State treasuries serve as the banks of the state; they also manage the money of the state, and therefore serve a vital role in their overall economic success. Universal among the states of Alabama, Kentucky, Illinois, New York and Michigan is the role of the treasurer and their attitudes on university education. Each department functions to invest state funds in order to maximize profit, thereby increasing their revenue so that the public can be better assisted. Each state has an unclaimed property fund to help lost items reach their owners, and each state has a savings program implemented to assist parents in saving for their children's education. Below is a short description of some of the more interesting programs and information about each state:
Alabama State Treasury
* Prepaid Affordable College Tuition Program (PACT): This investing plan helps families by allowing them to purchase a contract to prepay 135 semester hours of college tuition at any college or university around the country
* The Security for Alabama Funds Enhancement (SAFE): This program involves banks in securing their own funds by requiring them to pledge collateral to the Treasury Department for a contractual pool
Kentucky State Treasury
* The Treasurer position was among the first created by the state constitution in 1792; they are elected every four years and act as the chief elected fiscal officer
* KEES program: This is a lottery program set up to raise money to send graduating high school seniors to college
* Kentucky Teachers' Retirement System: Oversees the pensions and savings of teachers
Illinois State Treasury
* Agriculture and Alternative Agriculture Loan Program: Offered to farmers or agriculture specialists who produce alternative products such as grapes, strawberries, or hydroponically grown food. Also for those who are in the Christmas Tree growing, fish farming or wine-making business
* Bank At School: This program helps elementary school children learn the basics of money management by partnering a local bank with a school to run an in-school bank.
New York State Treasury
* Linked Deposit Program: This program was started to encourage small businesses in the state to invest. Banks offer a 2-3% lower interest rate on loans
* International Fuel Tax Agreement project: this plan simply demonstrates how commercial motor carriers report their fuel use taxes. With this plan they can buy one license that can be used through IFTA jurisdictions.
Michigan State Treasury
* Taxable Tobacco Settlement Asset-Backed Bonds: the proceeds from the sale of these bonds is used to buy tobacco receipts and proceeds are deposited in the 21st Century Jobs Trust Fund to create more high-tech jobs.
* Michigan Municipal Bond Authority (MMBA): Established in 1985 to give schools and other areas of government a different financing source to use for certain projects[ad_2]