|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|
|Assumed office:||January 1, 2007|
|Next election:||November 4, 2014|
|Last election:||November 2, 2010|
|Other California Executive Offices|
|Governor • Lieutenant Governor • Secretary of State • Attorney General • Treasurer • Auditor • Controller • Superintendent of Public Instruction • Agriculture Secretary • Insurance Commissioner • Natural Resources Secretary • Industrial Relations Director • Public Utilities Commission|
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 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:
- 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. 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.
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.
Treasurers, like all state constitutional officers, face an absolute limit of two terms in office.
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.
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..." 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.
- Cash Management
- Public Finance
- Securities Management
The budget for the California Treasurer's office in Fiscal Year 2012-2013 was $27,986,000.
In 2010, the secretary of state received compensation in the amount of $139,189. 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.
California State Treasurer's Office
915 Capitol Mall C-15
Sacramento, CA 95814
Phone: (916) 653-2995
- California Constitution, "Article 5, Section 11," accessed June 23, 2011.
- California Secretary of State, "Summary of Qualifications and Requirements for June 8, 2010 Primary Election... Secretary of State, Controller, or Treasurer," accessed June 23, 2011.
- California Elections Code, "Sections 1001-1003," accessed June 23, 2011.
- California Constitution, "Article 5, Section 5b," accessed June 27, 2011.
- California Government Code, "Title 2, Division 3, Part 2, Chapter 4, Article 2," accessed June 24, 2011.
- California Governor's Budget 2012-13, "0950 State Treasurer," accessed March 29, 2013
- Council of State Governments, "Book of the States 2010 -- Table 4.11," accessed June 23, 2011.