California Treasurer

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California Treasurer
General information
Office Type:  Partisan
Office website:  Official Link
2012-13 FY Budget:  $27,986,000
Term limits:  2 terms
Structure
Length of term:   4 years
Authority:  California Constitution, Article 5, Section 11
Selection Method:  Elected
Current Officeholder

John Chiang.jpg
Name:  John Chiang
Officeholder Party:  Democratic
Assumed office:  January 2015
Compensation:  $139,189
Elections
Next election:  November 6, 2018
Last election:  November 4, 2014
Other California Executive Offices
GovernorLieutenant GovernorSecretary of StateAttorney GeneralTreasurerAuditorControllerSuperintendent of Public InstructionAgriculture SecretaryInsurance CommissionerNatural Resources SecretaryIndustrial Relations DirectorPublic Utilities Commission
The Treasurer of the State of California is an elected state executive office in the government of California. The treasurer acts as the chief investment officer, banker and financier of the state government and is responsible for managing the state's pooled money investment account. He also sits on the boards of the state's employee pension funds—the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS). The treasurer's office finances various public work and investment programs throughout the state and oversees the California ScholarShare Investment Board (SIB), which provides tax-advantaged college savings plans.

Current officeholder

The current treasurer is John Chiang (D), who was first elected to the position on November 4, 2014. He replaced Bill Lockyer (D), who term-limited from running for re-election in 2014.

Authority

The office of treasurer is established by the California Constitution.[1]

California Constitution, Article 5, Section 11

The Lieutenant Governor, Attorney General, Controller, Secretary of State, and Treasurer shall be elected at the same time and places and for the same term as the Governor.

Qualifications

Although there are no office-specific requirements for the office, each candidate for treasurer must:[2]

  • Be a registered voter
  • Be registered with their party for at least three months
  • Not have been registered with a different political party in the last 12 months
  • Not have been previously term-limited out

Elections

California state government organizational chart

Treasurers are elected on the first Tuesday after the first Monday in federal midterm election years, e.g. 2018, 2022, 2026 and 2030.[3] Like all constitutional state officers, the treasurer assumes office on the first Monday in the new year following the election.[1]

California Constitution, Article 5, Section 11

The Lieutenant Governor, Attorney General, Controller, Secretary of State, and Treasurer shall be elected at the same time and places and for the same term as the Governor. No Lieutenant Governor, Attorney General, Controller, Treasurer, or Treasurer may serve in the same office for more than 2 terms.

2014

See also: California down ballot state executive elections, 2014
Treasurer of California, 2014
Party Candidate Vote % Votes
     Democratic Green check mark transparent.pngJohn Chiang 58.8% 4,176,793
     Republican Greg Conlon 41.2% 2,925,895
Total Votes 7,102,688
Election Results via California Secretary of State.

Term limits

Treasurers, like all state constitutional officers, face an absolute limit of two terms in office.[1]

Vacancies

The vacancy procedure for the office of treasurer is determined by the California Constitution. When a vacancy occurs, the governor nominates a replacement to serve the remainder of the term until the next election. The appointee must be confirmed by a majority of both house of the state legislature. Until the replacement is approved, the former officeholder's chief deputy exercises the office.[4]

California Constitution, Article 5, Section 5b

Whenever there is a vacancy in the office of the Superintendent of Public Instruction, the Lieutenant Governor, Secretary of State, Controller, Treasurer, or Attorney General, or on the State Board of Equalization, the Governor shall nominate a person to fill the vacancy who shall take office upon confirmation by a majority of the membership of the Senate and a majority of the membership of the Assembly and who shall hold office for the balance of the unexpired term. In the event the nominee is neither confirmed nor refused confirmation by both the Senate and the Assembly within 90 days of the submission of the nomination, the nominee shall take office as if he or she had been confirmed by a majority of the Senate and Assembly; provided, that if such 90-day period ends during a recess of the Legislature, the period shall be extended until the sixth day following the day on which the Legislature reconvenes.

Duties

The treasurer is the state's banker, directed to "receive and keep in the vaults of the State Treasury or deposit in banks or credit unions all moneys belonging to the state..."[5] He disburses funds to cover state expenditures based on warrants from the controller's office, approves state bond issuances and manages the state's investments, including state employee pension funds.

Beyond his administrative duties, the treasurer chairs 13 state boards and commissions, from the California Alternative Energy and Advanced Transportation Financing Authority to the California Tax Credit Allocation Committee. He sits as a member on 45 additional committees.

Divisions

  • Administration
  • Cash Management
  • Communications
  • IT
  • Investments
  • Public Finance
  • Securities Management

State budget

See also: California state budget and finances

The budget for the California Treasurer's office in Fiscal Year 2012-2013 was $27,986,000.[6]

Compensation

See also: Compensation of state executive officers

The salaries of California's elected executives are determined by the California Citizens Compensation Commission, a seven-member board appointed by the governor to six-year terms. The commission was established after voters passed Proposition 112, an amendment to the California Constitution, in 1990. Commissioners meet prior to June 30 of each year to determine salary recommendations with changes effective the following December. From 2001 to 2013, the commission voted to increase salaries or benefits five times and decreased or made no changes to salaries eight times.[7]

2014

In 2014, the treasurer received a salary of $139,189, according to the Council of State Governments.[8]

2013

In 2013, the treasurer received a salary of $139,189. This figure comes from the Council of State Governments.[9]

2010

In 2010, the treasurer received compensation in the amount of $139,189.[10]

Historical officeholders

List of Former

Officeholders from 1849-Present[11]

# Name Tenure Party
1 Richard Roman 1849-1854 Electiondot.png Democratic
2 Selden A. McMeans 1854-1856 Electiondot.png Democratic
3 Henry Bates 1856-1857 Yellowslashed.png American Independent Party
4 James L. English 1857-1858 Yellowslashed.png American Independent Party
5 Thomas Findley 1858-1862 Electiondot.png Democratic
6 Delos R. Ashley 1862-1863 Ends.png Republican
7 Romualdo Pacheco 1863-1867 Ends.png Republican
8 Antonio F. Coronel 1867-1871 Electiondot.png Democratic
9 Ferdinand Baehr 1871-1875 Ends.png Republican
10 Jose G. Estudillo 1875-1880 Electiondot.png Democratic
11 John Well 1880-1883 Ends.png Republican
12 William A. January 1883-1884 Electiondot.png Democratic
13 D. J. Oullahan 1884-1887 Electiondot.png Democratic
14 Adam Herold 1887-1891 Electiondot.png Democratic
15 J. R. McDonald 1891-1895 Ends.png Republican
16 Levi Rackliffe 1895-1898 Ends.png Republican
17 Will S. Green 1898-1890 Electiondot.png Democratic
18 Truman Reeves 1899-1907 Ends.png Republican
19 William R. Williams 1907-1911 Ends.png Republican
20 E. D. Roberts 1911-1915 Ends.png Republican
21 Friend Wm. Richardson 1915-1923 Darkblue.png Progressive Democratic Party
22 Charles G. Johnson 1923-1956 Ends.png Republican
23 Ronald A. Button 1956-1959 Ends.png Republican
24 Bert A. Betts 1959-1967 Electiondot.png Democratic
25 Ivy Baker Priest 1967-1975 Ends.png Republican
26 Jesse M. Unruh 1975-1987 Electiondot.png Democratic
27 Thomas Hayes 1989-1991 Ends.png Republican
28 Kathleen Brown 1991-1995 Electiondot.png Democratic
29 Matt Fong 1995-1999 Ends.png Republican
30 Phil Angelides 1999-2007 Electiondot.png Democratic
31 Bill Lockyer 2007-2015 Electiondot.png Democratic
32 John Chiang 2015-present Electiondot.png Democratic

Recent news

This section displays the most recent stories in a Google news search for the terms "California Treasurer Chiang."

Some of the stories below may not be relevant to this page due to the nature of Google's news search engine.

California Treasurer - Google News Feed

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Contact Information

Physical address:
California State Treasurer's Office
915 Capitol Mall C-15
Sacramento, CA 95814

Phone: (916) 653-2995

See also

External links

References