Indiana State Treasurer
| Treasurer of Indiana | |
|---|---|
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Incumbent
Kelly Mitchell since January 7, 2015 |
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| Term length | 4 years |
| Inaugural holder | Daniel Crosby Lane November 7, 1816 |
| Formation |
Indiana Constitution 1816 |
| Salary | $66,000 |
| Website | http://www.in.gov/tos/ |
The Indiana Treasurer of State is a constitutional and elected office in the executive branch of the government of Indiana. The treasurer is responsible for managing the finances of the U.S. state of Indiana. The position was filled by appointment from 1816 until the adoption of the new Constitution of Indiana in 1851, which made the position filled by election. As of 2009, there have been fifty-three treasurers. The incumbent is Republican Kelly Mitchell who has served in the position since November 18, 2014.
The Indiana State Treasurer is a constitutional office first established in the 1816 Constitution of Indiana, and was made largely to mirror the position of the treasurer during Indiana's territorial period. Between 1816 and until 1851, the treasurer was nominated by the governor and confirmed by the state senate. With adoption of the current constitution in 1851 the treasurer's office was filled by a public statewide election every four years.
Treasurers take office on February 10 following their election and hold office for four years. Should they resign, be impeached, or die in office the governor has the power to appoint a temporary treasurer to serve until the next general election. The new treasurer, either appointed to elected may only complete the term of the previous treasurer, not serve a new four-year term. A treasurer may be elected to consecutive terms, but may serve no more than eight years in any twelve-year period. As of 2007, the salary for the treasurer is $66,000 annually.
The treasurer's powers are both constitutional and statutory. The treasurer's constitutional powers make him the chief financial officer of the state government and give him control over all of the state's financial assets. Because the state operates with a large reserve fund, this give the treasurer control over a large amount of money. In 2007, the total state portfolio was valued at over $5 billion. The treasurer is permitted to invest the funds several different ways, including investments in United States Treasury securities, certificates of deposit, repurchase agreements, and money market mutual funds.
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Wikipedia