Operations
The State Treasurer’s Office is a control agency that is heavily involved in day-to-day State operations and provides guidance to multiple State agencies regularly for a multitude of reasons. The Operations Division is an integral part of the STO and serves as a conduit between STO and agencies as well as a liaison between the Executive Division and all other divisions of the agency in an effort to achieve streamlined business processes and quick resolutions.
In Fiscal Year 2022 leadership recognized a need to prioritize procurement and contract management as the Office retains delegated authority for Financial and Insurance Services procurements under the authority of the State Finance and Procurement Article. With the everchanging laws and business processes of the Banking and Insurance industries, contract negotiations have become much more challenging and there is a greater need for resources to support this area. Some of the statewide contracts that fall under STO purview include banking contracts, financial advisors, underwriters, insurance brokerage services, armored courier services and capital equipment and energy lease agreements. These services are procured by the STO for utilization by all State agencies. In addition to the management of all Statewide Finance and Insurance related contracts, Operations also performs all agency procurements from purchase of supplies to procurement of agency specified services. Operations staff represent the Treasurer on several procurement councils and groups in order to stay apprised of current trends and challenges in the procurement arena.
Other Statewide Functions
Along with the statewide procurements, the Office also procured the following for specific agency needs: Major Information Technology Development Project (MITDP) modification approved by the Board of Public Works, emergency procurement for the i5 payment processing system replacement, check paper, and numerous renewals and modifications for existing contracts.
Additionally, this division is responsible for submitting monthly, quarterly, and annual reports such as the Procurement Agency Activity Report (PAAR) and the Minority Business Enterprise Report (MBE). Over the past several years, policies and procedures related to MBE, Small Business Reserve (SBR), and Veteran-Owned Small Business Enterprise (VSBE) have been promulgated to ensure agency compliance with the Governor’s initiatives. Many of these policies require establishing goals and additional reporting by agencies. Throughout this fiscal year, the division performed regular outreach to MBE, SBR and VSBE businesses to engage with and generate interest in doing business with our State. As a result, the Office was able to increase both SBR and MBE participation in FY 23 over FY 22. The Office remains focused on improving participation levels and as such will continue to focus on outreach in future years.
Lastly, the division provides centralized support performing travel coordination, fleet management and surplus property. The division orders and tracks office supplies and equipment to ensure cost effective purchasing and close inventory control. Preparation of several statutorily required reports including record retention schedules, fixed asset materials and supplies inventory also fall under the direction of the Operations Division.
