What Are the Responsibilities of the Pennsylvania Department of Treasury?

What Are the Responsibilities of the Pennsylvania Department of Treasury?

The Pennsylvania Department of Treasury manages numerous financial responsibilities for the state's citizens, including payment of salaries to state employees. The agency also safeguards revenue collected by the Pennsylvania Department of Taxation. As of 2014, the treasury department is responsible for about $100 billion in state government funds.

In administering the salaries of state employees, the Pennsylvania Department of Treasury ensures that adequate funds are available for payment. It also manages state pension funds by making investments and securing available funds for retired employees.

The agency maintains an unclaimed property registry, which includes approximately $2 billion in abandoned, lost or forgotten money. By entering a name on PATreasury.gov, individuals can search for unclaimed assets and file a claim for payment.

Another major responsibility of the Pennsylvania treasury department is the investigation of loss or fraud involving state-issued funds. The agency reviews invoices for payment before making payments. Through a yearly audit, the agency identifies incidents where state funds were lost and initiates appropriate legal proceedings.

The department also maintains the state's contract database, which includes agreements between the Pennsylvania government and private entities. Under the state's Right-To-Know law, the agency also posts details about these contracts on a website for public review.