Arizona Treasurer
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Current officeholder
The current treasurer is Doug Ducey, a Republican. Ducey was elected for the first time in November 2010 and assumed office in January 2011. He will next come up for re-election in 2014.[2]
Before election as treasurer, Ducey was lead investor and Chairman of the Board for iMemories, a film editing and digitization services provider. Before that, he was a partner and CEO of ice cream chain Cold Stone Creamery. He also worked in sales and marketing for consumer products conglomerate Proctor and Gamble. Ducey holds a B.S. in Finance from Arizona State University. He has three sons with his wife, Angela.
Authority
The office of treasurer is established by the Arizona Constitution as part of the state's executive department.
Arizona Constitution, Article 5, Section 1 (Version 2)
| The executive department shall consist of the governor, secretary of state, state treasurer, attorney general, and superintendent of public instruction... |
Qualifications
The Arizona Constitution requires all of the officers in the state's executive department, including the treasurer, to be at least 25 years old, a U.S. citizen for 10 years, and an Arizona resident for five years.
Arizona Constitution, Article 5, Section 2
| No person shall be eligible to any of the offices mentioned in section 1 of this article except a person of the age of not less than twenty-five years, who shall have been for ten years next preceding his election a citizen of the United States, and for five years next preceding his election a citizen of Arizona. |
Elections
Arizonans elect their treasurer in midterm election years (2006, 2010, 2014, etc.) for a term of four years. The winner assumes office on the first Monday of January after his or her election. If no candidates receives a majority (over 50%) of the votes, a run-off election is held between the two candidates that received the largest amount. If the two candidates in the run-off receive an equal number of votes, the state legislature chooses a winner. The treasurer assumes office on the first Monday of January following their election.
Arizona Constitution, Article 5, Section 1 (Version 2)
| A. The executive department shall consist of the governor, secretary of state, state treasurer, attorney general, and superintendent of public instruction, each of whom shall hold office for a term of four years beginning on the first Monday of January, 1971 next after the regular general election in 1970.
B. B. The person having a majority of the votes cast for the office voted for shall be elected. If no person receives a majority of the votes cast for the office, a second election shall be held as prescribed by law between the persons receiving the highest and second highest number of votes cast for the office. The person receiving the highest number of votes at the second election for the office is elected, but if the two persons have an equal number of votes for the office, the two houses of the legislature at its next regular session shall elect forthwith, by joint ballot, one of such persons for said office. |
Term limits
Article 5, Section 1 (Version 2) of the Arizona Constitution limits treasurers to two consecutive terms. Former officeholders may run again after they have remained out of office for one full term.
Vacancies
Article 5, Section 8 of the state constitution allows governor to fill vacancies in the office of treasurer by appointment.
Duties
The treasurer provides a number of financial services to the state government, including:[3]
- Distribution and transfer of funds (tax revenue, federal pass-through funds, other appropriations) to "state agencies, municipal governments, school districts, and other organizations."
- Chairing the state Board of Investment, which invests the state's $11.2 billion Permanent Land Trust Funds. The funds are financed by the sale of state-owned land.
- Serving as the state's bank; recording the receipt and disbursement of all monies. The treasurer's office contracts with a private bank to provide many banking services.
- Compiling annual reports on the state's finances.
The treasurer, unlike similar offices in other states, does not deal with pension, unclaimed property, income tax, property tax or tax lien issues.
Divisions
The treasurer's office includes a number of individual divisions, including:[4]
- Executive Staff
- Investment Services
- Banking Services
- Distributions
- Local Government Investment Pool (LGIP)
- Non-State Deposits
- Receipting
Compensation
In 2010, the treasurer received compensation in the amount of $70,000.[5] The exact pay rate of the treasurer is determined by the Arizona Commission on Salaries for Elective State Officers, which submits recommendations for elective state officer salaries to the governor every even-numbered year. Unless those recommendations are changed or rejected by the governor, they became effective on the first Monday of January of the following calendar year. The treasurer's compensation will next be adjusted in January 2013.[6]
Contact Information
Arizona State Treasurer's Office
1700 W. Washington Street, 1st Floor
Phoenix, AZ 85007
Phone: (602) 604-7800
Fax: (602) 542-7176
See also
External links
References
- ↑ Office of the Arizona State Treasurer, "About the Office," accessed June 7, 2011.
- ↑ Office of the Arizona State Treasurer, "Doug Ducey, State Treasurer," accessed June 7, 2011.
- ↑ Office of the Arizona State Treasurer, Various pages, accessed June 6, 2011.
- ↑ Office of the Arizona State Treasurer, "Employee Directory," accessed July 7, 2011.
- ↑ The Council of State Governments, "Book of the States 2010, Table 4.11," accessed May 20, 2011.
- ↑ Arizona Revised Statutes, "Title 41, Chapter 13, Article 1, Section 41-1904," accessed June 6, 2011.
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