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
Length of term:   4 years
Authority:  California Constitution, Article 5, Section 11
Selection Method:  Elected
Current Officeholder

Bill Lockyer.jpg
Name:  Bill Lockyer
Officeholder Party:  Democratic
Assumed office:  January 1, 2007
Compensation:  $139,189
Next election:  November 4, 2014
Last election:  November 2, 2010
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 Public Employees' Retirement System (CalPERS) and State Teachers' Retirement System (CalSTRS). The treasurer's office also finances various public work and investment programs throughout the state and oversees the ScholarShare Investment Board (SIB) which provides tax-advantaged college savings plans.

Current officeholder

The current treasurer is Bill Lockyer, who was first elected to the position on November 7, 2006, and re-elected on November 2, 2010. He assumed office on January 1, 2007. Lockyer's current term will end in January 2015, after which he will be prohibited from holding office again by term limits.

Before becoming treasurer, Lockyer served two terms as state attorney general, from 1999 to 2007. Prior to that, he served 25 years as a member of the state senate (1982-1998) and the state assembly (1973-1982). Before his election to statewide office, he was a member of the San Leandro School Board. Lockyer holds a J.D. from the University of the Pacific, a teaching certificate from California State University-Hayward and a B.A. from the University of California-Berkeley.


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.


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


Treasurers are elected on the first Tuesday after the first Monday in federal midterm election years, e.g. 2006, 2010, 2014, and 2018.[3] Like all constitutional state officers, the treasurer assumes office on the first Monday in the new year following the election. Thus, January 3, 2011 and January 5, 2015 are inaugural days.[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.

Term limits

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


The vacancy procedure for the office of treasurer is determined by the Constitution. When a vacancy occurs, the governor nominates a replacement to serve the remainder of the term under the next election. The appointee must be confirmed by a majority of both house of the California 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.


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.


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

State budget

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


In 2010, the secretary of state received compensation in the amount of $139,189.[7] The secretary's salary, like that of all other state elected officials, is determined by the California Citizens Compensation Commission on an annual basis. The last time the secretary's compensation was changed was 2009, when the office's salary and benefits were cut by 18 percent.

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