Treasurer of Pennsylvania

The Pennsylvania State Treasurer is the head of the Pennsylvania Treasury Department, an independent department of state government. The state treasurer is elected every four years. Treasurers are limited to two terms.

As the name "Treasury" suggests, the department's paramount responsibility is safeguarding and managing the state's financial assets, but Pennsylvania's constitution and statutes place additional specific responsibilities on the office.

Taxes and other sources of revenue collected by the state are deposited with the Treasury. The department uses that money to make payments on behalf of state government, including payroll for state employees and charges incurred by government agencies. Before issuing payments, Treasury's Bureau of Fiscal Review must carefully examine invoices to make certain the charges are lawful and correct.

While managing cash flow to ensure that enough money is on hand to meet financial obligations, Treasury also places funds in widely diversified short-term and long-term investments to earn income for state taxpayers. It also holds and/or invests funds for other government agencies, such as the state pension boards. As of 2014, Treasury is custodian of approximately $100 billion in public assets.

The PA 529 College Savings Program gives families a tax-advantaged way to make college possible for their children.

Treasury's Unclaimed Property Bureau works to reunite more than $2 billion in lost, forgotten and abandoned property with its rightful owners. Since 2009, Treasury has collected $1.134 billion in abandoned property and returned $518 million back to the rightful owners, netting $616 million for the state General Fund budget.

The INVEST program helps local governments and nonprofits invest their money with flexibility, security, and confidence. INVEST uses Treasury's professional investment expertise, minus the high costs of other investment programs. With less money spent on management fees, more money is spent on Pennsylvania's communities.

Through its various activities, Treasury is a money-maker for the state, producing non-tax revenue that benefits the people of the commonwealth. Along with the $616 million from Unclaimed Property, Treasury in the past five years has earned $2.32 billion in investment returns and blocked $450 million in improper payments identified through the fiscal review process. During those five years, Treasury cost taxpayers only about $250 million to operate, meaning Treasury produced a profit for Pennsylvania taxpayers of more than $3.1 billion.

The department's reach also extends to the many state boards on which the treasurer serves. For example, as the chairperson of the Board of Finance and Revenue, the treasurer directs the selection of the banks where state funds are deposited and sets the interest rates paid on them. The treasurer also serves on boards that oversee state pension funds and has a voice in how these funds are managed and invested. Other board-related activities allow the treasurer to help provide Pennsylvania schools with tax-exempt financing for modernization, make grants to distressed communities, and finance the purchase of rental housing for residents in need.

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