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Mississippi State Treasurer David McRae Mississippi State Treasurer David McRae

Statutory Duties of the Treasurer

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The Mississippi Code details the fiduciary responsibilities of the Treasurer as follows:

  • To invest and account for general, special, clearing, and special purpose investment funds, as well as bond proceeds, according to specific legislated authorization and direction
  • To account for and invest trust funds in the custody of the Treasurer
  • To account for and disburse funds for scheduled payments on bonded indebtedness
  • To prepare all reports and maintain all records required by the Federal Tax Reform Act for calculating any required arbitrage rebate
  • To distribute proportionate tax revenues to counties, cities, and other taxing districts of the state
  • To monitor the cash position of all Treasury funds to ensure that cash balances are invested immediately and sufficient cash balances are on hand to pay obligations as they become due
  • To provide a cash flow projection for the timing of receipts and disbursements
  • To identify and recommend to other state agencies the use of cash management techniques which speed collection and increase earnings on investment balances
  • To prepare semi-annual GAAP (Generally Accepted Accounting Principles) report packages on all funds managed by the Treasurer for inclusion in the Comprehensive Annual Financial Report prepared by the Department of Finance and Administration.
  • To act as custodian of unclaimed property reported to the Treasurer and attempt to locate the rightful owners so that they may claim their property
  • To serve as Treasurer to the Mississippi Employment Security Commission
  • To ensure that all state deposits in approved depository institutions are collateralized at 105 percent of the deposit balance according to statute
  • To serve as custodian for securities pledged to the state and its agencies
  • To annually approve and issue a commission to all financial institutions serving as depositories for state funds
  • To process and pay all warrants issued by the state in payment of its obligations
  • To administer the Mississippi Prepaid Affordable College Tuition (MPACT) program and invest the corpus of the MPACT trust fund on behalf of the purchasers of state-guaranteed college tuition contracts
  • To oversee the Mississippi Affordable College Savings (MACS) program and monitor performance of the MACS program manager