The Missouri State Treasurer's Office received the highest rating available from the State Auditor's Office, according to an audit report released Monday by State Auditor Nicole Galloway.
Scott Fitzpatrick is currently the state treasurer. He was sworn into the position last January after the previous elected treasurer, Eric Schmitt, was sworn in as Missouri attorney general.
The audit of the treasurer's office found "no significant deficiencies in internal controls, no significant noncompliance with legal provisions, and no significant deficiencies in management practices and procedures. No findings resulted from this audit."
The state treasurer is the custodian of all state funds, determines the amount of state monies not needed for current operations and invests monies in interest-bearing time deposits. The office also manages unclaimed property from safe deposit boxes.
Among financial details in the audit, including the office's budget and expenses, the report also notes the treasurer "maintains approximately 41 demand deposit bank accounts that serve as the state's primary operating accounts, and 84 additional demand deposit bank accounts throughout the state, some with multiple depositing locations, that serve as collection accounts for various state agencies."
Of the 41 primary operating accounts, Central Bank handles most of the money involved, with more than $31.4 million in 30 accounts, as of June 30, 2019. Wells Fargo and Commerce Bank handle most of the rest of the more than $35.7 million in total in the operating accounts.
All of the treasurer's deposits at June 30, 2019, were "entirely covered by federal depositary insurance or by collateral securities held by the custodial banks in the State Treasurer's name," according to the audit.
The state treasurer's office also had more than $2.6 billion invested in U.S. government securities, more than $1.2 billion invested in repurchase agreements and more than $373 million invested in time deposits, as of June 30.