Investments, pre-audit reviews and unclaimed property generate hundreds of millions in revenue for the Commonwealth
Harrisburg – (RealEstateRama) — During Appropriation Committee hearings in both the Pennsylvania House and Senate today, State Treasurer Timothy Reese highlighted the department’s key accomplishments during the past year, discussed operational challenges associated with the budget impasse, and described key initiatives the department is launching.
“As an independent office that serves as steward of the state’s financial assets, Treasury plays an important, if often unrecognized, role in the lives of every citizen. We are responsible for paying the state’s bills, and safeguarding and investing the state’s funds, which total more than $100 billion.”
Timothy A. Reese, State Treasurer
During his testimony, Reese pointed to several of Treasury’s achievements including:
During the last fiscal year Treasury processed 21 million payments worth nearly $87 billion. Importantly, Treasury’s pre-audit review prevented nearly $29 million of erroneous payments.
The Pennsylvania 529 College Savings Program, which is administered by Treasury, ended 2015 with $3.6 billion in assets – the highest year-end amount in the program’s history.
Importantly, the actuarial status of the Guaranteed Savings Plan is 111 percent funded with an actuarial reserve of $173.9 million.
The Bureau of Unclaimed Property collected a record $670 million and returned $120 million in property to its rightful owners. The net benefit to the General Fund was about $550 million.
Despite the turbulent financial markets, Treasury continued to experience positive growth in investments across the primary pools of money it manages – gaining more than $80 million in the last calendar year. At the same time, Treasury reduced investment expenses by over $2 million.