California State Treasurer
Duties and Responsibilities

The State Treasurer is elected at the same time and places and in the same manner as the Governor for a maximum of two four-year terms. The State Treasurer is fifth officer next in line of succession to the office of Governor.

The Treasurer serves as the state's banker. It is his duty to receive and keep in the vaults of the State Treasury or on deposit in banks, all moneys belonging to the state not required to be received and kept by some other person, and he must receive and keep in the vaults of the State Treasury or on deposit with any Federal Reserve bank, or with certain designated banks or trust companies, bonds and other securities or investments belonging to the state. The Treasurer must pay warrants drawn by the Controller and keep an account of all money received and disbursed. A daily report must be filed with the Controller, indicating the amounts disbursed during the preceding day and the funds out of which they were paid.

The State Treasurer is the Chairperson of the Pooled Money Investment Board which is charged with investing idle state moneys, and is responsible for selling all state bonds.

On or before the 15th day of September in each even-numbered year, the Treasurer must report to the Governor the exact balance in the Treasury to the credit of the state, and a summary of the receipts and payments of the Treasury during the two preceding fiscal years.

[Taken from: California's Legislature (1994). Republished with permission.]