Performance Details
Department of Revenue - Treasury Management
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
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Performance Detail
A: Result - Maximize the value of the funds under the stewardship of the Treasury Division. |
A1: Core Service - Manage the investment of state funds |
Target #1: Maintain average longevity of the investment officers at or above five years.
Average Longevity of Investment Staff
Analysis of results and challenges: A seasoned investment staff contributes to improved investment performance. |
Target #2: At least four investment staff will have their Chartered Financial Analyst (CFA) designation.
Number of Staff Holding CFA Designation
Analysis of results and challenges: The Chartered Financial Analyst (CFA) designation takes a minimum of three years to obtain. Staff are continuing to pursue Chartered Financial Analyst (CFA) designation. Increased knowledge will be important as more assets are internally managed and the complexity of investments increase. |
B: Result - A low cost of State indebtedness. |
Target #1: Yields at which the state issues debt will not exceed 30 basis points of the applicable benchmark.
Percent of Bonds Issued at Less Than 30 bp Over Benchmark
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B1: Core Service - Maintain the state's credit rating and provide capital financing for state agencies |
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
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C: Result - Unclaimed property owners will be united with their property. |
Target #1: Unclaimed Property will refund more properties each year.
Property Claims Paid per Year
Analysis of results and challenges: The Unclaimed Property Program (UCP) staff promotes, educates, and encourages owners to file claims online. When owners complete the demographic portion of claims online, UCP staff has more time to review, approve, and pay claims. Challenges include identifying owners who have relocated outside of Alaska, an aging claims system and more complex claim filings. Improvements were implemented in FY20 that streamlines the claim authentication process, auto approving claims for payment that meet certain criteria. In FY20, 4,466 properties (~27%) benefitted from this process. |
C1: Core Service - Manage unclaimed property and reunite with owners |
Target #1: Increase the number of first time reporting Alaska companies.
Companies Reporting for First Time
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. |
Current as of September 30, 2020