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Washington State Treasurer

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State Treasurer of Washington
Seal of the treasurer of the State of Washington
since January 13, 2021
Style
SeatWashington State Capitol
Olympia, Washington
AppointerGeneral election
Term lengthFour years, no term limits
Constituting instrumentWashington Constitution of 1889: Article III, Sections 1, 3, 10, 19, 24, and 25; Article VIII, Section 1; and Article V, Section 2[1]
Inaugural holderAddison Alexander Lindsley
FormationNovember 11, 1889
(135 years ago) (November 11, 1889)
Salary$153,615[2]
WebsiteOfficial page

The Washington state treasurer is an elected constitutional officer in the executive branch of the U.S. state of Washington. Twenty-two individuals have held the office since statehood. The incumbent is Mike Pellicciotti, a Democrat who began his term in January 2021.[3] The treasurer's office is located in the Washington State Capitol.[4]

Powers and duties

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The state treasurer is the chief banker, financier, and investment officer for the state of Washington.[5] In this capacity, the state treasurer receives payments made to the state, accounts for and manages the state's cash flows, and disburses public monies in redemption of warrants drawn by state agencies.[6][7][8] The state treasurer is also responsible for issuing, registering, and servicing Washington State's $22.4 billion in outstanding debt.[9][10] Likewise, the state treasurer directs and administers the investment of the state's operating funds and local government investment pool which, as of 2024, totaled approximately $41.816 billion in average daily balances.[11][12][13] In addition to these routine functions, the state treasurer is concurrently an ex officio member of the State Investment Board (WSIB), an independent state agency that oversees the investment of Washington's pension, permanent, and trust funds.[14][15][16] WSIB's assets under management totaled $197.3 billion at the close of the 2023 calendar year.[17]

The Washington state treasurer's office is located in the Washington State Capitol.

Aside from being third (behind the lieutenant governor and secretary of state, respectively) in the constitutional line of succession to the office of Governor, most of the state treasurer's specific responsibilities are set forth in the Revised Code of Washington.[18] In fact, the Washington Constitution only provides that "the treasurer shall perform such duties as shall be prescribed by law," a provision similar to the earlier enacted constitution of the neighboring state of Oregon. The constitution originally directed that the treasurer would be paid a salary of $2,000, though constitutional limits on officeholder salaries have since been repealed by amendment and are now set by statute.[19]

Election and term of office

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The treasurer is elected every four years on a partisan ballot; any registered voter in the state of Washington is eligible to stand for election. The Washington State Constitution requires that, upon assuming office, the treasurer establish residence in the state's capital city of Olympia. State law further requires he post a surety bond of $500,000, approved by both the Washington Secretary of State and the Chief Justice of the Washington Supreme Court.[20]

List of Washington treasurers

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The State of Washington has had a total of 22 individual treasurers, two of whom (Otto A. Case and Tom Martin) served non-consecutive terms.[21][22] Otto A. Case also served as Commissioner of Public Lands from 1945 to 1949 and 1953–1957.[22]

# Image Name Term Party
1 Addison Alexander Lindsley 1889–1893 Republican
2 Orzo A. Bowen 1893–1897 Republican
3 Cyrus Wilber Young 1897–1901 Populist
4 Charles Warren Maynard 1901–1905 Republican
5 George Grant Mills 1905–1909 Republican
6 John G. Lewis 1909–1913 Republican
7 Edward Meath 1913–1917 Republican
8 Walter W. Sherman 1917–1921 Republican
9 Clifford L. Babcock 1921–1925 Republican
10 William George Potts 1925–1929 Republican
11 Charles W. Hinton 1929–1933 Republican
12 & 14 Otto A. Case 1933–1937; 1941–1945 Democratic
13 Phil Henry Gallagher 1937–1941 Democratic
15 Russell Harrison Fluent 1945–1949 Democratic
16 & 18 Tom Martin 1949–1953; 1957–1965 Democratic
17 Charles R. Maybury 1953–1957 Republican
19 Robert S. O'Brien 1965–1989 Democratic
20 Dan Grimm 1989–1997 Democratic
21 Michael J. Murphy 1997–2009 Democratic
22 James McIntire 2009–2016 Democratic
23 Duane Davidson 2017–2021 Republican
24 Mike Pellicciotti 2021–present Democratic

See also

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References

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  1. ^ "Constitution of Washington". Office of the Code Reviser. Retrieved September 4, 2021.
  2. ^ "Salaray Information". Washington Citizens' Commission on Salaries for Elected Officials. Retrieved October 29, 2021.
  3. ^ "Subscribe | The Seattle Times". www.seattletimes.com. Retrieved August 9, 2017.
  4. ^ Ferguson, Margaret (2006). The Executive Branch of State Government: People, Process, and Politics. ABC-CLIO. p. 99. ISBN 1851097716.
  5. ^ "Core Functions". Washington State Treasurer's Office. Retrieved February 11, 2023.
  6. ^ "Accounting". Washington Office of the State Treasurer. Retrieved April 12, 2024.
  7. ^ "Cash Management". Washington Office of the State Treasurer. Retrieved April 12, 2024.
  8. ^ "Warrants". Washington Office of the State Treasurer. Retrieved April 12, 2024.
  9. ^ "State Debt Information". Washington Office of the State Treasurer. Retrieved April 12, 2024.
  10. ^ "Debt and Credit Analysis: A Review of Washington's Debt and Other Financial Obligations, Ratings, and Credit Considerations for Fiscal Year 2024" (PDF). Washington Office of the State Treasurer. Retrieved April 12, 2024.
  11. ^ "Investments". Washington Office of the State Treasurer. Retrieved April 12, 2024.
  12. ^ "Treasury/Trust Average Daily Balance by Fiscal Year". Washington Office of the State Treasurer. Retrieved April 12, 2024.
  13. ^ "LGIP Average Daily Balance by Fiscal Year". Washington Office of the State Treasurer. Retrieved April 12, 2024.
  14. ^ Gilmore, Susan (6 August 2008). "3 running to fill state treasurer's job". Seattle Times. Seattle. Retrieved 13 September 2014.
  15. ^ "Chapter 43.33a, Revised Code of Washington". Washington Office of the Code Reviser. Retrieved April 12, 2024.
  16. ^ "Board and Committee Roster" (PDF). Washington State Investment Board. Retrieved April 12, 2024.
  17. ^ "Summary of Funds Managed for the 2023 Calendar Year" (PDF). Washington State Investment Board. Retrieved April 12, 2024.
  18. ^ "Washington State Constitution". Washington State Legislature. Retrieved August 23, 2019.
  19. ^ Utter, Robert (2011). The Washington State Constitution (Oxford Commentaries on the State Constitutions of the United States). Oxford University Press. p. 99. ISBN 0199779279.
  20. ^ "RCW 43.08.020 ... Residence — Bond — Oath". app.leg.wa.gov. Washington State Legislature. Retrieved 13 September 2014.
  21. ^ "Washington State Treasurers: A Historical Gallery".
  22. ^ a b Washington State Yearbook: The Evergreen State Government Directory. Washington Roll Call. 2017. p. 260.
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