Nicholasville, Kentucky — On Monday, September 30, 2024, the Nicholasville Rotary Club welcomed Mark Metcalf, Kentucky’s 42nd State Treasurer, as its speaker. Metcalf, a native of Lancaster in Garrard County and a graduate of the University of Kentucky, shared insights about his role and the responsibilities of the state treasury.
Metcalf expressed enthusiasm about being part of the community, stating, “It’s an honor to be here. I say this everywhere I go but it’s true– there’s no place I’d rather be right now than here with you.” His position, which is elected every four years with a limit of two consecutive terms, involves oversight of various boards significant to Kentucky’s economic and financial welfare.
The state treasurer’s responsibilities include being the chief financial officer and watchdog, ensuring compliance with statutory and constitutional regulations regarding the spending of state dollars. The department oversees functions such as recording payroll taxes, implementing court orders against salaries, and managing the state’s finances efficiently.
Metcalf highlighted the treasurer’s role in managing the Unclaimed Property Fund, which currently holds over half a billion dollars. Jessamine County residents alone have approximately $4.274 million in unclaimed property. Residents are encouraged to check for potential claims using a specific online search tool provided by the treasury.
In discussing investment strategies, Metcalf emphasized his commitment to ensuring that state investments yield optimal returns. He reported that last year, Kentucky earned $680 million in interest on approximately $9 billion in state funds, which contributes to financial stability and reduces potential tax increases.
Metcalf serves as the chair of the state’s investment commission, overseeing the investment process but not making direct investment decisions. The commission meets quarterly, with the next meeting scheduled for later this fall.
During his address, Metcalf also recognized local attorney Rob Gullette, who plays a key role within the state treasury’s team. “He has done excellent work for the people in Kentucky at the treasury. We’re very blessed to have Rob working for us,” Metcalf remarked.
In addition to financial management, the treasury offers programs aimed at promoting financial literacy among Kentucky students. Metcalf highlighted initiatives that educate young people about basic financial practices, such as opening bank accounts and understanding taxes. The program targets both schools and correctional facilities to ensure individuals have essential financial knowledge when reintegrating into society.
Metcalf concluded by encouraging community members to learn more about the state treasury’s services and resources available to them by reaching out to his office directly.
