The Kentucky State Treasury has been with the state as long as there has been a Kentucky. The treasurer was one of the original offices created by the state Constitution of Kentucky in 1792. The Kentucky Treasurer is elected every 4 years. The treasurer, who can serve two terms, acts as the state's chief elected fiscal officer.
Todd Hollenbach, of Louisville, is Kentucky's 37th Treasurer.
As our economy changes, and as technology increases opportunities and challenges for everyone, state government must keep pace, ensuring that it is acting in the best interests of taxpayers.
Investing In Kentucky's Future
Building a lottery that helps more children receive a college education. As a member of the lottery board, Treasurer Hollenbach will work to ensure that the revenues generated are sufficient to fund the KEES program, which rewards graduating high school seniors with scholarships for college.
Click the following link to visit the Lottery Web Site.
Working to help taxpayers determine if they are owed unclaimed property. The treasurer's office administers the state's unclaimed property fund program. Unclaimed property generally consists of payroll checks, unclaimed safety deposit boxes and vendor checks that have remained unclaimed by their owners after several years. After a period of time, usually 3 years, banks and other financial institutions turn over the unclaimed property to the Kentucky State Treasury. The program works to find taxpayers who are owed money or assets from the fund. The Unclaimed Property Fund contains assets of nearly half a billion. Unclaimed Property Search & More Information on Unclaimed Property
Ensuring the state's investments get the best possible return
As vice chairman of the state investment commission, Treasurer Hollenbach is monitoring the state's investments of more than $3 billion so that state government receives the best possible return. The State Investment Commission is charged with the oversight of Kentucky's investment programs. The state's investments fall into four primary categories:
- The Short-term pool that consists primarily of general fund cash balances and provides liquidity for the remaining investment pools;
- The Intermediate-term Pool represents agency fund investments, state held component unit and fiduciary fund accounts;
- The Long-term Pool invests the budget reserve trust fund account and any other funds deemed appropriate for the pool where the need for liquidity is not a serious concern;
- A remaining fund is the Bond Proceed Pool in which capital construction bond proceeds are invested.
The Office of Financial Management is the administrative arm for the investment commission. The Office of Financial Management analyzes and manages the state's short-term and long-term cash flow requirements and seeks to maximize the return on Kentucky investments. The office also develops a long-term debt plan for the state.
Click the following link for more information on OFM.
Working in the best interests of retired teachers
Treasurer Hollenbach believes that quality education needs a continuum of care and concern. As a member of the board of directors for the Kentucky Teachers' Retirement System, Treasurer Hollenbach oversees the pensions and savings of our teachers.
Click the following link for more information on KTRS.
Other Treasury Functions
The Kentucky State Treasury also performs the following functions:
- Records, verifies and pays all federal, state and local withholding taxes for employees of the Commonwealth.
- Implements court ordered attachments against the salaries of state employees or moneys owed to state vendors.
- Makes timely deposit of incoming revenues from state agencies.
- Records, monitors and reconciles all transactions in the state's depository and checking accounts.
- Performs critical functions that ensure compliance with the Federal Cash Management Act of 1990.