The Kentucky State Treasury is statutorily and constitutionally required to perform several critical and essential government functions.
The Kentucky State Treasurer administers Kentucky’s Unclaimed Property Fund. Unclaimed property generally consists of such items as payroll checks, unclaimed safety deposit boxes, old life insurance policies, or vendor checks that have remained unclaimed by their owners after several years. After a period of time, usually 3 years, banks and other financial institutions turn over the unclaimed property to the Kentucky State Treasury. Kentucky residents can then search through the existing database to discover if they have any unclaimed assets or funds. The Unclaimed Property Fund contains assets with a total value of nearly half a billion dollars. Those are assets owned by Kentucky residents and also Kentucky local government agencies.
The Kentucky State Treasurer is responsible for making timely deposits of incoming revenues from state agencies. Aside from depositing authority, the Treasury must also record, monitor, and reconcile all transactions in the state’s depository and checking accounts.
The Treasury must record, verify, and pay all federal, state, and local withholding taxes for employees of the Commonwealth. The Treasury is also mandated to implement court ordered attachments against the salaries of state employees or moneys owed to state vendors. The Treasury is also mandated to perform critical functions that ensure compliance with the Federal Cash Management Act of 1990.