State Treasurer: What Does the State Treasurer’s Office Do?

A state treasurer is a public employee who works in state government to keep, manage, and distribute public funds. Forty-eight states have state treasurers that oversee cash management and control state banking services. In Texas and New York, the state comptroller manages state funds. The state treasurer is an appointed position in 12 states and an elected position in 36. An elected state treasurer serves a four-year term; an appointed state treasurer serves at the pleasure of the governor or state legislature. Employees who work in the state treasurer's office are civil servants and are selected by traditional hiring processes. The specific duties of a state treasurer vary depending on state laws and statutes. Generally, state treasurers' duties include: 1. Managing the state treasury, payments, and disbursements 2. Overseeing payroll for government employees, including public school employees 3. Overseeing pension funds and the retirement system for state employees 4. Debt management and debt issuance 5. Managing an unclaimed property division, reuniting monies and property with their rightful owners 6. Managing a state's tax-free savings program for higher education 7. Interfacing with other state agencies, including the department of revenue, the comptroller's office, the secretary of state's office, and the attorney general's office 8. Assisting local governments with statewide initiatives Both a state treasurer and a state comptroller (or controller) oversee financial matters on behalf of a state and its citizens. Some states have no treasurer (such as New York and Texas) and others have no comptroller (such as Utah and Florida). In states with comptrollers, the scope of the role is prescribed by specific state constitutions and laws. - In states such as Illinois, a comptroller functions as an auditor of public accounts. State employees in the comptroller's office, along with certified public accountants hired by the government, prepare financial reports to let taxpayers know how state funds are spent. - In Texas, the comptroller's office handles tax collection, both in terms of statewide tax and some municipalities' local sales tax. The office manages purchasing and procurement for certain state agencies. It also provides budget estimates and financial statements for statewide departments that manage health care, public safety, and more. - In Maryland, the state comptroller works closely with the state treasurer to issue paychecks, transfer state debt, and prepare financial reports. It also audits the state treasury to ensure integrity and financial prudence. The National Association of State Treasurers provides its members with shared resources, educational opportunities, and lobbying support to advance common goals. Get the [MasterClass Annual Membership](https://www.masterclass.com) for exclusive access to video lessons taught by the world’s best, including Paul Krugman, Doris Kearns Goodwin, Ron Finley, Jane Goodall, and more. The majority of US states employ a state treasurer to serve as the chief financial officer and chief banker of the state government.