Budget and Financial Administration Jessica R. Papaleonti, Director
410.260.7164

Budget & Financial Administration Division

This Division is responsible for agency specific Budget & Accounting functions, accounting transactions related to the State Insurance Trust Fund & the Injured Workers' Insurance Fund, and other statewide accounting functions as outlined below.

Budget & Accounting

The Budget & Financial Administration Division performs all budgeting and accounting functions essential to the daily operation and management of the State Treasurer's Office. This Division is responsible for the formulation, justification and execution of the Office's annual budget which includes funding for agency operations as well as funding for costs of issuance and general advisory fees related to annual bond sales, and insurance costs related to statewide commercial premiums and the State Insurance Trust Fund.

The general accounting functions of the Division include processing vendor invoices, cash receipt deposits, and agency payroll; maintenance of all financial records, fund balance reconciliations, & preparation of year-end closing records; and the development and implementation of all accounting controls and procedures. In addition, this Division is responsible for managing the general office supply inventories on behalf of the agency, including centralized ordering and tracking of supplies, ensuring cost efficient purchasing, and providing oversight over supply requests as they relate to necessity and budget availability.

Insurance

State Insurance Trust Fund (SITF)

As part of the annual budget process, the Division calculates and prepares State Insurance Trust Fund annual premiums for all State agencies to be included in the Department of Budget and Management's annual budget instructions. 

This Division is also responsible for:

-  The collection of insurance premiums and  agency deductibles  from all State agencies to fund the State Insurance Trust Fund (SITF) and to cover the purchase of agency specific insurance policies

-  The processing of disbursements out of the SITF in the form of agency reimbursements and settlement payments to claimants as approved by the Insurance Division or the Board of Public Works.

Injured Workers' Insurance Fund (IWIF)

The Division processes the annual statewide IWIF premium and handles collection of the yearly IWIF assessments and the transfer of funds from over 150 State agencies and departments.

Other Statewide Functions

This Division carries out several essential accounting functions on behalf of the State, including processing time sensitive State Debt Service payments and quarterly payments under financial agreements related to the Master Lease programs as approved by the Debt Management Division.  The Budget and Financial Management Division is also responsible for processing all agency requests for check reissues, stop payments and recoveries from the State's Unpresented and Undeliverable funds as approved by the Treasury Management Division.

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