To be trusted stewards of Virginia’s financial resources through prudent management of public funds, unclaimed property, and risks.
To be a recognized leader in providing exceptional financial management and services
Stewardship: Cultivating an ethic of responsible management of the Commonwealth's resources entrusted to our care
Integrity: Maintaining the highest ethical standards in the way we conduct our business; honoring our commitments and being personally responsible for our words, actions, and results
Excellence: Striving to achieve exceptional results in service to the citizens of the Commonwealth
Collaboration: Leveraging the power of working together in an inclusive and respectful manner
Innovation: Pursuing new approaches, tools, and technology for delivering services and improving processes to drive progress
The Department of the Treasury is an innovative, customer-driven, results-oriented state agency providing statewide financial management services for the Commonwealth. Treasury’s philosophy of stewardship and service through innovation is part of our culture and has been the hallmark of our program and service delivery. The agency has a long history of increased productivity and response to customer needs.
Treasury consists of seven very distinct divisions that serve the Commonwealth. Debt Management directs financing for capital needs of the Commonwealth and its agencies, boards and authorities. Risk Management administers statewide insurance and self-insurance programs. Cash Management and Investments invests the Commonwealth's funds and maintains a statewide banking network. Unclaimed Property administers the Virginia Disposition of Unclaimed Property Act and the Escheats Statute. Accounting and Trust Services provides support services to Treasury and related boards and authorities for budgeting and accounting for investments, trust and bond funds, and debt issuances. Check Processing and Bank Reconciliation provides support services for the receipt and disbursement of state funds. Administrative Services provides day-to-day active management and control of the agency.
Mission Focus - Treasury continues to strive to achieve its mission to ensure excellence in the management and administration of its diverse financial programs and services through innovative fiscal management, fiduciary oversight, and instill these values in its leadership, financial professionals, and staff.
Data Analytics Project - Treasury will continue to develop data analytics utilizing available tools that allow management to integrate, gather, present, and analyze internal and external data from disparate sources. Treasury management will utilize data analytics applications to make data more readily available and timely providing insight into Treasury’s performance related to daily operations and long-term deals. Real-time data will allow management to monitor both agency and division-level performance and facilitate fact-based decision-making. Mid-level management will continue to improve the data analysis currently in place to be able to track progress against performance measures and goals in real-time, improving the ability to proactively manage the operations. Treasury will continue to improve the agency’s ability to monitor numerous regulatory requirements, including those related to the cash and investments programs, using data analytics. In the next phase, Treasury would like to implement a public facing dashboard to promote transparency and openness with Commonwealth citizens and stakeholders.
Treasury continues to aggressively pursue innovation and efficiency through the work of our Information Technology team. Some highlights of Treasury's current and future products are summarized below:
Legacy Applications - Treasury has strategically embarked on an effort to migrate legacy flagship applications to modern, state of the art, SaaS solutions. Treasury recently completed the shutdown of the legacy accounting application APS2 in December of 2021. This VITA major project is closed and under maintenance as we work with the vendor to migrate to the Commonwealth SSO solution for improved identity and account management.
Treasury Unclaimed Property System Upgrade – Treasury’s new Unclaimed Property SaaS Solution Project, KAPS, was rolled out in August 2022. This project has been a testament to the utilization of market leading technologies and improved efficiencies as Treasury greatly improves the rate at which we process Unclaimed Property, while no longer requiring paper processes from claimants. In addition, this new solution has added audit and fraud alert capabilities.
Risk Management Information Systems Upgrade – Treasury is planning to replace our legacy Risk Management Information Systems: VAPS and VACCS. Currently, three separate applications written in older, more vulnerable ASP.NET technology, the migration to a unified SaaS solution will improve system maintainability and accessibility as well as operational efficiencies by centralizing member data, accounts, and administration in one system. Improved overall reporting and analytics will significantly improve DRM's ability to produce quality and more timely reports for the actuary thereby facilitating Treasury's ability to meet state budget deadlines.
Funds Management System (FMS) Upgrade – CMI will initiate several tweaks to its Funds Management System (FMS) to include enhancements to account administration, Trade Ticket integration with our new BroadRidge Financials (APS2 Replacement) system, Wire Automation with our existing COTS Frontier Bank Reconciliation Program, and Wire Transfers to Custodian Banks.
Bond Requisition Process Systemization – Debt Management has initiated an effort to replace the manual, legacy, spreadsheet driven processes that currently support the bond requisitions process. This project will automate processes today that are limited to the knowledge of a small number of existing staff. With the advent of possible retirements, an automated system will greatly aid in succession planning. In addition, this system will remove several manual processes and enable a new customer “portal” for those needing to do business with Treasury.
Internal Systems - Treasury continues to use two legacy applications for Access Control and Project Documentation. Centralized Access Database (CAD) and WorkSpaces are both over 10 years old, surpassing their useful lives. IT will be reviewing options to enhance or replace/modernize these services.
Cloud Computing – Treasury has several initiatives under way during this planning cycle that will drive improved effectiveness through technology. The proper management and control of “technical debt” is critical to the Agency's need to maintain business continuity and availability with our partners and customers. The underlying server infrastructure for Treasury has migrated from physical servers to virtual “private cloud” servers over the past 2 years. Treasury is now performing a detailed assessment in an effort to migrate to a Cloud (Azure) environment. This exponentially improves our ability to quick scale our infrastructure and platforms to meet ever changing needs and demands, while also realizing true efficiencies with our ability to only pay for infrastructure resources when in use. Treasury is targeting to move to a Cloud operating environment within 1 year of this writing.
Return to Microsoft Email Platform – Treasury, like all Executive Branch Agencies, will transition back to a Microsoft Email Platform. This is a VITA initiative for which Agencies will have additional platforms available with the email solution. This includes Microsoft SharePoint, Teams and Power-Automate, a tool to allow for the creation of automated workflows and approval routing. Treasury is targeted to migrate to the new email platform April of 2023.
Adoption of VITA’s “ePen” DocuSign Solution – In an effort to reduce or eliminate Treasury’s “paper processes” and dependencies, Administrative Services is working with IT to integrate VITA’s “ePen” DocuSign solution into the agency workflow/automation projects using our existing Document Management System, PaperVision.
Security for Public Deposits Act (SPDA) - In support of greater Transparency, the Treasury is scheduled to incorporate required enhancements to the SPDA program, adding additional levels of oversight regarding public depositors. The on-line system is designed to automate the monthly reporting of public deposits. The system requires upgrades which enhance customer support and meet the current business needs of the agency. The improvements will also provide operational efficiencies for Treasury staff.
Digital Equity and Inclusion - Treasury acknowledges the importance of Digital Equity and Inclusion and is exploring options to promote digital equity on Treasury public facing websites. This should include expanded accessibility, usability and outreach, ensuring our services align with Executive Order One and the One Virginia initiative, while fulfilling our legislative responsibilities as custodians of Commonwealth finances.
In order to provide the high level of performance and service required by a critical, high-level finance agency, Treasury employs financial professionals who are experts in their fields. Treasury faces several challenges in maintaining a top-level staff. First, Treasury has an aging workforce. Currently, 28% of Treasury employees can retire within the next few years. Some of these employees hold senior level positions across the agency. Second, Treasury employees are recruitment targets by banking, finance, investment, and insurance firms, as well as universities and other finance offices. In the past year, Treasury lost approximately 16% of its workforce. The current unemployment rate in Virginia is 2.8%. Treasury can expect to continue to experience turnover as employers seek knowledgeable, highly skilled, well trained, candidates to fill their positions. Third, Treasury salaries are below market as compared with the private sector, Richmond area local government entities, and even other state agencies.
In order to maintain a high level of service in light of budget constraints, Treasury will revise its training policy, using an extensive needs analysis to develop a training plan. The plan will develop specific job skills for existing staff that might be needed to step in and fill the void created by retirements, resignations and emergency situations. In addition, cross training will be reviewed and augmented to address potential Continuity of Operations contingencies. Treasury will continue to adapt recruitment strategies to ensure the best candidates. Treasury will review its salary administration plan to allow a flexible compensation strategy to attract and retain a diverse workforce. Additionally, Treasury will review its recognition policy to reward top performing employees for their contributions to the agency.
|Authorized Maximum Employment Level (MEL)|| ||127|
|Wage Employees|| ||1|
|Contracted Employees|| ||2|
The Department of the Treasury leases space on three floors and storage space in the basement in the Monroe Building in support of its mission. Treasury successfully meets all established requirements and standards in providing accommodations, facilities, equipment and amenities that are suitable for its employees. Treasury staff is currently working with the Department of General Services in establishing agency needs for a move to a new, yet-to-be constructed state office building to be located at 703 East Main Street, Richmond, VA. The building is projected to be ready for occupancy in 2027.
Federal Government Uncertainty - Due to Virginia's proximity and economic dependence on federal employment, actions (or inactions) such as sequestration, furloughs, and budget shutdowns could have a detrimental impact on Virginia’s economy. In addition, regulatory, congressional, and other actions by the federal government could negatively impact Commonwealth bond ratings.
Build America Bonds (BABs) - The American Recovery and Reinvestment Act of 2009 provided an incentive for state and local governments to invest in infrastructure improvements. Rather than being issued as tax-exempt bonds, the bonds were issued as taxable bonds and either featured federal tax credits for bondholders, or they were structured for the federal government to pay 35% of each interest payment made by the issuer. Shortly after the issuance of BABs, federal sequestration caused there to be haircuts to the 35% subsidy anticipated. Such haircuts have reduced the amount anticipated by as much as 8.7% in the federal fiscal year (FFY) 2013 to 5.7% in FFY2022. The IRS had released in FFY2020 that the future sequestration rate through FFY2030 would remain at 5.7% unless any changes were implemented. As a result of the American Rescue Plan, federal support of this program is currently at risk and Congress will need to waive the Pay as You Go Act by December 2023 in order to protect future federal subsidies for this program from being at risk. If this is not done, it is thought that Congress will not take action in the future to restore the subsidy. Should Congress not agree to protect the interest subsidy, Treasury will have to revise the Treasury Board budget to reflect the full cost of the interest payments being carried by the Commonwealth; thereby requesting more general fund monies. In addition, if a decision is made by the federal government to not provide for the subsidy payments, the Commonwealth will most likely determine it is in the best interest of the Commonwealth to refund its BABs, which unfortunately is coming during a period of higher interest rates and interest rate pressure.
Literary Fund Assets Availability - Constitutionally, the Literary Fund is required to maintain an $80 million asset balance. Available cash balances beyond that amount may be used for K-12 school purposes. This has typically taken the form of loans to localities for school construction and payments for teacher retirement. In recent years, the Literary Fund has not been making new loans. The 2022-2024 Appropriation Act, however, authorized up to $200 million in school construction loans in each of the first and second years. The Appropriation Act also made changes to the terms of Literary Fund loans to make them more attractive to localities. While there has been a significant influx of cash from the Unclaimed Property program to the Literary Fund in recent years due to various one-time stock sales and similar activities, it is expected that this source of income to the Literary Fund will dwindle. Finally, increased outreach claim efforts are returning a higher percentage of unclaimed properties, leaving less available income to the Literary Fund, further exacerbating the declining asset balance situation.
VaRISK- Constitutional Officers plan; Jails – Over the past several years there have been concerted efforts by a few area private insurers to provide liability coverage to regional jails. They have been successful in entering agreements with a handful of the lowest risk facilities. This has resulted in shrinking the pool of jail facilities participating in VaRISK, and leaving higher risk facilities with more substantial loss histories in the Plan. This has contributed to increased costs for the remaining facilities. The Division of Risk Management (DRM) has no ability to deny coverage for any state agency/constitutional officer/regional jail/local government. DRM is statutorily required to provide liability protection options no matter how high the risk or how negative the loss history.
Sovereign and Qualified Immunity - Treasury's Division of Risk Management administers several risk management plans and programs that protect Virginia's constitutional officers, including sheriffs and regional jail officers, and localities from financial loss. The Commonwealth utilizes sovereign immunity and qualified immunity to reduce claim liability and costs. Recent legislative efforts to limit or eliminate these defenses would increase the cost of these programs significantly.
Cyber Insurance - As authorized by the 2020 Appropriations Act (Chapter 1289, Item 285 H), the Division of Risk Management (DRM) purchased Cyber Insurance coverage for Executive Branch agencies. This coverage was purchased to help transfer financial risk in the event of a significant data breach or business disruption caused by incidents such as a denial of service attack, data breach or a ransomware attack. Over the past two years the Commonwealth has seen increases in Cyber insurance premiums due to market conditions. The cost of cyber insurance is based in part on the frequency, severity, and cost of cyberattacks, all of which have been increasing. The uncertainty about future threats also plays a role, and insurers have become more selective about who and what gets covered. Insurers have also tightened policy terms and conditions to reduce unexpected losses from cyberattacks. These changes translate into fewer coverage options, stricter standards, and more exclusions.
Concentration of Pending Retirements - While Treasury has been fortunate to have many long serving employees, one division within Treasury has several key positions with employees who are eligible for retirement. This includes a division director and managers of trust accounting, check processing, and bank reconciliation. Treasury has struggled to attract adequate replacements in this area and will need to continue to focus on succession planning before a vast amount of institutional knowledge retires.
Treasury's base budget is funded 13% from general funds ($8.2 million) and 87% from non-general funds ($55.1 million). The non-general fund sources are: $8.7 million from the receipt of unclaimed property used to administer the Commonwealth’s unclaimed property laws; $43.17 million from insurance trust fund balances; $.2 million from charges to select agencies for check printing services; $.84 million from charges to debt issuing authorities and agencies for debt issuance and management services; $1.34 million for investment services provided to state and local governments; and $.85 million for fees charged financial institutions and insurance carriers.
|Initial Appropriation for the Biennium||15,518,923||55,075,139||8,167,480||55,100,226|
|Changes to Initial Appropriation||0||0||0||0|
Treasury receives revenues from various services provided to its customers and constituencies. These nongeneral fund sources are from the receipt of unclaimed property used to administer the Commonwealth’s unclaimed property laws; charges to state agencies and localities for insurance coverage; charges to select agencies for check printing services; charges to debt issuing authorities and agencies for debt issuance and management services; for investment services provided to state and local governments; and fees charged to financial institutions and insurance carriers. It is expected that nongeneral fund revenue will remain stable.
The following statistics provide a comprehensive snapshot of Treasury’s productivity during FY 2022:
|Number of financing transactions brought to market or facilitated by Debt Management||11|
|Number of separate bond series issued or facilitated||14|
|Millions of dollars in financings completed by Debt Management||1,860|
|Number of state buildings insured by Insurance Services||14,000|
|Value in billions of dollars of state buildings and their contents insured by Insurance Services||47|
|Value in billions of dollars in fine art insured by Insurance Services||5|
|Billions of dollars in investment portfolios managed by Banking and Investment Services||13|
|Billions of dollars in general account portfolio managed by Banking and Investment Services||7|
|Billions of dollars in LGIP portfolio managed by Banking and Investment Services||5|
|Millions of dollars in additional portfolios managed by Banking and Investment Services||37|
|Number in millions of unclaimed property returned to its rightful owner||79|
|Number of claims processed by Unclaimed Property Administration||139,136|
|Number of owners contained in holder reports received by Unclaimed Property Administration||1,812,685|
|Number in millions of checks printed and distributed by Check Processing||2|
|Number in millions of electronic payments made||15|
Customers and Partners
|Predefined Group||User Defined Group||Number Served Annually||Potential Number of Annual Customers||Projected Customer Trend|
|Resident||Owners of Unclaimed Property ||140,000||1,813,000||Increase|
|General Assembly||Legislative Branch and Money Committees Staff||158||158||Stable|
|Local or Regional Government Authorities||Local Government Investment Pool Customers||376||650||Increase|
|Local or Regional Government Authorities||Local Government Officials and Non-profit Participants - Insurance Services||525||1,000||Stable|
|Local or Regional Government Authorities||Local Governments for K-12 Financing Services||134||134||Stable|
|State Agency(s),||State Entities Receiving Financing Services through Treasury||25||25||Stable|
|State Agency(s),||State Government Agencies Receiving other Services (e.g., bank deposit services, insurance services, payment processing)||108||108||Stable|
|State Government Employee||Intra-Agency Staff||121||121||Stable|
|Banks, Trustees, Escrow Agents, and Paying Agents, Underwriters||Act as agents for the issuing board in making payments to bondholders and/or protecting the interests of the bondholders; assist the Commonwealth with issuing bonds.|
|Bond and Investment Rating Agencies||Provide credit rating services to the agency and the Commonwealth.|
|Bond Counsel||Assist the agency in drafting and/or reviewing legislative proposals, bond documents, and otherwise ensuring bonds are issued in accordance with applicable law.|
|Credit Card Processor||Perform credit card services for any state agency or institution and contract administration for participating localities.|
|Financial Institutions, Advisors, Investment Consultants and Dealers||Provide financial services and products to the agency and the Commonwealth.|
|Holders of Unclaimed Property||Collect property that is subject to the state’s unclaimed property laws and belonging to another person.|
|Insurance Brokers and Actuaries; Third Party Claims Administrators; Insurance Companies Conducting Business in Virginia||Procure specialized insurance coverage, provide loss control and provide actuarial services to the agency and the Commonwealth; provide specialized claims administration.|
|Law firms||Provide legal services to the agency and the Commonwealth|
|Office of the Attorney General||Assists the agency in drafting and/or reviewing legislative proposals, providing legal guidance, reviewing contracts, and providing representation in claims and lawsuits. |
|Private Sector Vendors and Contractors||Provide goods and services to the agency|
|SPDA Banks and Escrow Agents||Hold collateral for the Security for Public Deposit Act (SPDA) program.|
|State Agencies||Collaborate to provide services to citizens, local governments, boards, and others.|
Major Products and Services
In FY 2022, Treasury managed investments totaling $37.7 billion in state and local government funds, issued or participated in financing $1.9 billion in debt obligations, processed 1.8 million checks, collected $ 252.3 million in unclaimed property revenue, returned $68 million of unclaimed property to rightful owners, and transferred $220 million to the Literary Fund for public education purposes. In addition, Treasury provided liability and property insurance for the Commonwealth, its agencies and institutions, and local officials and employees in over 500 political subdivisions and non-profit organizations. Treasury also manages the Commonwealth’s banking through a statewide network of four concentration and twenty-eight regional banks, accelerating the deposit and availability of state funds received from approximately 300+ regional depositing locations.
Implemented New Marketing Initiatives to promote the Unclaimed Property Program – The primary goal of the Unclaimed Property Program is to reunite property with its rightful owner. Several innovative initiatives developed and implemented by the Public Relations (PR) and Marketing team did just that, by shifting to a virtual call event model conducting 21 outreach events and made contact with 315 One Shot/Proactive claimants totaling $17.6 million found for Virginians. In FY 2022, Unclaimed Property Program returned a record $68 million in total property to owners.
Moving forward, the PR and Marketing team’s initiatives will continue to concentrate on the high dollar claimants, now including investigative letters and our UCP flyer mailed to the last known address. This allows citizens the chance to contact the marketing staff directly. Marketing staff is attending more regional business meetings to present UCP information and look up members in the database. This also allows additional networking to set up new events or more presentations. Efforts will continue to strive to find new and additional communication avenues to deliver the important UCP consumer protection message to our citizens. Other Division staff will actively assist PR and Marketing in expanding these efforts to increase the return of property to our citizens.
Improved Unclaimed Property Claims Process - The Division of Unclaimed Property's transitioned to a SaaS unclaimed property management program (KAPS) which included a fully integrated document management and workflow software, which allows for paperless claims processing including a true FastTrack electronic claims process validating claimants without having to submit any documentation for review. In addition, improved reporting and new analytical software allow management to see trends, claim volumes, and other metrics daily to assist with workload planning and resource allocation. Continuous process improvements to workload planning and resource allocation have significantly improved claims processing time. In addition, cross training and realigning metric goals have also lead to improved performance optimization.
Provided Financial Guidance to Policymakers – The Debt Management Division provided guidance to both the Governor’s Office and the Legislative Branch through either its development of required reports or its requested participation in various discussions. On October 29, 2021, Treasury filed a Special Report of the Debt Capacity Advisory Committee with the General Assembly in which it evaluated whether Transportation should be reported separately and the growing amount of debt reported in the Commonwealth’s financials. The Special Report evaluated the debt capacity of Transportation and recommended that a combined model continue to be used, while separately providing more information about Transportation’s use of capacity. In addition, the Special Report determined that the annual DCAC Report would provide more information regarding debt not supported by taxes. In addition to the Special Report, Treasury participated as a member of the Commission on School Construction & Modernization legislative committee and evaluated school construction funding options, coordinated a review of the Commonwealth’s standing with the rating agencies and its ranking against peer states, evaluated economic development legislation and provided financing guidance for economic development initiatives.
Issued Debt Obligations During Volatile Financial Markets - The Debt Management Division has in recent years benefited from record low interest rates. However, with inflationary pressures, interest rate actions by the Federal Reserve and geopolitical issues, the financial markets have experienced volatility while generally causing interest rates to rise over the last fiscal year. Despite the volatility, the Debt Management Division was able to issue its bonds successfully, and while at higher interest rates than the recent past, the rates were still at attractive levels when viewed against longer term historical comparisons. In addition, $3.7 million in Master Equipment Leasing Purchase Program equipment purchases and $1.5 million in energy projects were financed by agencies of the Commonwealth during the year.
|Measure ID||Measure||Alternative Name||Esitmated Trend|
|15272503.001.001||Number of basis points by which yield on Virginia's general fund investment earnings exceed an industry benchmark by 15 basis points.||Improving|
|15273216.001.002||Number of checks printed per year by Treasury's Check Processing and Bank Reconciliation Service Area.||Improving|
|15273216.001.001||Percentage of checks delivered in a timely and accurate manner.||Improving|
|15273213.001.001||Ensure that all debt payment obligations are paid on time.||Maintaining|
|M152SA12002||Comparison of bond yields||Maintaining|
|152.0003||Ensure that all debt disclosure requirements are met and provided on a timely basis.||Maintaining|
|15273207.001.001||Percentage of valid unclaimed property claims paid within 30 calendar days.||Maintaining|
|• ||GOAL #1: Achieve excellence in operational results, resiliency, and stability.|
Summary and AlignmentThe Department of the Treasury strives for continuous improvement of processes, analytics, and documentation to deliver on its commitments to stakeholders.
Identify and implement applicable financial industry trends.
Treasury will maximize operational results by measuring our internal portfolio performance against peer benchmarks and stay abreast of relevant industry trends.
• Engage peer groups to better understand emerging public finance trends and to gain better insight of best practices.
• Review alternate benchmarks to gauge portfolio performance.
• Explore crypto currency policies and legislation.
• Determine banking needs for cannabis-related businesses.
• Determine environmental, social and governance (ESG) impacts on investments and debt issuances.
• Explore the use of alternate payment options (e.g., electronic payments such as Pay Pal, Zelle).
• Identify and implement relevant municipal market trends and maintain an open dialogue with members of the municipal market community.
Improve data capture and analysis.
Treasury will inventory all of its current data, identify data gaps, and improve its analytics capabilities to provide an unbiased perspective of performance.
• Identify data gaps.
• Complete the development of the data analytics platform for the Cash Management & Investments and Debt Management divisions.
Enhance the management of agency documents throughout their life cycle.
In order to enhance the productivity and efficiency of agency resources, Treasury will provide a structured process for creating, maintaining, and retaining agency documents used across the agency.
• Standardize a taxonomy and templates for policy and process documentation.
• Document and implement a process for the continual review and refinement of operating procedures and policies.
• Explore process automation options for document review, revision, and approval.
• Enhance the current data retention plan.
Review and refine operational processes to enhance efficiency.
Treasury seeks to modernize and improve each division’s processes to ensure long-term success as a trusted steward for the Commonwealth.
• Streamline the claims process.
• Streamline risk payment processing.
• Evaluate and streamline the annual financial reporting structure and processes.
• Expand the ways the agency collects and distributes unclaimed property.
• Replace or enhance standalone macros.
• Review and, as needed, modify the Investment allocation processes for the General Fund.
|• ||GOAL #2: Foster an inclusive and equitable work environment that attracts, develops, and retains a diverse and high-performing workforce.|
Summary and AlignmentTreasury strives to create a workplace that reflects the communities we serve and where everyone feels empowered to bring their full, authentic selves to work to serve the citizens of the Commonwealth with excellence.
Build bench strength through targeted recruitment, development, and retention.
Treasury will expand recruitment channels and ensure current employees are cross-trained on critical processes to prepare employees for career development and progression.
• Expand and diversify recruitment channels.
• Develop and implement cross-training strategies to broaden staff
• Assess as needed, and enhance the agency’s telework strategy.
Ensure our work and work environment are continually assessed and enhanced through the lens of diversity, opportunity, and inclusion.
Treasury will strive to create and sustain an agency culture that affirms and respects diversity and employs inclusive practices throughout daily operations.
• Refer to the Treasury Diversity, Opportunity, and Inclusion Plan for strategies and measures.
Engage employees at every level.
Engaged employees are invested in the organization, and typically are more productive. Linking employee contributions to agency goals and objectives will improve employee morale. Treasury programs that focus on employee recognition and engagement help to ensure that employees feel valued for their contributions. This enhances the agency’s ability to retain valuable employees.
• Enhance the agency’s recognition program to increase engagement.
• Establish an engagement team and work in conjunction with the team to develop and implement strategies for improving workplace culture.
• Promote the importance of engaging in a public service culture through the education of employees and the use of volunteer service leave.
|• ||GOAL #3: Utilize market-leading technology solutions to meet business and customer needs while delivering efficiencies, digital equity, and expanded access.|
Summary and AlignmentInformation technology no longer represents just a computer and a network, but a dynamic set of services that facilitate the on-time, right-sized, efficient delivery of products, while being elastic and agile enough to support the ever-changing needs of our partners, users, and most importantly our citizens.
Modernize and adapt agency technology to better serve business needs.
Treasury will modernize IT tools and infrastructure, enabling newer technologies to serve its customers better.
• Replace disparate, legacy risk management information systems with one comprehensive solution.
• Develop a new bond requisition system.
• Automate banking functions.
Increase effectiveness through technology.
Treasury will continually strive to save time and resources while increasing quality and level of service.
• Explore new platforms to gain efficiencies (e.g., move to the cloud).
• Formalize the information technology investment process.
• Assess potential opportunities to increase paperless functions and processes.
• Incorporate digital equity solutions into technology decisions.
|• ||GOAL #4: Increase transparency and accountability.|
Summary and AlignmentParallel to Treasury's core values, transparency and accountability are of critical importance to our stakeholders, investors and employees alike. Only through these efforts can we remain trusted stewards and innovative in our approach to operational excellence.
Increase and improve agency communication with stakeholders.
Effective communication is important for engaging and informing employees and agency stakeholders. By focusing our communication strategies, we help employees and stakeholders develop a better understanding of the work of the agency and changes in our operations.
• Increase the agency’s social media presence for specific programs.
• Examine internal and external communication processes to identify improvement opportunities.
• Increase communication with investors regarding environmental, social and governance (ESG) activity in the Commonwealth.
Improve Treasury’s transparency.
Through focused enhancements to Treasury's website and better use of social media platforms, the public should have access to information to better understand Treasury's performance of its duties.
• Provide program metrics on the agency’s website and keep them up to date.
• Review and update the agency’s website content regularly.