Date: 12/15/2014

Final
Department of Treasury SMART Act Hearing

COMMITTEE ON JOINT FINANCE

Votes: View--> Action Taken:
<none><none>




10:17 AM -- Department of Treasury SMART Act Hearing

Mr. Walker Stapleton, State Treasurer, and Mr. Brett Johnson, Deputy State Treasurer, discussed the performance of the Department of Treasury during the last fiscal year and the major departmental initiatives planned for the upcoming legislative session. Committee members received a copy of the presentation (Attachment B) and the Department of Treasury Performance Plan for FY 2014-15 (Attachment C). Mr. Johnson and Mr. Stapleton discussed the state's debt policy and disclosure issues that occurred in 2014 with the Securities and Exchange Commission.

14JtFinSMARTAct1215AttachB.pdf14JtFinSMARTAct1215AttachB.pdf 14JtFinSMARTAct1215AttachC.pdf14JtFinSMARTAct1215AttachC.pdf

10:26 AM

Mr. Johnson spoke to debt consolidation successes and refinancing opportunities for the Treasury. He provided an overview of the department's performance plan, highlighting how the Treasury's investments are performing, the investment benchmarks that are in place, unclaimed property claims received by the department, and a supplemental appropriation request that the department plans to submit. Mr. Johnson and Mr. Stapleton discussed the antiquated software currently used by the Treasury and why an update to this software is critical. They also responded to a question on investment management and benchmarks for the department's investments.


10:39 AM

Mr. Johnson addressed the Treasury's legislative agenda for 2015, which includes a potential bill that would provide the Treasury with greater latitude in the investment of state assets.