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Treasurer's Annual Report for 2011

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Treasurer's Annual Report for 2011 STATE OF MISSISSIPPI ANNUAL REPORT OF THE STATE TREASURER FOR THE YEAR ENDED JUNE 30, 2011 OFFICE OF THE STATE TREASURER TATE REEVES STATE TREASURER ♦ STATE TREASURY MANAGEMENT STAFF ♦ LIZ WELCH – DEPUTY STATE TREASURER MARJORIE FANNING – DIRECTOR – ACCOUNTING DIVISION RICHARD MANNING – DIRECTOR – BOND & COLLATERAL DIVISION KATHRYN STEWART – DIRECTOR – COLLEGE SAVINGS PLANS DIVISION THOMAS BOUNDS – DIRECTOR – INFORMATION TECHNOLOGY DIVISION BETSY MCLEAN, CFA – DIRECTOR – INVESTMENT & CASH MANAGEMENT DIVISION JOHN YOUNGER – DIRECTOR – UNCLAIMED PROPERTY DIVISION RICHARD ROGERS – INTERNAL AUDITOR SPECIAL THANKS TO JOE SULLIVAN TABLE OF CONTENTS Letter of Transmittal _____________________________________________________________ 1 Past Treasurers _________________________________________________________________ 3 Executive Summary _______________________________________________________ ______ 4 Treasurer’s Statutory Duties _______________________________________________________ 6 Representation of the Executive Branch ______________________________________________ 7 Management of the State Treasurer’s Office __________________________________ ________ 10 Financial Reports _______________________________________________________________ 20 Historical Information __________________________________________________________ 21 Summary of General, Special, Education Enhancement & Clearing Funds ___________________ 22 Schedule of Monthly Receipts & Disbursements _______________________________________ 24 Schedule of General Fund Receipts _________________________________________________ 26 Schedule of General Fund Disbursements ____________________________________________ 30 Schedule of Special Fund Receipts _________________________________________________ 33 Schedule of Special Fund Disbursements ____________________________________________ 41 Schedule of Education Enhancement Funds Receipts ___________________________________ 53 Schedule of Education Enhancement Funds Disbursements ______________________________ 54 Schedule of Clearing Funds Receipts and Disbursements ________________________________ 55 Funds Invested by the State Treasury & Interest Revenue ________________________________ 56 Bonded Indebtedness _____________________________________________________________ 69 Schedules of Debt Service _________________________________________________________ 70 Treasury Department Organizational Chart _____________________________________ _______ 74 Notes to the Annual Report of the Treasurer ____________________________________________ 75 STATE OF MISSISSIPPI TREASURY DEPARTMENT TATE REEVES POST OFFICE BOX 138 STATE TREASURER JACKSON, MISSISSIPPI 39205 TELEPHONE (601) 359-3600 December 31, 2011 To the Honorable Haley Barbour, Governor of the State of Mississippi, Members of the Mississippi Legislature, and Citizens of Mississippi: In compliance with Article 4, Section 115 of the Mississippi Constitution, I am honored to submit the Annual Report of the Treasurer for the fiscal year ended June 30, 2011. The report is a record of the commitment we share to fiscal integrity and responsible, progressive leadership. I am privileged to serve the citizens of Mississippi as the 53rd State Treasurer. Mississippi has a reputation for conservative financial management that has been further enhanced by the State’s commitment to fiscal prudence. Accomplishments I would note as especially significant during fiscal year 2011 include: • The Mississippi Treasury Department earned $97 million on all state funds in FY 2011. Over the last ten years, the State Treasurer has earned approximately $860 million in interest on state funds. • The Mississippi Prepaid Affordable College Tuition (MPACT) program entered its fourteenth year. By the end of the fiscal year, MPACT had 29,768 Mississippi children enrolled in the program. • The Mississippi Affordable College Savings program (MACS), which is a companion program to MPACT completed the fiscal year with 12,207 accounts. • Our Unclaimed Property Division paid approximately $7.4 million in claims to citizens of Mississippi during fiscal year 2011. • During fiscal year 2011, Mississippi issued General Obligation Bonds of $650,670,000 and General Obligation Notes of $95,245,705. • Mississippi maintained its healthy credit ratings from Moody’s, Standard and Poor’s, and Fitch this fiscal year with ratings (Aa2/AA/AA+). We must continue to be judicious in regard to borrowing, yet willing to seize economic development opportunities when presented. With prudent fiscal policies coupled with active stewardship of our resources, I am confident that Mississippi will be prepared to seize the great economic opportunities that lie ahead. Sincerely, Tate Reeves State Treasurer - 2 - TREASURERS OF THE STATE OF MISSISSIPPI (FROM THE ADMISSION OF THE STATE INTO THE UNION) Samuel Brooks, W.J. Miller, 1817 1904-1908 Lawrence County Panola County Peter Schuyler, George R. Edwards, 1818-1821 1908-1912 Unknown County Attala County Samuel Wooldridge, P.S. Stovall, 1821-1828 1912-1916 Adams County Hinds County James Phillips, Jr., J.P. Taylor, 1828-1836 1916-1920 Copiah County Montgomery County Charles C. Mayson, L.S. Rogers, 1836-1838 1920 Marion County Holmes County James Phillips, W.M. Murry, 1838 1920-1924 Copiah County Tippah County J.A. Van Hoesen, Ben S. Lowry, 1838-1839 1924-1928 Copiah County Covington County Silas Brown, Webb Walley, 1839 1928-1930 Hinds County Greene County H. Craig, Henry Clay Yawn, 1839 1930-1932 Hinds County Lamar County James G. Williams, Lewis S. May, 1839 1932-1936 Hinds County Rankin County Joshua S. Curtis, Newton James, 1840-1841 1936-1940 Hinds County Hinds County Richard S. Graves, Lewis S. May, 1841-1843 1940-1944 Choctaw County Rankin County William Clark, Newton James, 1843-1847 1944-1948 Hinds County Hinds County Richard Griffith, R.W. May, 1847-1851 1948-1952 Hinds County Hinds County William Clark, Newton James, 1851-1854 1952-1956 Hinds County Hinds County Shields L. Hussey, Robert D. Morrow, 1854-1860 1956-1960 Adams & Claiborne Counties Rankin County M.D. Haynes, Evelyn Gandy, 1860-1865 1960-1964 Yazoo County Forrest County W.B. Weaver, William F. Winter, 1865 1964-1968 Yazoo County Grenada County John H. Echols, Evelyn Gandy, 1865-1869 1968-1972 Hinds County Forrest County William H. Vassar, Brad Dye, 1869-1874 1972-1976 Monroe County Grenada County G.H. Holland, Edwin Lloyd Pittman, 1875 1976-1980 Choctaw County Forrest County William L. Hemingway, John L. Dale, 1875-1890 1980 Carroll County George County J.J. Evans, Bill Cole, 1890-1896 1980-1988 Monroe County Hinds County A.Q. May, Marshall Bennett, 1896-1900 1988-2003 Simpson County Hinds and Holmes Counties J.R. Stowers, Peyton D. Prospere, 1900-1901 2003 Lafayette County Hinds County G.W. Carlisle, Tate Reeves, 1901-1902 2004-present Hinds County Rankin County Thad B. Lampton, 1902-1904 Pike County - 3 - EXECUTIVE SUMMARY Recovery from the Great Recession was an ongoing factor throughout Fiscal Year 2011. The state received its last installment of the ARRA stimulus funds as $383 million was allocated to provide additional funding for essential state services throughout Mississippi State Government. Devastating tornadoes and historic flooding threatened Mississippi’s economy throughout the fiscal year, but thanks to careful budgeting practices and sound fiscal policy, the general funds collected through June 30, 2011 was $61.4 million above the sine die estimate. Lowering unemployment with job creation and providing adequate levels of funding for public education remain top priorities as Mississippi continues to weather a stagnate national economy. The general fund ending cash balance was $68,767,058. We ended the year with a balance in the Working Cash Stabilization Reserve Fund of $191.5 million, after transfers authorized by the Governor and appropriations authorized by the Legislature to meet the budgetary needs of the state. Interest earnings for fiscal year 2011 totaled $97 million, and at June 30, 2011, the Treasury had an invested balance of $3.85 billion. During fiscal year 2011, Mississippi issued General Obligation Bonds of $650,670,000 and General Obligation Notes of $95,245,705. These issuances represent Mississippi’s commitment to improving the quality of life through transportation, education, the environment, economic development and tourism. $650,670,000 General Obligation Bonds – The Taxable Series 2010D were issued to provide funding for MDA Workforce Training; to provide funding for the Sustainable Energy Research Fund; to provide funding for the Mississippi Heritage History Fund; to provide funding for the ACE Fund; to provide funding for Railroad Lines and Bridges; to provide funding for Existing Industry Fund; to provide funding for Rural Impact; to provide funding for Small Municipalities; to provide funding for Small Business/Forestry Loan; to provide funding for the Mississippi Industry Incentive Financing Program; to provide funding for Toyota through the Mississippi Major Economic Impact Program; to provide funding for Farish Street Historic District; to provide funding for the Railroad Revitalization Program; and to provide funds to refinance the previously issued short term financing of the 2009B Note, the 2010A Note, the 2010B Note, and the 2010C Note. The Federally Taxable Recovery Zone Economic Development Bonds, Series 2010E were issued to provide funding for the Highway Bridge Program; to provide funding for Vision 21; and to provide funding for the Camp Shelby Access Road. The Federally
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