With the holidays right around the corner, many Oregonians are gearing up for gatherings and planning their holiday activities. In most cases, Treasury staff are making similar plans for upcoming state and federal holidays. However, there are a few days each year when the State of Oregon observes a holiday, but the Federal Reserve and private financial institutions are open. And when that happens, some key teams at Treasury make different plans: to show up for work and make sure the state’s banking operations needs are met.

The most common occurrences of this happening are the Friday after Thanksgiving and Veterans Day.

In these instances, state offices, including Treasury, are officially closed. However, because the Federal Reserve and financial institutions conduct normal business operations on those days, several teams at Treasury must coordinate staffing to carry out essential cash management processes for the State of Oregon. Departments most frequently carrying out this work during holiday closures include our Finance, Investments, and IT divisions.

The Finance Division’s Banking Operations team receives, reviews, and processes transactions from Treasury’s various banking partners and customers, which includes state agencies, universities, and local governments. With nearly 17 million financial transactions a year, Treasury’s Finance Division oversees and monitors more than 16,000 transactions on a given day, ensuring government funds are processed securely and available for essential public services.

Treasury’s Investments staff manage and monitor the Oregon Short Term Fund to ensure sufficient cash flow is available to support the previously mentioned financial transactions. Other tasks include facilitating the receipt and investing of incoming cash into the proper fund for state agencies and local governments.

Treasury’s IT team members provide supportive but crucial operations throughout the day. Activities include running and monitoring tasks and providing any other necessary support throughout these special holiday operations.

“As a result of careful preparation and coordination by teams across Treasury, benefit payments and other essential transactions are handled timely and securely behind-the-scenes and allow state and local governments to continue serving Oregonians even while many enjoy a day off with family and friends,” said Bryan Cruz González, Treasury’s Deputy Director of Finance.

We applaud our Treasury team members for carrying out these essential tasks to support critical financial processes during holidays, and every day of the year!