The treasurer of Pennsylvania is the head of the Pennsylvania Treasury Department, an independent department of the commonwealth's government. The treasurer is elected every four years. The current treasurer is Republican Stacy Garrity.

Pennsylvania Treasury Department 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.

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

Unclaimed property 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.

INVEST

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.

Responsibilities Conducting investigations of loss, theft, or fraud involving commonwealth checks. Reviewing and approving real estate leases and sole source contracts entered into by commonwealth agencies before such leases and contracts can become effective. Housing the Pennsylvania Contracts e-Library. In response to the new Right-to-Know Law signed by Governor Ed Rendell on February 14, 2008, Treasury is required to make available certain government contract information for public inspection by posting it on a publicly accessible Web site.

State boards 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.

Other services The Treasury provides several other services to state residents, such as financial education programs for individuals and businesses, and a debit card for recipients of unemployment compensation and workers compensation benefits. It makes low-interest loans available for energy efficiency improvements in residential homes through Keystone HELP, and invests in energy upgrades in college and university buildings through its Campus Energy Efficiency Fund.

History

In 1872, Pennsylvania voters approved an amendment to the Pennsylvania Constitution that gave the electorate the power to elect a state treasurer, rather than the position being appointed by the state legislature.

List of Pennsylvania treasurers PortraitNameTermPartySamuel Carpenter1704–1710, 1711–1713David Rittenhouse1777–1789Christian Febiger1789–1797Peter Baynton1797–1801Jacob Carpenter1801–1802Isaac Weaver Jr.1802–1807 Democratic-RepublicanWilliam Findlay1807–1817 Democratic-RepublicanR. M. Crain1817–1820John B. Trevor1820–1821William Clark1821–1827Alexander Mahon1827–1835Joseph Lawrence1835–1836Daniel Sturgeon1836–1840 DemocraticAlmon Heath Read1840–1841 DemocraticJohn Gilmore1841–1842Job Mann1842–1845James Ross Snowden1845–1847 DemocraticJohn Banks1847–1848 WhigArnold Plumer1848–1849 DemocraticGideon J. Ball1849–1850John M. Bickel1850–1854 DemocraticJoseph Bailey1854–1855 DemocraticEli Slifer1855–1856 WhigHenry S. Magraw1856–1859Eli Slifer1859–1861 RepublicanHenry Dunning Moore1861–1863 RepublicanWilliam V. McGrath1863–1864Henry Dunning Moore1864–1865 RepublicanWilliam H. Kemble1865–1868 RepublicanWilliam Wilken Irwin1868–1869Robert W. Mackey1869–1870 RepublicanWilliam Wilken Irwin1870–1871Robert W. Mackey1871–1876 RepublicanHenry Rawle1876–1878 RepublicanAmos C. Noyes1878–1880 DemocraticSamuel Butler1880–1882 RepublicanSilas M. Bailey1882–1884 RepublicanWilliam Livsey1884–1886 RepublicanMatthew Quay1886–1887 RepublicanWilliam Livsey1887–1888 RepublicanWilliam B. Hart1888–1889 RepublicanWilliam Livsey1889–1890 RepublicanHenry K. Boyer1890–1892 RepublicanJohn W. Morrison1892–1894 RepublicanSamuel M. Jackson1894–1896 RepublicanBenjamin J. Haywood1896–1898 RepublicanJames S. Beacom1898–1900 RepublicanJames E. Barnett1900–1902 RepublicanFrank G. Harris1902–1904 RepublicanWilliam L. Mathues1904–1906 RepublicanWilliam H. Berry1907–1908 DemocraticJohn O. Sheatz1908–1911 RepublicanCharles Frederick Wright1911–1913 RepublicanRobert K. Young1913–1917 RepublicanHarmon M. Kephart1917–1921 RepublicanCharles A. Snyder1921–1925 RepublicanSamuel S. Lewis1925–1929 RepublicanEdward Martin1929–1933 RepublicanCharles A. Waters1933–1937 RepublicanF. Clair Ross1937–1941 DemocraticG. Harold Wagner1941–1945 DemocraticRamsey S. Black1945–1949 DemocraticCharles R. Barber1949–1953 RepublicanWeldon Brinton Heyburn1953–1957 RepublicanRobert F. Kent1957–1961 RepublicanGrace M. Sloan1961–1965 DemocraticThomas Z. Minehart1965–1969 DemocraticGrace M. Sloan1969–1977 DemocraticRobert E. Casey1977–1981 DemocraticR. Budd Dwyer1981–1987RepublicanG. Davis Greene Jr.1987–1989 DemocraticCatherine Baker Knoll1989–1997 DemocraticBarbara Hafer1997–2005 RepublicanBob Casey Jr.2005–2007 DemocraticRobin Wiessmann2007–2009 DemocraticRob McCord2009–2015 DemocraticTim Reese2015–2017 IndependentJoe Torsella2017–2021 DemocraticStacy Garrity2021– Republican

References

External links

The Pennsylvania Treasury Department