Nebraska State Treasurer Don Stenberg said today that his office spent $818,372 less than was appropriated for the office by the Legislature for the 2011-2013 biennium. That period represents Treasurer Stenberg’s first two full fiscal years in office.
“As a candidate for State Treasurer in 2010, I said that I would look for ways to bring economy and efficiency to the operations of the Treasurer’s Office. Since being elected, I have consistently done that while maintaining the high professional standards of the office and the high-quality services provided to taxpayers,” Stenberg said.
The less-than-budgeted spending in the Treasurer’s Office comes on top of two consecutive years of budget cuts for the Treasurer’s Office at Stenberg’s request. Stenberg’s budget request for fiscal year 2013-2014 represented a 1.2 percent reduction from the previous operating budget and a 6.6 percent reduction in the state general fund appropriation. The budget request was approved by the Legislature and Gov. Dave Heineman.
Two years earlier, Stenberg asked for a nearly $1.4 million reduction (13 percent) in the Treasurer’s Office budget for the 2011-2013 biennium, which also was approved by the Legislature and Gov. Heineman.
“My office managed to spend less than was authorized by careful attention to daily expenses and by ongoing efforts to look for the most cost effective way to transact the State Treasurer’s business. We continue to provide high-quality, efficient services to Nebraska taxpayers, while upholding a high standard of fiscal responsibility,” Treasurer Stenberg said.
Stenberg said the savings was brought about by careful spending practices in the office and the use of electronic payments whenever possible to save on the cost of paper, printing, and postage. The experienced staff also is versatile and knowledgeable and able to fulfill multiple roles easily with little staff turnover, he said.
The Treasurer’s Office is made up of five divisions: Treasury Management; the Nebraska Educational Savings Trust (NEST); the Long-Term Care Savings Plan; Unclaimed Property; and the Nebraska Child Support Payment Center, which receives and disburses child support payments from approximately 70,000 non-custodial parents.
The Treasurer’s Office also, by law, is responsible for maintaining and improving the State of Nebraska financial transparency website, NebraskaSpending.gov.
The Treasurer’s Office employees 46 staff members in three locations in Lincoln: Suite 2005 in the State Capitol; the Unclaimed Property office, 809 P St.; and the Child Support Payment Center, 233 S. 10th St.
The Treasurer’s Office operating budget for fiscal year 2013-2014, which began July 1, is $4.67 million. Stenberg said he will continue to carefully monitor office spending in keeping with his commitment to apply fiscal responsibility and cost savings wherever possible in his office.