The Treasurer of the State of Louisiana
is the chief financial officer of the government of Louisiana
The treasurer is responsible for maintaining the state funds and acting as the state's bank. The office is split into five divisions, unclaimed property, investments, administration, fiscal control and LAMP. The job of the treasury office is to invest the state's money in a wise way, ensure returns and to give money to cities or schools as needed.
The treasurer is elected every four years.
The current treasurer of Louisiana is John Neely Kennedy (R). He was first elected in 1999 and won a fourth term in 2011.
The Treasurer's powers and duties are established by Article IV, Section 9 of the Louisiana Constitution.
Article IV, Section 9:
| There shall be a Department of the Treasury. The treasurer shall head the department and shall be responsible for the custody, investment, and disbursement of the public funds of the state, except as otherwise provided by this constitution. He shall report annually to the governor and to the legislature at least one month before each regular session on the financial condition of the state, and shall have other powers and perform other duties authorized by this constitution or provided by law.
Article IV, Section 2 of the Louisiana Constitution establishes the qualifications for statewide elective office:
To be eligible for any statewide elective office, a person, by the date of his qualification as a candidate, shall have attained the age of twenty-five years, be an elector, and have been a citizen of the United States and of this state for at least the preceding five years...During his tenure in office, a statewide elected official shall hold no other public office except by virtue of his elected office.
- at least 25 years of age
- be an elector
- citizen of the United States and Louisiana for 5 years
- hold no other public office
Louisiana elects treasurers to four-year terms during gubernatorial election years. For Louisiana, 2003, 2007, 2011, and 2015 are all treasurer election years. Terms begin at noon on the second Monday in January following the election.
According to Article IV, Section 9 of the Louisiana Constitution, the Treasurer is head the Department of the Treasury and "shall be responsible for the custody, investment, and disbursement of the public funds of the state."
The Treasury Department website outlines the Treasurer's duties:
- receive and safely keep all the monies of this state, not expressly required by law to be received and kept by some other person;
- disburse the public money upon warrants drawn upon him according to law, and not otherwise;
- keep a true, just, and comprehensive account of all public money received and disbursed, in books to be kept for that purpose, in which he shall state from whom monies have been received, and on what account; and to whom and on what account disbursed;
- keep a true and just account of each head of appropriations made by law, and the disbursements under them;
- give information in writing to either house of the Legislature when required, upon any subject connected with the Treasury, or touching any duty of his office;
- perform all other duties required of him by law.
- advise the State Bond Commission, the Governor, the Legislature and other public officials with respect to the issuance of bonds and all other related matters;
- organize and administer, within the office of the State Treasurer a state debt management section
The Department of Treasury is headed by the Treasurer. It has five main divisions - Investments, Fiscal Control, Administration, LAMP, and unclaimed property.
- The Investments Division "is responsible for investing the monies deposited in the State Treasury to earn a reasonable rate of return while maintaining safety of principal and liquidity to meet the state’s cash flow needs." It includes the Louisiana Education Quality Trust Fund (LEQTF), the Millennium Trust Fund, the Medicaid Trust Fund for the Elderly, and the Transportation Trust Fund.
|Contact Investments|| |
|John Broussard, Chief Investment Officer|
- The Fiscal Division "administers the state's constitutional and statutory funds created within the state treasury. Administration includes providing an accounting of all receipts and controlling fund disbursements out of the state treasury."
|Contact Fiscal Control|| |
|Gary Hall, Executive Staff|
- The Treasury Department includes 10 Administrative officials.
- The Louisiana Asset Management Pool (LAMP) "is a cooperative endeavor between public entities pooling their operating funds in an effort to preserve principal, provide liquidity and increase yield." The Treasurer serves as President of LAMP.
|Contact LAMP|| |
|Address: 228 St. Charles Avenue
New Orleans, LA. 70130
Fax: 1-504-525-5161 • 1-877-806-5161
Phone: 1-504-525-LAMP • 1-800-249-LAMP
Unclaimed Property Division
- The Unclaimed Property Division works to find taxpayers who are owed money from unclaimed property.
|Contact Unclaimed Property|| |
|Benjamin Spann, Director of Unclaimed Property|
If a vacancy of less than one year occurs in the office, the position is filled by the first assistant. If a vacancy of greater than one year occurs an election takes place at the next regularly scheduled election, or, in none are scheduled within a year of the vacancy, a special election is called by the governor.
- See also: Compensation of state executive officers
Article IV, Section 4 of the Louisiana Constitution defines the method by which the treasurer's compensation is set:
Except as otherwise provided by this constitution, the compensation of each statewide elected official shall be provided by law. An increase in the salary of a statewide elected official shall not become effective until the commencement of the subsequent term for that office following the adoption or enactment of the increase.
In 2012, the treasurer was paid an estimated $115,000. This figure comes from the Council of State Governments.
In 2010, the Louisiana State Treasurer was paid an estimated $115,000 according to LaTrac.
Louisiana State Treasurer's Office
900 North Third Street, 3rd Floor, State Capitol
Baton Rouge, Louisiana 70802
Phone: (225) 342-0010