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Program A: Administrative

Program Authorization: La. Constitution, Article III, Sec. 16, Article IV, Secs. 4, 9, 10(A), and 26; R.S. 49:307-327.1; R.S. 39:136.1-138, 321-332

PROGRAM DESCRIPTION

The mission of the Administrative Program is to provide the leadership, support, and oversight necessary to manage, direct and ensure the effective and efficient operation of the Financial Accountability and Control Program, the Debt Management Program, and the Investment Management Program.

The goal of the Administrative Program is to ensure the effective management of the Department of Treasury through policy development, communication and dissemination of information, the provision of legal services and support, and the overall coordination of all programs in the Department of Treasury.

This program provides the oversight for compliance with all constitutional and statutory requirements so that all monies in the State Treasury will be safeguarded, managed prudently, and invested in accordance with industry standards. Additionally, the program provides executive policy for the management of state debt. These efforts are implemented to fulfill the treasurer's fiduciary responsibility to protect the state's financial position.

The treasurer is responsible for managing in excess of $12 billion for revenue collections and expenditures; the treasurer maintains a portfolio with an average daily investment of over $2 billion and generates an estimated $36 million in investment earnings; pays $200 million towards debt service on approximately $2.7 billion of outstanding debt; manages $200 million annually in general obligation debt and provides oversight on $159 million in loans by local government as well as authorizes new debt that averages $1.6 billion annually for local government.

OBJECTIVES AND PERFORMANCE INDICATORS

The Administrative Program provides leadership to the Department of Treasury. The success of this program is reflected in the success of other programs in the department. Performance information consistent with this program's strategic plan and the statewide model for administrative/support services programs will be reported next year. For FY 1998-99, program objectives and performance indicators include:

1. In FY 1998-99, the Administrative Program will develop and oversee policy and procedures to ensure the safety of funds on deposit in the State Treasury.

2. In FY 1998-99, the Administrative Program will promote sound cash management programs that benefit the taxpayers of the state.

3. In FY 1998-99, the Administrative Program will communicate with the state's bond rating agencies to promote the state's fiscal and economic improvements for the purpose of receiving an upgrade to the state's overall general obligation bond rating.

1 The rating agencies utilize fiscal and economic data from a specific sources to make a final determination of the quality of the State's overall economic strength to meet its debt obligations. The policies of the state's lawmakers and administration play a vital role in their evaluation; however, the final rating of a product is under the control of the rating agencies.

4. In FY 1998-99, The Administrative Program will improve operations through the utilization of computer technology.

1 This represents one year of a three-year plan to upgrade the State Treasury computer system to maintain an efficient operation.

RESOURCE ALLOCATION FOR THE PROGRAM

SOURCE OF FUNDING

This program is funded with state general fund, interagency transfers, and fees and self-generated revenues. Interagency transfers are derived from various state agencies for the cost of central depository bank services. Fees and self-generated revenues are derived from the statewide retirement systems for their proportionate share of the cost of actuarial services and from fees collected for preliminary review and final approval of bond applications.

ANALYSIS OF RECOMMENDATION

GENERAL FUND

TOTAL

T.O.

 

DESCRIPTION

 

 

 

 

 

$384,089

$738,608

13

 

ACT 18 FISCAL YEAR 1997-1998

 

 

 

 

 

 

 

 

 

BA-7 TRANSACTIONS:

$0

$0

0

 

None

 

 

 

 

 

$384,089

$738,608

13

 

EXISTING OPERATING BUDGET - December 10, 1997

 

 

 

 

 

$16,400

$1,200

0

 

Equipment/Major Repairs Adjustment(s) (Replacement/New: +16,400))

$18,203

$18,203

0

 

Annualization of 1997-'98 Merit Pay Adjustment(s)

$6,295

$6,295

0

 

1998-'99 Merit Pay Adjustment(s)

$5,025

$5,025

0

 

Attrition Adjustment

($23,109)

($23,109)

0

 

Retirement Rate Adjustment(s)

($291)

($291)

0

 

Adjustment(s) for Civil Service, Training and Other Statewide Interagency Transfer Activities

$0

$2,804

0

 

Legislative Auditor Adjustment

$0

$274

0

 

Uniform Payroll System charges

$0

$29,838

0

 

Realign Budget from Debt Management Program to provide for Salaries Funding

 

 

 

 

 

$406,612

$778,847

13

 

TOTAL RECOMMENDED

 

 

 

 

 

$22,523

$40,239

0

 

DIFFERENCE (TOTAL RECOMMENDED AND EXISTING OPERATING BUDGET)

 

 

 

 

 

The total means of financing for this program is recommended at 105.4% of the existing operating budget. It represents 76.6% of the total request ($847,346) for this program.

PROFESSIONAL SERVICES

$10,833

 

Other Professional Services for independent actuary for the Public Retirement Systems Actuarial Committee

 

 

 

$10,833

 

TOTAL PROFESSIONAL SERVICES

OTHER CHARGES

 

 

 

 

 

Interagency Transfers:

$4,513

 

Department of Civil Service

$1,320

 

Uniform Payroll System Charges

 

 

 

$5,833

 

TOTAL INTERAGENCY TRANSFERS

ACQUISITIONS AND MAJOR REPAIRS

$16,400

 

Replacement vehicle

 

 

 

$16,400

 

TOTAL ACQUISITIONS AND MAJOR REPAIRS


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