Friday, June 22, 2007
State Budgeting and Finance – Question 3
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- Robert Botsch, USCA Political Science
- I am the one on the right! I have been a professor of political science at USCA since 1978. We will use this blog for class discussion and for posting written assignments that I may make. When you post you may do so using the anonymous profile, but please sign your name to all your posts! Posts are shown REVERSE chronological order. The most recent post is at the top. So READ FROM THE BOTTOM UP in the topics shown in the BLOG ARCHIVE above.
3 comments:
The State Treasure and the Comptroller head offices that perform important budgetary functions for the state. The State Treasure’s Office is responsible for managing the state’s revenues through the use of banking. The office has four main purposes. 1) Collects revenues owed to the state. 2) Disburses money approved payments. No money can be paid out of the Treasure’s Office until it is approved by the Comptroller General. 3) The office invests idle funds. Revenues do not come in at a steady pace. 4) Finally, the office issues and maintains the state’s debt.
The Comptroller Office performs an oversight role during the budgetary process. It is responsible for maintaining accounting controls over all state funds. It reviews bills and payrolls owed by the state. The office will issue a warrant authorizing the State Treasure’s Office to make the disbursement if it is approved. This process protects against fraud and mismanagement of taxpayer money. At the conclusion of the fiscal year, the Office issues the state’s comprehensive annual financial report.
Julie Kate
The State Tresurer and Comptroller both perform important but different roles in the budget and finance process. The State Treasurer's primary function is to manage the state's revenues. All funding must be approved by the Comptroller General.
The Treasurer collects revenues and distributes money for payments. The tresurer also invests funds at designated times andissues and controls the state's debt.
The Comptroller is more of an overseer of the process. The Comptroller's Offices maintains accounting of all state funds. The Comptroller has to approve all payments. They review bills and payrolls in the state. They also makes a annual financial report that explains the states finiancial stance. The jobs of the State Treasurer and Comptroller work paralell to one another to prevent fraud and mismanagement of the states's money.
CoShendra J
Both of these answers are good. In a nutshell, the Treasurer actually handles the money and pays bills and manages borrowed money (debt) and state investments, while the Comptroller plays an auditing role -- having someone to oversee is always a good idea to prevent problems.
Bob B
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