What does a State Treasurer do

Overview

A state treasurer manages the money of one of 49 of the 50 United States. In Texas, the position that controls the state's finances is called Comptroller of Public Accounts. The office of state treasurer is elected by state voters every four years in some states and appointed by the governor in others.

Responsibilities

• Collect taxes to pay for a state’s operating expenses and manage and invest the state's money to cover expenses and generate profit.
• Make final decisions on all matters related to the state’s assets, expenditures and budget allocations, with guidance from advisors on fiscal matters.
• Manage accounts that invest monies for funding state and local governments; participate in commissions and boards related to public employee retirement and health care funds.
• Authorize funds for public works projects, analyze the needs of each county and city to fairly disperse money throughout the state.
• Review and approve requests for tax-exempt loans for new projects or upgrades, commonly involving health care facilities, small businesses and entrepreneurial support groups, among others.
• Chair committees that review funding requests and exercise final approval power on these matters.
• Develop and oversee budgets and investments; apply knowledge of rates of return and investment considerations to fiduciary decisions.

Qualifications

• Minimum of a bachelor’s degree in finance, business administration or political science (varies by state).
• Solid background in public accounting or public administration is highly desirable.
• Knowledge of budget administration and investments is considered an asset; empathy and understanding of the needs of diverse socioeconomic groups are valued.