Cash Management

The Office of the Treasurer serves as the state’s banker and reconciles cash receipts from all state departments. In fiscal year 2023, more than 122,022 cash receipts were reconciled; over 1.934 million checks were paid, and more than 2.578 million electronic funds transfers were completed. Banking services provided to State departments include deposit access to 40 bank accounts, stop payments and/or reissues, wire transfers, positive pay, ACH debit, ACH credit, remote deposits, payment cards, and more. Cash flow is monitored.  Funds not needed to pay state expenses may be invested through the Treasurer's Cash Pool in obligations of the U.S. Government, CDs in Maine banks, money market deposit accounts, corporate bonds, and commercial paper.  The Cash Pool includes 114 funds, averaged more than$4.38 billion in fiscal year 2023, and was managed for safety and liquidity with yield in mind.  In fiscal year 2023, the Cash Pool garnered more than $95.6 million in earnings from investments, including more than $33.8 million to the General Fund.

The goal of the Office of the State Treasurer (OST) is to ensure effective internal controls of State cash transactions by providing centralized cash collection, processing, disbursement, and management of State funds. From an accounting perspective, OST works toward internal controls through proper segregation of duties-the Treasurer is appointed by the Legislature, while the Department of Administrative and Financial Services is part of the Executive Branch of State government.