Cash Management

The Office of the Treasurer serves as the state’s banker and reconciles cash receipts from all state departments. In fiscal year 2020, more than 118,451 cash receipts were reconciled; over 798,121 checks were paid, and more than 4.3 million electronic funds transfers completed. Banking services provided to State departments include deposit access to 41 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 112 funds, averaged more than $1.913 billion in fiscal year 2020, and was managed for safety and liquidity with yield in mind.  In fiscal year 2020, the Cash Pool earned more than $32.1 million in earnings from investments, including more than $12.12 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.