Cash Management & Investments

The Cash Management and Investments Division is responsible for the investment of state funds and the administration of banking and cash management services. The division manages state and local government funds by maximizing investment earnings within levels of prudence established by statute and Treasury Board guidelines; works with state agencies/institutions and financial institutions to improve cash management and ensures the highest quality of service to the Commonwealth at competitive costs.

Programs and Portfolios administered by Cash Management & Investments:

The division manages assets in excess of $37 billion as of June 30, 2022 with the largest portfolio being the General Account, which includes the operating funds for the Commonwealth. The largest funds in the General Account are the General Fund, the Transportation Trust Fund, the Highway Maintenance Fund, the Lottery Fund, and various Insurance Funds. By pooling assets, Treasury is able to structure a more ambitious and dynamic investment program for all participants as evidenced by the enhancements provided by hiring external managers for more specialized investment services.

View the General Account Investment Guidelines

View Monthly Portfolios

The Local Government Investment Pool Program (LGIP)

The Cash Management & Investments Division manages the very successful LGIP, which is used by various governmental entities on a completely voluntary basis. The LGIP enables these governmental entities to maximize the return on investment, adhere to Code investment requirements, and realize the economies of large scale investing and professional funds management. The LGIP is managed in accordance with Statement No. 79 of the Governmental Accounting Standards Board and has been rated AAAm by Standard & Poor's, the highest rating awarded to such funds. For more information about the program please click here.

State's Banking Activity

The Division manages the state's banking network, consisting of concentration/disbursement banks and regional depositories, accelerating the deposit and availability of state funds received from approximately 1,500 depositing locations throughout the state.

The Division serves as the Department’s consultant to state agencies and represents the Commonwealth to the financial services industry. It monitors and addresses bank merger and branch activity to ensure no disruption of essential banking services to the Commonwealth

The Division procures and monitors delivery of routine as well as specialized banking services for the Treasury Department and other state agencies. It takes a disciplined approach to improving statewide cash flow efficiency and reducing operational risk.

The Division manages the Commonwealth’s daily cash flow and end of day settlement between concentration banks. In addition, the Division is responsible for the Commonwealth's short and long term cash flows, and the 3-year Literary Fund forecasts.

Check Image Retrieval System

Department of the Treasury offers a Check Inquiries service for Commonwealth agencies. To validate your eligibility to receive check images or self service access, please contact your Agency Fiscal Officer or send an email inquiry to

The State Non-Arbitrage Program (SNAP)

As authorized by the Government Non-Arbitrage Investment Act, the Treasury Board created SNAP to assist local governments in Virginia in complying with federal arbitrage rebate regulations by offering a program to provide investment management and accounting, rebate accounting, custodial, and legal services to meet federal arbitrage rebate requirements. Treasury administers SNAP (§ 2.2-4700 through 2.2-4705 of the Code of Virginia) on behalf of the Treasury Board by overseeing the private sector contractors hired as service providers. For additional information see the SNAP web site.

Tobacco Indemnification and Community Revitalization Endowment (TICR)

The division oversees the Tobacco Indemnification and Community Revitalization Endowment that was established pursuant to § 3.2-3104 of the Code of Virginia. The Treasury Board serves as trustee, custodian and has full power to invest and reinvest funds credited to the Endowment. Treasury Board has adopted investment guidelines, TICR Taxable Guidelines and TICR Tax-Exempt Guidelines, to ensure that investments are made in a manner which will provide the highest investment return with the maximum security while meeting the annual cash flow demands of the Endowment.