VIRGINIA MANJU S. GANERIWALA TREASURER P.O. Box 1879 Richmond, VA 23218 Tel: 804-225-3131 Fax: 804-786-0833 Email: [email protected] Website: www.trs.virginia.gov/ Selection Method: Appointed by Governor Term Length: Pleasure of the Governor Term Limit: Pleasure of the Governor Served: Since January 2009 Next Election Year: Not Applicable Salary: $157,249 KEY STAFF Robert S. Young, Deputy State Treasurer 804-225-2391 [email protected] Michael R. Tutor, Executive Assistant 804-371-6011 BIOGRAPHICAL SKETCH [email protected] Born Jan. 24, 1956 in Akola, India. Currently OFFICE OF THE TREASURER resides in Henrico County. Husband’s name: Suri; two children. Bachelor of Commerce, University Total Number of Employees: 121 authorized of Bombay; M.B.A., University of Texas at Austin. Size of Treasury Annual Budget: $19,417,233 Treasurer Manju Ganeriwala was appointed State Size of Portfolio Managed by Treasury: Treasurer by Gov. Timothy M. Kaine, e"ective Jan. 1, $8,300,000,000 2009, and reappointed by Gov. Robert F. McDonnell The Treasurer reports directly to the Virginia Secre- in July 2010. Prior to her appointment, Treasurer tary of Finance, which is a cabinet position reporting Ganeriwala was Deputy Secretary of Finance, serving directly to the governor. The primary responsibilities as a key advisor to the governor on all !nancial of the treasurer are to receive, maintain custody and matters of the commonwealth, including the crafting disburse all funds collected by the state, arrange for of the biennial state budget, issuing debt, retaining and manage the short- and long-term !nancing needs Virginia’s “AAA” general obligation bond rating of the commonwealth, invest state monies, maintain and maintaining the commonwealth’s status as one cash management and banking services, administer of the best !nancially managed states. Treasurer unclaimed property and escheat laws and administer Ganeriwala’s public service also includes her the commonwealth’s insurance programs. leadership roles with the Virginia Department of Medical Assistance Services where she served as chief !nancial o#cer for six years, and the Virginia Department of Planning and Budget, where she served as budget advisor on policy and !scal issues for 13 years. Her experience also includes strategic planning and long-range forecasting for the East Ohio Gas Company in Cleveland. Treasurer Ganeriwala is the current president of the National Association of State Treasurers. In addition to serving on numerous state boards, she is a member of the Board of Directors of the Richmond YWCA, and a member of the Asset Liability Committee for the Virginia Credit Union. 92 NATIONAL ASSOCIATION OF STATE TREASURERS ABOUT THE TREASURY Unclaimed Property (41 employees): Responsible for the administration of two major types of abandoned Administration (20 employees): General manage- property programs: personal property and real prop- ment is responsible for the day-to-day management, erty. Unclaimed Property is responsible for identifying sta#ng, planning, oversight and direction of Treasury. abandoned personal property through audits and Responsibilities include strategic planning, performance compliance reviews, administering the funds under management, sta#ng and personnel development the commonwealth’s control, and using its best e"orts and management, development and execution of to return the property to its owner. The Division of agency budget, legislative coordination, development Unclaimed Property promotes compliance with the of agency policies, procedures, goals and objectives, Uniform Disposition of Unclaimed Property Act and development and promulgation of agency regulations, Escheats Generally Statute, thereby enabling the development and maintenance of information systems return of unclaimed property to the rightful owners services, development of agency internal controls, and the return of abandoned real property to an active procurement of agency goods and services, facilities tax status within the state. management, telecommunications and internal Risk Management (13 employees): Protects Virginia’s auditing of agency functions and programs. state government and other public entities from Operations (21 employees): The Operations Division !nancial loss caused by legal liability, loss to property, provides centralized services to the commonwealth’s !delity and other hazards. This is done through the agencies and institutions for the following functions: establishment and administration of specialized statewide check processing and distribution; stop risk management plans authorized by statute and payments and forgeries; bank reconciliation of all Trea- approved by the governor. surer of Virginia bank accounts; investment accounting for the general account of the commonwealth and OTHER PROGRAMS numerous trust and bond funds; and trust accounting for most of the commonwealth’s debt issuances and State Non-Arbitrage Program: Virginia administers several of its authorities and the Literary Fund. The an externally managed program available to state and division also provides support services to the Treasury local governments for the investment management and the Treasury Board for accounting and budgeting. of bond proceeds and arbitrage rebate calculation Debt Management (10 employees): Responsible for services. At the end of 2012, assets under management the issuance and management of debt for the common- in this program were $3.0 billion. wealth, including debt of the Virginia Public Building Securities for Public Deposit Program: Treasury Authority, Virginia College Building Authority and the is responsible for the administration and monitor- Virginia Public School Authority. The division provides ing of the state’s program to secure Virginia public sta" support to the Treasury Board and the Debt deposits and ensure that state and local deposits are Capacity Advisory Committee, monitors outstanding adequately collateralized by securities pledged by tax-supported debt for reporting and analysis purposes, !nancial institutions holding Virginia public deposits. and advises on the !nancing of state, or state-supported The Treasurer is also custodian for securities pledged capital projects. The division coordinates activities as collateral by insurance companies authorized to relating to maintaining the commonwealth’s triple-A conduct business in Virginia. general obligation bond ratings. Cash Management and Investments (10 employees): ADDITIONAL ACTIVITIES Responsible for the investment of state funds, the management of the Local Government Investment The Virginia State Treasurer serves on the following Pool Program and the administration of banking and boards and authorities, the !rst six being sta"ed by cash management services. The goal of the division is the Department of the Treasury: Commonwealth of to manage state and local government funds by maxi- Virginia Treasury Board (Chair); Debt Capacity Advisory mizing investment earnings within levels of prudence Committee; Virginia College Building Authority; Vir- established by statute and Treasury Board guidelines, ginia Public Building Authority; Virginia Public School to work with state agencies/institutions and !nancial Authority; Tobacco Settlement Financing Corporation; institutions to improve cash management and ensure Virginia College Savings Plan; Virginia Housing Devel- the highest quality of service to the commonwealth at opment Authority; Virginia Port Authority; Virginia competitive costs. Total funds under management at Resources Authority and the Virginia Small Business the end of 2012 exceeded $8.3 billion. Financing Authority. STATE TREASURY PROFILES 93.