The state treasurer manages state finances, including investments and budgetary allocations. The position is elected or appointed, and responsibilities include managing state funds, authorizing funds for public works projects, and reviewing requests for tax-free loans. Success requires budget management skills, investment knowledge, and empathy. Educational requirements vary, but a background in finance, business administration, or public accounting is desirable. Texas does not have a state treasurer, but instead has the Comptroller of Public Accounts.
A state treasurer manages the money of one of the 49 of the 50 United States. Texas, however, has no state treasurer – the position that controls the state’s finances is called the Comptroller of Public Accounts. The office of state treasurer is elected by voters every four years in some states and appointed by the governor as part of his cabinet in others.
In addition to collecting taxes to pay a state’s operating expenses, the state treasurer is generally expected to manage and invest state money wisely to cover expenses and generate profit. He is typically the person who makes the final decisions on all matters relating to the state’s assets, expenditures, and budgetary allocations. His position typically includes consultants who provide guidance and advice on all tax matters.
The other responsibilities of a state treasurer generally relate to the general state funds. He often manages the account that invests money in the interest of funding state and local governments. Other committees and boards on which he serves generally include those relating to government employee retirement and health care funds. It is common for these funds to be regularly invested and divested to increase coffers. In some states, these investments reflect some of the country’s largest shareholders.
Public works projects typically require a large chunk of a state’s money. Most developments focus on environmental developments, public parks and wildlife reserves, highway systems, public schools, and state colleges and universities. The state treasurer is usually the person who authorizes funds for each project. He is usually required to carefully analyze the needs of each county and city in order to disperse the money evenly throughout the state.
For-profit and not-for-profit companies often seek financial assistance from the state in the form of tax-free loans for new projects or upgrades to existing ones. The state treasurer usually chairs the committees that review these requests and often has the ultimate power of approval. The most reviewed requests typically come from healthcare facilities, small business owners, and business support groups; Applications also come from groups such as low-income housing developments and student loan institutions.
Success in this position typically requires specialized budget management skills. Knowledge of investments and rates of return is generally considered an asset for a state treasurer. Empathy and understanding of the needs of all socioeconomic groups are typically considered an asset for this position.
Educational requirements vary from state to state. Most applicants or applicants hold at least a bachelor’s degree in finance, business administration, or political science. A solid background in public accounting or public administration is highly desirable for these job seekers as well.
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