DEFER and OST Operations More Info

Delaware.gov logo

Colleen C. Davis
State Treasurer


Operations and Funds Management Division



The Operations and Funds Management (“OFM”) division consists of three units. These units are tasked with overseeing the movement of State funds across a variety of channels and providing operational and transition support on office and state-wide initiatives. The Cash Management Policy Board (“CMPB”) provides oversight to certain activities within the OFM division.

Note: The Office of the State Treasurer does not manage any pension funds. Please visit the Office of Pensions website for pension investment information. For information on publicly-available investment plans, such as ABLE or 529 Education Savings, please refer to the Contributions and Plans Management page. Bond Bills and other appropriation information can be found on the Controller General Page.

 

Debt and Cash Management Unit

The Debt and Cash Management Unit oversees the State’s investment and debt portfolios and the State’s special payments program.  In 2019, this resulted in $24 million in interest earned on the State’s investments. $250 million in debt is issued annually to support state and school projects, ensuring that our infrastructure remains well-maintained, and providing thousands of jobs.

This team’s goal is to protect the value of State funds and maximize investment income. The DCM team meets this goal, while providing for the State’s operating needs and ensuring sound management of the State’s debt service by promoting responsible borrowing practices.

OST, under the guidance of the Cash Management Policy Board, oversees the State’s  investment portfolios, which are managed by outside investment professionals. DCM is responsible for making sure cash is available to meet the State’s daily operational needs, whether it’s paying employees or wiring money to vendors. Investments decisions are made by the Board and executed by OST. 

 

All investments are managed in accordance with the Board’s Investment Guidelines, which are reviewed and updated periodically by the Board to ensure that State funds get the best return while remaining safe and liquid.

Read the latest version of the Investment Guidelines here:

The Board and OST have worked together to structure the portfolio in a way that minimizes idle cash and maximizes return.

To understand more about how the State’s investment portfolio is managed, click the following link:

Investment Performance

To learn more about how the State investments performed in the most recent quarters:

To learn more about how the State investments performed in past years:

 

DCM is responsible for paying the State’s bond holders. This includes both general obligation and school debt service payments, including redemptions and retirements of debt securities. Debt issuance is managed by the Department of Finance, though the Treasurer is one of the State’s four issuing officers, responsible for signing off on any new debt issued by the State.

State Share Debt Service Outstanding by Fiscal Year last updated May 16, 2019.

I

DCM  administers special “on-demand” payments for recipients of State funds through programs such as Grant-in-Aid, Municipal Street Aid, Special Law Enforcement Assistance (SLEAF), Ambulance, Fire, Police, and Pension.

The  Municipal Street Aid Annual Report form  can be found here:

A sample Bond Anticipation Note can be found here:


Merchant Services Unit

State agencies accept over $1.5 billion million in payments annually through credit card and ACH transactions. The Merchant Services Unit ensures that agencies have the resources and support needed to process these transactions quickly and safely. The Merchant Services team works closely with Delaware’s Department of Technology and Information to help agencies meet their annual compliance requirements.

Read more about OST’s current Payment Card Industry (“PCI”) compliance initiative here:

Annual PCI Compliance


Program Support Unit

The Program Support Unit provides critical assistance on large scale transformational projects. The Project Support team is tasked with ensuring smooth, well executed transitions when it comes time to upgrade our systems or vendors. This includes projects that impact the entire State, including the current banking modernization project.

Read more about OST’s banking modernization project here:

Modernizing Delaware’s Banking Systems


Additional Resources

To contact the Operations and Funds Management team, please contact the related mailbox.

The following is a listing of related vendor contracts for banking and investments. Last updated September 11, 2019

 


Related Topics:  , , , , ,


+