IOWA OFFICIAL REGISTER

MICHAEL L. FITZGERALD

Treasurer

Des Moines (D)

Birth: November 29, 1951, Marshalltown. Parents: James and Clara Fitzgerald. Education: Graduated Colo Community High School, 1970; B.S. in business administration, University of Iowa, 1974. Children: 1 daughter, Erin; 1 son, Ryan . Profession and Activities: Serving fifth term as treasurer of Iowa. Previously employed as a marketing analyst for Massey Ferguson Company, Des Moines for 8 years. Member and past president of the National Association of State Auditors, Comptrollers, & Treasurers (NASACT), National Association of State Treasurers (NAST), Midwest Treasurers Association, and the National Association of Unclaimed Property Administrators. Served as investment advisor for the Pensions in the Nineties delegation to the Soviet Union, 1991. Chosen by City & State magazine as one of the most valuable public officials working in state government, 1989. Chosen as one of 10 delegates in the American Council of Young Political Leaders for a Study Tour of the People's Republic of China, 1988. Salary: $85,429. Term: expires January 2003.

OFFICE OF THE TREASURER OF STATE

State Capitol, Des Moines, IA 50319

(515) 281-5368

www.treasurer.state.ia.us

The treasurer of state, a constitutional officer, serves a four-year term. The treasurer plays a primary role in the cash management of state funds. The treasurer processes receipts, accounts for funds, invests funds, and maintains custody of funds. The treasury functions as a depository for state agencies and the treasurer handles all consequent bank relations. The treasurer also accounts for state funds on a cash basis and balances regularly with the Iowa Department of Revenue and Finance. The treasurer invests state operating funds, funds transferred to the state under Iowa's unclaimed property laws, and the Iowa Centennial Memorial Foundation funds. The treasurer also administers the investment of two state pension funds; the Judicial Retirement Fund and the Peace Officers' Retirement fund. The treasurer maintains custody of the funds listed above, as well as the Iowa Public Employee's Retirement Fund. The treasurer of state also works in the following areas:

Monthly, the treasurer meets with the superintendent of banking and the state auditor to set interest rates to be paid on public funds held in depositories. They also set guidelines and rates for the debt obligation of public bodies in Iowa.

Additionally, the treasurer ensures that public funds investments and deposits
are secure. The treasurer provides technical assistance to public bodies regarding investments. In addition, the treasurer manages the public funds pledging program which secures deposits in excess of federal insurance.

The treasurer prepares an annual report of bonded indebtedness of state and local governments in Iowa.

The treasurer coordinates the issuance of obligations (notes, bonds, and other evidence of indebtedness) by state agencies, authorities, or other instrumentalities of the state.

Companies and banks in Iowa and across the nation report millions of dollars in unclaimed property to the state treasurer each year. Treasurer Fitzgerald created the Great Iowa Treasure Hunt to locate owners of unclaimed funds. The treasurer returns thousands of dollars to Iowans each year.

The treasurer provides below market financing for alternative crops and nontraditional livestock, for focused small businesses and the transfer of rural small businesses.

The treasurer of state serves on a number of state boards and authorities including the State Executive Council, the State Appeal Board, the Peace Officers' Retirement Board, the Records Management Commission, the Iowa Centennial Memorial Foundation, the Iowa Comprehensive Petroleum Underground Storage Tank Board, the Iowa Business Development Corporation, and acts as an ex-officio member of all state finance authorities. The treasurer also serves as the treasurer of the Iowa Grain Depositors & Indemnification Board.

The treasurer administers College Savings Iowa, a plan created in 1998 to provide Iowa families with a way to save for future college expenses. The plan provides state and federal tax breaks, minimal paperwork, no administrative fees and the accounts can be used at any institution of higher learning in the country. Kiplinger Magazine rated Iowa's plan number one in the country in the February 1999 issue.

Treasurer's Staff

Deputy, Steven F. Miller; Deputy, Stefanie Devin; Deputy, Bret Mills