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Alabama Treasurer
| 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 | |
 | |
| Name: | Young Boozer |
| Officeholder Party: | Republican |
| Assumed office: | January 17, 2011 |
| Compensation: | $85,248 |
| Elections | |
| Next election: | November 4, 2014 |
| Last election: | November 2, 2010 |
| Other Alabama Executive Offices | |
| Governor • Lieutenant Governor • Secretary of State • Attorney General • Treasurer • Auditor • Superintendent of Education • Agriculture Commissioner • Insurance Commissioner • Natural Resources Commissioner • Labor Commissioner • Public Service Commission | |
Contents |
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's first term will come up for re-election in November 2014 and his term will end on January 19, 2015. 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
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. |
Term limits
Per Amendment 282 to Article V, Section 116 of the Alabama Constitution, treasurers are limited to two terms in office.[2]
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
In 2012, the Alabama state treasurer was paid an estimated $85,248. This figure comes from the Council of State Governments.
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. |
Contact Information
State Capitol
600 Dexter Avenue
Montgomery, Alabama 36130
Phone: (334) 242-7500
Fax: (334) 242-7592
See also
External links
References
- ↑ Alabama State Treasury, "About Young Boozer," accessed May 23, 2001.
- ↑ Constitution of Alabama, "Amendment 282 to Section 116," accessed June 1, 2011.
- ↑ Constitution of Alabama, "Article V, Section 136," accessed May 20, 2011.
- ↑ Alabama State Treasury, "Welcome to the Alabama State Treasury," accessed May 23, 2011.
- ↑ Alabama Government Website "State of Alabama General Fund, 2013 FY Appropriations," Accessed March 29, 2013
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