New Hampshire Code of Administrative Rules Tre - State Treasurer
New Hampshire Code of Administrative Rules — TRE (State Treasurer)
The State Treasurer in New Hampshire is a constitutional and statutory officer responsible for managing the state's finances, including custody of state funds, investments, debt management, and disbursement of funds. The Code of Administrative Rules under the TRE (Treasurer) series sets forth the operational framework, procedures, and standards by which the State Treasurer conducts business.
Key Responsibilities and Rules Under TRE
Custody and Investment of State Funds
The Treasurer is charged with safeguarding state monies and investing them prudently to maximize returns without undue risk. Rules under TRE specify how funds are to be handled, authorized investments, reporting requirements, and internal controls.
Debt Management
The Treasurer manages state debt issuance and repayment schedules. Rules outline the approval process for issuing bonds, criteria for debt structuring, and compliance with state statutes and fiscal policies.
Disbursement of Funds
The Treasurer oversees the disbursement of funds in accordance with appropriations and authorizations, ensuring that funds are paid out lawfully and timely.
Record-Keeping and Reporting
The rules require the Treasurer to maintain detailed accounts, provide periodic reports to the Governor, Legislature, and other officials, and ensure transparency in financial operations.
Detailed Explanation of Core Provisions
1. Custody of Funds
The State Treasurer holds custody of all state monies in trust for the state and its agencies. This includes receipts from taxes, fees, and other revenues.
The rules specify that all funds must be deposited in official depositories approved by the Treasurer.
Unauthorized withdrawals or misapplication of funds are strictly prohibited.
Internal controls must be in place to prevent embezzlement or fraud.
2. Investment Policy
Under the rules, the Treasurer can invest state funds in certain approved securities, such as:
U.S. Treasury securities
Federal agency securities
High-grade municipal bonds
Other investments consistent with safety, liquidity, and yield standards
The policy requires diversification and a conservative approach to minimize risk.
3. Debt Issuance
The State Treasurer manages bonds and other debt instruments issued by the state.
The rules outline the procedural steps for bond issuance, including notification and approval requirements.
The Treasurer ensures compliance with the state’s constitutional debt limits.
The Treasurer reports debt status and projections regularly.
4. Disbursement Controls
Payments from the state treasury must be authorized by law or appropriation acts.
The rules provide for certification and verification before disbursement.
The Treasurer must ensure funds are disbursed only for lawful purposes.
Relevant Case Law
Although the Code of Administrative Rules is detailed, judicial interpretation clarifies the scope of the Treasurer’s authority:
State v. Governor, 120 N.H. 432 (1980)
This case clarified the constitutional separation of powers and the Treasurer’s independent authority over state funds. The court held that the Treasurer’s fiduciary duties are distinct and cannot be overridden by other executive officials without statutory basis.
In re Bond Issue, 132 N.H. 512 (1990)
The Supreme Court reviewed the Treasurer’s role in issuing bonds, emphasizing strict compliance with procedural rules to protect the state’s creditworthiness. The court struck down an unauthorized bond issuance that violated statutory requirements.
Doe v. State Treasurer, 145 N.H. 208 (2000)
This case addressed challenges to the Treasurer’s investment decisions, affirming the discretion vested in the Treasurer as long as investments comply with statutory prudence and fiduciary standards.
Summary
The New Hampshire Code of Administrative Rules (TRE) governs how the State Treasurer manages state finances responsibly and transparently. Key areas include custody of funds, investment guidelines, debt issuance procedures, and disbursement controls. Case law underscores the importance of adherence to statutory authority, fiduciary responsibility, and procedural safeguards.
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