The 2011 Executive Budget Document
Department of the Treasury [ http://www.trs.virginia.gov/ ]Mission Statement
The Department of the Treasury is dedicated to serving the Commonwealth by providing excellent financial management and outstanding customer service.Operating Budget Summary
|General Fund||Nongeneral Fund||Personnel Cost|
|2007 Appropriation||$ 9,688,512||$ 8,352,347||$ 7,782,139|
|2008 Appropriation||$ 7,851,264||$ 8,498,179||$ 7,926,297|
|2009 Appropriation||$ 6,927,822||$ 9,157,762||$ 8,674,281|
|2010 Appropriation||$ 8,331,547||$ 9,570,554||$ 9,064,485|
|2011 Base Budget||$ 8,013,421||$ 10,093,724||$ 9,008,140|
|2011 Addenda||$ (80,134)||$ 323,620||$ 52,023|
|2011 Total||$ 7,933,287||$ 10,417,344||$ 9,060,163|
|2012 Base Budget||$ 8,013,421||$ 10,106,605||$ 9,021,021|
|2012 Addenda||$ (216,514)||$ 645,518||$ 208,091|
|2012 Total||$ 7,796,907||$ 10,752,123||$ 9,229,112|
|General Fund||Nongeneral Fund||Total Positions|
|2011 Base Budget||38.50||82.50||121.00|
|2012 Base Budget||38.50||82.50||121.00|
Recommended Operating Budget Addenda
Increase appropriation for insurance collateral safekeepingProvides for the continued payment on the department's contractual obligation for collateral safekeeping. The Code requires insurance companies licensed to conduct business in the Commonwealth to pledge securities as collateral and places responsibility for the safekeeping of these deposits with Treasury. Treasury outsources this safekeeping function.
FY 2011 FY 2012 Nongeneral Fund $ 95,749 $ 101,334
Address increased workload in unclaimed propertyProvides funding for three positions to address the increased workload in the department's unclaimed property division. The department continues to experience an increase in both the number of unclaimed property owners added to the database and the number of paid claims. The additional resources this appropriation will support will allow the department to process claims and claim information in a timely manner. No additional positions are provided, as the agency has sufficient vacant positions.
FY 2011 FY 2012 Nongeneral Fund $ 57,071 $ 214,984
Capture savings from the decline in check volumeCaptures savings resulting from the continuing decline in the volume of checks processed by the department and reducing the amount of check stock.
FY 2011 FY 2012 General Fund $ (80,134) $ (80,134)
Enhance unclaimed property and risk management systemsProvides funding for the department to hire two temporary information technology contractors to augment its information systems staff to enhance systems in unclaimed property and risk management. The systems augmentations will improve claims processing and improve customer service for customers of the risk management division.
FY 2011 FY 2012 Nongeneral Fund $ 52,800 $ 211,200
Increase the nongeneral fund appropriation to address costs under the new information technology rate structureProvides an additional nongeneral fund appropriation to address the agency's Virginia Information Technologies Agency (VITA) costs under the Commonwealth's information technology cost recovery rate structure that became effective July 1, 2010.
FY 2011 FY 2012 Nongeneral Fund $ 118,000 $ 118,000
Reduce costs of electronic communicationsCaptures savings the department will generate when it replaces its current phone system with a voice over IP system, with the assistance of the Virginia Information Technologies Agency.
FY 2011 FY 2012 General Fund $ 0 $ (23,888)
Renegotiate banking services contractsCaptures savings from the recently renegotiated contracts for banking services. The Commonwealth will receive the same or improved services under the new contracts.
FY 2011 FY 2012 General Fund $ 0 $ (112,492)