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Arizona Treasurer

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Arizona Treasurer
General information
Office Type:  Partisan
Office website:  Official Link
2012 FY Budget:  $3,795,900
Term limits:  Two consecutive terms
Structure
Length of term:   4 years
Authority:  Arizona Constitution, Article 5, Section 1 (Version 2)
Selection Method:  Election
Current Officeholder

Doug Ducey.jpg
Name:  Doug Ducey
Officeholder Party:  Republican
Assumed office:  January 3, 2011
Compensation:  $70,000
Elections
Next election:  November 4, 2014
Last election:  November 2, 2010
Other Arizona Executive Offices
GovernorSecretary of StateAttorney GeneralTreasurerSuperintendent of Public InstructionAuditorAgriculture DirectorInsurance DirectorLands CommissionerLabor DirectorCorporation CommissionState Mine Inspector
The Treasurer of the State of Arizona is the chief banker and investment officer of the state of Arizona. The treasurer manages the state's investment portfolio and directs the state's banking services. He or she also maintains a separate accounting record for the state to "provide a check and balance on the state accounting system." The treasurer's office contracts with Arizona banks to "process the state's receipts and disbursements; handle money and security transfers; report on the state's accounts, balances and payment activities; and provide related banking services..."[1]

Current officeholder

The current treasurer is Doug Ducey, a Republican. Ducey was elected for the first time in November 2010 and assumed office in January 2011. He will next come up for re-election in 2014.[2]

Before election as treasurer, Ducey was lead investor and Chairman of the Board for iMemories, a film editing and digitization services provider. Before that, he was a partner and CEO of ice cream chain Cold Stone Creamery. He also worked in sales and marketing for consumer products conglomerate Proctor and Gamble. Ducey holds a B.S. in Finance from Arizona State University. He has three sons with his wife, Angela.

Authority

The office of treasurer is established by the Arizona Constitution as part of the state's executive department.

Arizona Constitution, Article 5, Section 1 (Version 2)

The executive department shall consist of the governor, secretary of state, state treasurer, attorney general, and superintendent of public instruction...

Qualifications

The Arizona Constitution requires all of the officers in the state's executive department, including the treasurer, to be at least 25 years old, a U.S. citizen for 10 years, and an Arizona resident for five years.

Arizona Constitution, Article 5, Section 2

No person shall be eligible to any of the offices mentioned in section 1 of this article except a person of the age of not less than twenty-five years, who shall have been for ten years next preceding his election a citizen of the United States, and for five years next preceding his election a citizen of Arizona.

Elections

Arizona state government organizational chart

Arizonans elect their treasurer in midterm election years (2006, 2010, 2014, etc.) for a term of four years. The winner assumes office on the first Monday of January after his or her election. If no candidate receives a majority (over 50%) of the votes, a runoff election is held between the two candidates that received the largest amount. If the two candidates in the runoff receive an equal number of votes, the state legislature chooses a winner.

Arizona Constitution, Article 5, Section 1 (Version 2)

A. The executive department shall consist of the governor, secretary of state, state treasurer, attorney general, and superintendent of public instruction, each of whom shall hold office for a term of four years beginning on the first Monday of January, 1971 next after the regular general election in 1970.

B. B. The person having a majority of the votes cast for the office voted for shall be elected. If no person receives a majority of the votes cast for the office, a second election shall be held as prescribed by law between the persons receiving the highest and second highest number of votes cast for the office. The person receiving the highest number of votes at the second election for the office is elected, but if the two persons have an equal number of votes for the office, the two houses of the legislature at its next regular session shall elect forthwith, by joint ballot, one of such persons for said office.

Term limits

Article 5, Section 1 (Version 2) of the Arizona Constitution limits treasurers to two consecutive terms. Former officeholders may run again after they have remained out of office for one full term.

Vacancies

Article 5, Section 8 of the state constitution allows governor to fill vacancies in the office of treasurer by appointment.

Duties

The treasurer provides a number of financial services to the state government, including:[3]

  • Distribution and transfer of funds (tax revenue, federal pass-through funds, other appropriations) to "state agencies, municipal governments, school districts, and other organizations."
  • Chairing the state Board of Investment, which invests the state's $11.2 billion Permanent Land Trust Funds. The funds are financed by the sale of state-owned land.
  • Serving as the state's bank; recording the receipt and disbursement of all monies. The treasurer's office contracts with a private bank to provide many banking services.
  • Compiling annual reports on the state's finances.

The treasurer, unlike similar offices in other states, does not deal with pension, unclaimed property, income tax, property tax or tax lien issues.

Divisions

The treasurer's office includes a number of individual divisions, including:[4]

  • Executive Staff
  • Investment Services
  • Banking Services
  • Distributions
  • Local Government Investment Pool (LGIP)
  • Non-State Deposits
  • Receipting

State budget

The budget for the State Treasurer's Office in Fiscal Year 2012 was $3,795,900.[5]

Compensation

See also: Compensation of state executive officers

2013

In 2013, the treasurer was paid an estimated $70,000. This figure comes from the Council of State Governments.[6]

2012

In 2012, the treasurer was paid an estimated $70,000. This figure comes from the Council of State Governments.

2010

In 2010, the treasurer received compensation in the amount of $70,000.[7] The exact pay rate of the treasurer is determined by the Arizona Commission on Salaries for Elective State Officers, which submits recommendations for elective state officer salaries to the governor every even-numbered year. Unless those recommendations are changed or rejected by the governor, they became effective on the first Monday of January of the following calendar year. The treasurer's compensation will next be adjusted in January 2013.[8]

Historical officeholders

Note: Ballotpedia's state executive officials project researches state official websites for chronological lists of historical officeholders. That information for the Arizona Treasurer has not yet been added because the information was unavailable on the relevant state official websites, or we are currently in the process of formatting the list for this office. If you have any additional information about this office for inclusion on this section and/or page, please email us.

Recent news

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Contact Information

Arizona

Arizona State Treasurer's Office
1700 W. Washington Street, 1st Floor
Phoenix, AZ 85007

Phone: (602) 604-7800
Fax: (602) 542-7176

See also

External links

References