What does the state treasurer do?

csmorris — Wed, 23 Jan 2008 14:02:07 -0500

Answer:

Manages the state's investments, administers budget funds and chairs the N.C. Banking Commission.

As the state's chief financial officer, the treasurer manages more than $75 billion in state funds and administers the General Fund, Highway Fund, and Highway Trust Fund.

The treasurer also administers a number of state investment programs, including retirement, pension and worker's compensation.

In addition, the treasurer serves on the State Board of Education, the N.C. Board of Community Colleges and the boards for the state's public employee retirement systems. The treasurer works with the state's 401(k) and 457 plans offered to public employees.

The treasurer is one of 10 elected members of the Council of State, which oversees spending of tax dollars and conducts business on behalf of state government. In 2008, the treasurer had an annual budget of $38.5 million, 323 employees and a $123,198 annual salary.

North Carolina is one of 36 states that elect treasurers by popular vote, and 22 states that do not have term limits for the office.

John Haywood was the longest-serving treasurer in state history. Haywood served for 40 years until his death in 1827. Harlan Boyles, who left office in 2000, served for 24 years.

Boyles' successor, Richard Moore, expanded the unofficial role of the treasurer, using the state's shares in major companies to push for changes in corporate governance. He later ran unsuccessfully for the Democratic gubernatorial nomination.

Elected in 2008, Janet Cowell is the first female state treasurer in North Carolina.

Brief:

Manages the state's investments, administers budget funds and chairs the N.C. Banking Commission.

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What does the state treasurer do?