The Missouri state treasurer is the state's chief financial officer. The treasurer's office manages Missouri's $19 billion in annual state revenues. The duties of the state treasurer as defined by the Missouri Constitution and statutes are to be the custodian of all state funds, and to invest those funds not needed for daily state operations. The state treasurer serves a term of four years, and a person may only serve as state treasurer for two terms.

The state treasurer serves as Missouri state government's banking director. While not a bank itself, the treasurer's office must authorize payments and balance accounts. The office contracts with Missouri banks to: process the state's receipts and disbursements; handle money and security transfers; provide cash forecasting services; report on the state's accounts, balances and payment activities; and provide related banking services such as data processing. Bidding for the state banking services contract is open to all Missouri banks.

Investments

The state treasurer determines the amount of state funds not needed for current operating expenses and invests those funds in financial instruments set forth in the state constitution: interest-bearing time deposits in Missouri banks, U.S treasury and federal agency securities, repurchase agreements, banker's acceptances and top-rated commercial paper. Legality and safety are the treasurer's top priorities in the investment of the public's funds. The office has an average of $2.5 billion invested daily, earning the state millions of dollars in interest income each year.

Unclaimed Property

The treasurer's office is responsible for Mis-souri's largest "lost and found," the state's Unclaimed Pro-perty program. Most unclaimed property consists of cash from bank accounts, stocks, bonds, and contents of safe deposit boxes that have been abandoned-that is, for which there has been no documented transactions or contact with the owners for five or more years. The office currently holds more than $200 million in unclaimed property and funds for more than 1.5 million owners. All unclaimed property is held in trust by the state forever and can be claimed at any time. To recover unclaimed property, claimants must be either the original owner of the property or a legal heir.

Savings Promotion

The state treasurer chairs the Missouri Saving for Tuition or MO$T board. Developed by the State Treasurer's Office in 1999, the MO$T program encourages Missouri families to save for higher education while taking advantage of significant federal and state tax benefits. Dollar$ & $ense, created in 1995, is a statewide bank-at-school program available to Missouri elementary schools through a partnership of the State Treasurer's Office, local Missouri financial institutions, the Missouri Council on Economic Education, the Missouri Bankers Association and the Consumer Credit Counseling Service of the Mississippi River Valley. The program teaches Missouri's school children to make informed decisions as savers, spenders, borrowers and money managers.

Member of the Board

The state treasurer serves on the management boards of three public entities, and plays an important role in ensuring that their funds are managed and invested in a responsible manner. These boards are: Missouri Housing Development Com-mission, which assists in the creation of affordable housing for low- and moderate-income Missourians; Missouri State Employees' Re-tirement System, which manages retirement funds for more than 56,000 state employees and retirees; and Board of Fund Commissioners, which issues, redeems and cancels state general obligation bonds and other debt. The treasurer also serves on the boards of the Missouri Historical Society, the Missouri Investment Trust, the Missouri Cultural Trust and the Regional Jobs Initiative.