Alabama Treasurer

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Alabama Treasurer
General information
Office Type:  Partisan
Office website:  Official Link
2013 FY Budget:  $5,133,459
Term limits:  2 terms
Structure
Length of term:   4 years
Authority:  Constitution of Alabama, Article V, Section 112
Selection Method:  Elected
Current Officeholder

Young Boozer.jpg
Name:  Young Boozer
Officeholder Party:  Republican
Assumed office:  January 17, 2011
Compensation:  $85,248
Elections
Next election:  November 6, 2018
Last election:  November 4, 2014
Other Alabama Executive Offices
GovernorLieutenant GovernorSecretary of StateAttorney GeneralTreasurerAuditorSuperintendent of EducationAgriculture CommissionerInsurance CommissionerNatural Resources CommissionerLabor CommissionerPublic Service Commission
The Treasurer of the State of Alabama is the chief financial officer of the government of Alabama.

The treasurer acts as the state's bank; it receives funds in the form of tax revenues, fees and other payments, and manages the state's investment funds. He also oversees the state's relationship with the network of private banks it does business with, operates the state's unclaimed property fund, and issues state bonds.

Current officeholder

The current officeholder is Young J. Boozer, III, a Republican. Boozer was first elected on November 2, 2010, and assumed office on January 17, 2011. Boozer won re-election to a second term on November 4, 2014. Before becoming treasurer, he served as deputy state finance director under Governor Bob Riley. Prior to entering government service, he was an executive vice president at Colonial Bank. Born in Birmingham, he was raised in Tuscaloosa.[1]

Authority

The state treasurer's authority derives from Article V, Section 112 of the Alabama Constitution.

Constitution of Alabama, Article V, Section 112

The executive department shall consist of a governor, lieutenant governor, attorney-general, state auditor, secretary of state, state treasurer, superintendent of education, commissioner of agriculture and industries, and a sheriff for each county.

Qualifications

Qualifications for the office of state treasurer are described in Article V, Section 132 of the state constitution. Candidates for the office must have been a citizen of the United States for seven years, a resident of Alabama for five years, and at least 25 years of age.

Constitution of Alabama, Article V, Section 132

No person shall be eligible to the office of attorney-general, state auditor, secretary of state, state treasurer, superintendent of education, or commissioner of agriculture and industries unless he shall have been a citizen of the United States at least seven years, and shall have resided in this state at least five years next preceding his election, and shall be at least twenty-five years old when elected.

Elections

Click here to view a large-scale image of the Alabama state government organizational chart, as of 9/11/12.

Per Section 114 of the state constitution, Alabama elects its treasurers during federal midterm election years (e.g. 2006, 2010, 2014, and 2018). Section 116 sets the treasurer's inauguration for the first Monday after the second Tuesday in the January following an election. Thus, January 17, 2011 and January 19, 2015 are inaugural days.

Constitution of Alabama, Article V, Section 114

The governor, lieutenant governor, attorney-general, state auditor, secretary of state, state treasurer, superintendent of education, and commissioner of agriculture and industries shall be elected by the qualified electors of the state at the same time and places appointed for the election of members of the legislature in the year nineteen hundred and two, and in every fourth year thereafter.

Constitution of Alabama, Article V, Section 116

The governor, lieutenant governor, attorney-general, state auditor, secretary of state, state treasurer, superintendent of education, commissioner of agriculture and industries, elected after the ratification of this Constitution, shall hold their respective offices for the term of four years from the first Monday after the second Tuesday in January next succeeding their election, and until their successors shall be elected and qualified.

2014

See also: Alabama down ballot state executive elections, 2014

Republican incumbent Young Boozer won re-election without opposition on November 4, 2014.

Term limits

Per Amendment 282 to Article V, Section 116 of the Alabama Constitution, treasurers are limited to two terms in office.[2]

Full History


Vacancies

Article V, Section 136 of the Alabama Constitution requires the governor to appoint a replacement if the office of state treasurer becomes vacant or if the incumbent "shall become of unsound mind." The replacement serves until the next scheduled election.[3]

Constitution of Alabama, Article V, Section 136'

Should the office of attorney-general, state auditor, secretary of state, state treasurer, superintendent of education, or commissioner of agriculture and industries become vacant from any cause, the governor shall fill such vacancy until the disability is removed or a successor elected and qualified. In case any of said officers shall become of unsound mind, such unsoundness shall be ascertained by the supreme court upon the suggestion of the governor.

Duties

The office of state treasurer "is responsible for multiple state financial interests, including unclaimed property, cash management, bonds, the Alabama Trust Fund, and more."[4] Some of the office's specific duties include:

  • Restoring unclaimed property to its owners.
  • Supervising and maintaining records of the issue of state bonds.
  • Collecting, investing and disbursing state funds, including from the state's trust fund. Managing cash flow for state agencies.
  • Promoting financial literacy among Alabamans.

Divisions

  • Unclaimed Property
  • PACT
  • CollegeCounts529
  • Bonds
  • Cash Management
  • SAFE
  • Alabama Trust Fund
  • Penny Trust Fund
  • Financial Literacy

State budget

The budget for the State Treasurer's Office in Fiscal Year 2012-2013 was $5,133,459.[5]

Compensation

See also: Compensation of state executive officers

The treasurer's salary is "fixed by law." Alabama Constitution, Article V, Section 118 of the state constitution requires that changes in compensation take effect in the term after they were passed.

Alabama Constitution, Article V, Section 118

The governor, lieutenant governor, attorney-general, state auditor, secretary of state, state treasurer, superintendent of education, and commissioner of agriculture and industries, shall receive compensation to be fixed by law, which shall not be increased or diminished during the term for which they shall have been elected, and shall, except the lieutenant governor, reside at the state capital during the time they continue in office, except during epidemics.

2014

In 2014, the Alabama Treasurer's salary remained at $85,248, according to the Council of State Governments.[6]

2012

In 2012, the Alabama Treasurer was paid an estimated $85,248. This figure comes from the Council of State Governments.

Historical officeholders

There have been 39 Alabama Treasurers since 1819. Of the 39 officeholders, 22 were Democrat, 2 were Republican and 2 were Republican/Whig.[7]

Recent news

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All stories may not be relevant to this page due to the nature of the search engine.

Alabama Treasurer News Feed

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Contact Information

Alabama

State Capitol
600 Dexter Avenue
Montgomery, Alabama 36130

Phone: (334) 242-7500
Fax: (334) 242-7592

See also

External links

References