BISMARCK - The treasurer's office, one of the smallest departments in North Dakota government, has a combination of roles ranging from check-cashing to investing several of the state's multimillion-dollar trust funds.
It has survived two attempts in the past 20 years to have it wiped out of the state constitution. It has but six workers, two of whom are newly elected Treasurer Kelly Schmidt and Deputy Treasurer Lawrence Hopkins.
Generally, the treasurer "receives and keeps all the monies belonging to the state not required to be received or kept by another state entity."
The office provides investment services for trust funds, agricultural commodity groups and the Veteran's Postwar Trust Fund, which are invested in funds outside the Bank of North Dakota.
The treasurer computes and distributes portions of state taxes that are set aside for political subdivisions such as school districts, cities and counties: Highway Tax Distribution Fund; State Aid Distribution Fund; Coal Severance Tax Distribution Fund; Cigarette Tax Distribution Fund; Oil and Gas Gross Production Tax Distribution Fund; Township Road and Bridge Fund; Coal Conversion Tax Trust; Oil Extraction Tax Development Trust; Estate Tax Distribution Fund and the Federal Tax Replacement Fund.
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The treasurer also sends out distributions from several other state funds after the state Tax Department computes the amounts.
The treasurer, by law, serves on several boards: Board of Tax Equalization, State Historical Board, State Investment Board, State Canvassing Board, Teacher's Fund for Retirement Board, and the Board of University and School Lands.
And, after Schmidt took office earlier this year, the office once again provides check-cashing services for legislators during the session. The previous treasurer had stopped the service several years ago.
Readers can reach Forum reporter
Janell Cole at (701) 224-0830
