Performance Details

Department of Revenue - Treasury Division

• Return to Departments
• Department of Revenue website

Mission

The mission of the Treasury Division is to manage the State's funds consistent with prudent investment guidelines and Governmental Accounting Standards Board (GASB) rules.

Core Services

• Manage the investment of state funds
• Maintain the state"s credit rating and provide capital financing for state agencies
• Manage unclaimed property and reunite with owners

Mission Results	Core Services
A: Maximize the value of the funds under the stewardship of the Treasury Division. Details > TARGET #1: For the funds under the fiduciary responsibility of the Commissioner of Revenue, exceed the applicable 1-year target returns.	A1: Manage the investment of state funds Details > TARGET #1: Maintain average longevity of the investment officers at or above five years. TARGET #2: At least four investment staff will have their Chartered Financial Analyst (CFA) designation.
Mission Results	Core Services
B: A low cost of State indebtedness. Details > TARGET #1: Yields at which the state issues debt will not exceed 30 basis points of the applicable benchmark.	B1: Maintain the state"s credit rating and provide capital financing for state agencies Details > TARGET #1: Formal visit, bond issue update, or updated document template sent or presented to ratings agencies at least four times per year.
Mission Results	Core Services
C: Unclaimed property owners will be united with their property. Details > TARGET #1: Unclaimed Property will refund more assets each year.	C1: Manage unclaimed property and reunite with owners Details > TARGET #1: Increase the number of first time reporting Alaska companies.

Performance Detail

Target #1: For the funds under the fiduciary responsibility of the Commissioner of Revenue, exceed the applicable 1-year target returns. Methodology: FY2024 one-year return data is for the period 7/1/2023 through 6/30/2024. One-year Return Data for Funds Managed by the Treasury Division Fiscal Year Fund Actual Return Target Return FY 2024 Illinois Creek Reclamation 13.19% 12.90% FY 2024 Int Airport Revenue 5.60% 5.27% FY 2024 Higher Ed 13.21% 12.90% FY 2024 Public School 13.19% 12.90% FY 2024 Retire- Major Med 5.71% 5.40% FY 2024 Retire- Long Term 9.83% 9.37% FY 2024 CBRF 5.71% 5.40% FY 2024 GeFONSI 2 6.30% 5.94% FY 2024 GeFONSI 1 5.60% 5.27% Analysis of results and challenges: A combination of investments that is expected to produce the highest investment return for a given amount of risk is known as a "point on the efficient frontier." Each fiduciary for a fund reviews points on the efficient frontier and selects the combination of investments consistent with their appetite for risk and return of the fund. This selection is known as the target asset allocation. Target returns assume the total rate of return of passively managed indexes invested in the same proportions as the target asset allocation. A fund"s investment return will differ from its target return if its asset allocation differs from the target asset allocation or if the returns of the underlying investments differ from those of the passively managed indexes. Target Last Modified: 10/10/2024

Target #1: Maintain average longevity of the investment officers at or above five years. Average Longevity of Investment Staff Fiscal Year Number of Years FY 2024 10.7 +2.88% FY 2023 10.4 -5.45% FY 2022 11 +7.84% FY 2021 10.2 +6.25% FY 2020 9.6 +12.94% FY 2019 8.5 +14.86% FY 2018 7.4 -12.94% FY 2017 8.5 -2.30% Analysis of results and challenges: A seasoned investment staff contributes to improved investment performance. Target Last Modified: 05/30/2024

Target #2: At least four investment staff will have their Chartered Financial Analyst (CFA) designation. Number of Staff Holding CFA Designation Fiscal Year Number of Staff FY 2024 9 FY 2023 9 FY 2022 8 FY 2021 7 FY 2020 8 FY 2019 8 FY 2018 8 FY 2017 8 Analysis of results and challenges: The Chartered Financial Analyst (CFA) designation takes a minimum of 3 years to obtain. Staff are continuing to pursue the Chartered Financial Analyst (CFA) designation. Increased knowledge is important as more assets are internally managed and the complexity of investments increase. Target Last Modified: 10/10/2024

Target #1: Yields at which the state issues debt will not exceed 30 basis points of the applicable benchmark. Methodology: There were no General Obligation Bonds issued during fiscal years 2017-2020 and 2022. Percent of Bonds Issued at Less Than 30 bp Over Benchmark Fiscal Year Percent of Bonds FY 2024 100% FY 2023 100% FY 2022 N/A FY 2021 100% FY 2020 N/A FY 2019 N/A FY 2018 N/A FY 2017 N/A Analysis of results and challenges: There were no state GO debt issuances in FY2017-FY2020 and FY2022. Target Last Modified: 10/10/2024

Target #1: Formal visit, bond issue update, or updated document template sent or presented to ratings agencies at least four times per year. Updates Provided to Ratings Agencies Fiscal Year # of Updates FY 2024 11 FY 2023 10 FY 2022 7 FY 2021 9 FY 2020 7 FY 2019 7 FY 2018 6 FY 2017 7 FY 2016 16 FY 2015 11 Analysis of results and challenges: Presentation and discussion with ratings agencies ensures the proper context is given to the State"s revenue, economic, and debt profile to support the State"s credit ratings. Target Last Modified: 05/30/2024

Target #1: Unclaimed Property will refund more assets each year. Claims Paid per Year Fiscal Year # of Claims Filed # of Claims Paid $ of Claims Paid $ Increase over PY FY 2024 31,576 13,069 $13,771,436 -$4,744,101 FY 2023 26,031 10,556 $18,515,537 $4,329,941 FY 2022 14,347 8,015 $14,185,596 $8,196,841 FY 2021 10,285 6,753 $5,988,755 $458,168 FY 2020 14,229 7,055 $6,446,923 $990,310 Analysis of results and challenges: The Unclaimed Property Program (UCP) staff promotes, educates, and encourages owners to file claims online. Over 31 percent of claims in FY2024 filed online were eligible for FastTrack processing and review, with 44 percent of those passing immediate approval; 4,321 claims were approved and paid within days of receipt. National news coverage, social media attention and staff outreach has resulted in a significant increase in claims. Challenges include an increase in fraudulent activity and filing of claims by individuals with no relationship to the property resulting in an increase in open claims. Target Last Modified: 10/10/2024

Target #1: Increase the number of first time reporting Alaska companies. Companies Reporting for First Time Fiscal Year # of 1st Time Reporting FY 2024 321 FY 2023 116 FY 2022 59 FY 2021 25 Analysis of results and challenges: The Unclaimed Property Program (UCP) encourages voluntary compliance as the most effective tool for reporting unclaimed property. An important aspect of voluntary compliance is educating companies about the requirements of Alaska"s Uniform Unclaimed Property Act. Education includes internal state communications, outreach at external conferences, desk audits and web enhancements. Targeted educational outreach to Alaska businesses with no history of reporting, or gaps in reporting was initiated in FY2023. Target Last Modified: 10/10/2024

Last refreshed: 05/16/2025 12:00 pm