Illinois Treasurer

Last updated
Treasurer of Illinois
Seal of Illinois.svg
Seal of Illinois
Frerichs June 30 2016.jpg
Incumbent
Mike Frerichs
since January 12, 2015
Style
Member ofState Board of Investment
Seat Illinois State Capitol
Springfield, Illinois
AppointerGeneral election
Term length Four years, no term limits
Inaugural holderJohn Thomas
FormationOctober 2, 1818;206 years ago (1818-10-02)
Salary$135,669 (2016) [1]
Website Official page

The Treasurer of Illinois is a constitutional officer in the executive branch of government of the U.S. state of Illinois. Seventy-four individuals have occupied the office of Treasurer since statehood. The incumbent is Mike Frerichs, a Democrat. A former Champaign County auditor and state senator, Frerichs was first elected to lead the state treasury in 2014 following a close race with Republican candidate Tom Cross.

Contents

Eligibility and term of office

The Treasurer is elected for a renewable four-year term during the quadrennial mid-term election. The Illinois Constitution provides that the Treasurer must, at the time of their election, be a United States citizen, at least 25 years old, and a resident of the state for at least three years preceding the election. [2]

Powers and duties

The Treasurer is charged by Article V, Section 18 of the Illinois Constitution with the safekeeping and investment of the monies and securities deposited into the state treasury. [3] As such, the Treasurer is not the chief financial officer of Illinois. That role is occupied by a separate elected official, the Comptroller. Rather, the Treasurer functions as the chief banking and investment officer for the state of Illinois. In this capacity, the Treasurer receives payments made to the state, deposits monies with approved depository institutions, accounts for and manages the state's daily fund balances, directs and administers the investment of the state's portfolio of operating and proprietary funds, arbitrages bonds issued by the Governor, services principal and interest payable on state debt, and disburses public monies in redemption of warrants drawn by the Comptroller. [4] [5] [6] [7] [8]

Other programs have been assigned to the Treasurer's office by law. For example, the Treasurer collects estate taxes due the state, approves the encumbrance of federal funds, offers various impact investment programs to farmers, small businesses and undercapitalized communities, and administers both escheats and unclaimed property accruing to the state. [9] [10] [11] [12] The Treasurer also facilitates tax-advantaged ABLE, college savings, and retirement savings programs to Illinoisans and provides a voluntary local government investment pool to Illinois' 9,600 or so counties, cities, villages, towns, school districts, and other localities. [13] [14] [15] [16] In addition to these routine functions, the Treasurer is concurrently an ex officio member of the State Board of Investment (ISBI), an independent state agency that oversees the investment of Illinois' public pension funds. [17] ISBI's assets under management totaled $31.5 billion at the close of the 2024 fiscal year. [18]

Aside from functional responsibilities, the Treasurer is constitutionally fifth (behind the Lieutenant Governor, Attorney General, Secretary of State, and Comptroller, respectively) in the line of succession to the office of Governor of Illinois. [19] [20]

List of office holders

#ImageNamePolitical PartyTerm
1John ThomasDemocratic-Republican1818–1819
2R. K. McLaughlinDemocratic-Republican1819–1823
3Abner FieldDemocratic-Republican1823–1827
4 James Hall, judge and writer.png James Hall Democratic1827–1831
5 John Dement 1887 engraving.jpg John Dement Democratic1831–1836
6Charles GregoryDemocratic1836–1837
7John D. WhitesideDemocratic1837–1841
8Milton CarpenterDemocratic1841–1848
9 John Moore Democratic1848–1857
10James MillerRepublican1857–1859
11 Abraham Lincoln and the battles of the Civil War (1887) (14759664831).jpg William ButlerRepublican1859–1863
12 Alexander Starne Democratic1863–1865
13James H. BeveridgeRepublican1865–1867
14George W. SmithRepublican1867–1869
15 Erastus Newton Bates.png Erastus N. Bates Republican1869–1873
16Edward RutzRepublican1873–1875
17 Thomas S. Ridgway Republican1875–1877
18Edward RutzRepublican1877–1879
19 Reception to the members of the Ninety-sixth Regiment, Illinois Infantry Volunteers (1893) (14762787595).jpg John C. Smith Republican1879–1881
20Edward RutzRepublican1881–1883
21 Reception to the members of the Ninety-sixth Regiment, Illinois Infantry Volunteers (1893) (14762787595).jpg John C. SmithRepublican1883–1885
22 Jacob Gross Republican1885–1887
23 John.R.Tanner.c1890.png John Riley Tanner Republican1887–1889
24 Charles Becker Republican1889–1891
25Edward S. WilsonDemocratic1891–1893
26Rufus N. RamsayDemocratic1893–1894
27Elijah P. RamsayDemocratic1894–1895
28 Henry Wulff Portrait.png Henry Wulff Republican1895–1897
29 Henry Hertz Portrait.png Henry L. Hertz Republican1897–1899
30 Floyd K. Whittlemore Republican1899–1901
31 Moses O. Williamson.png Moses O. Williamson Republican1901–1903
32 Busse2 (1).jpg Fred A. Busse Republican1903–1905
33 Lensmall.jpg Len Small Republican1905–1907
34 John Francis Smulski (1867-1928).png John F. Smulski Republican1907–1909
35 History of Illinois Republicanism, embracing a history of the Republican party in the state to the present time with biographies of its founders and supporters also a chronological statement of (14581360428).jpg Andrew Russel Republican1909–1911
36Edward E. MitchellRepublican1911–1913
37William Ryan Jr.Democratic1913–1915
38 History of Illinois Republicanism, embracing a history of the Republican party in the state to the present time with biographies of its founders and supporters also a chronological statement of (14581360428).jpg Andrew RusselRepublican1915–1917
39 Lensmall.jpg Len SmallRepublican1917–1919
40 Fred E. Sterling - 3409861149 (3x4).jpg Fred E. Sterling Republican1919–1921
41 Edward Edwin Miller.png Edward E. Miller Republican1921–1923
42 Oscar Nelson (1874-1951).png Oscar Nelson Republican1923–1925
43 Omer N. Custer (1925-1926).jpg Omer N. Custer Republican1925–1927
44 Garrett D. Kinney Republican1927–1929
45 Omer N. Custer (1925-1926).jpg Omer N. CusterRepublican1929–1931
46 Edward J. Barrett, circa 1945 (3x4).jpg Edward J. Barrett Democratic1931–1933
47 JohnCMartin.jpg John C. Martin Democratic1933–1935
48 John Stelle 20998 (3x4).jpg John Henry Stelle Democratic1935–1937
49 JohnCMartin.jpg John C. MartinDemocratic1937–1939
50 Louie E. Lewis Democratic1939–1941
51 Warren Wright Republican1941–1943
52 William Stratton (1).jpg William G. Stratton Republican1943–1945
53 Conrad Becker circa 1945 (3x4).jpg Conrad F. Becker Republican1945–1947
54 Richard Yates Rowe 7545 (3x4).jpg Richard Yates Rowe Republican1947–1949
55 Ora Smith 1949.jpg Ora Smith Democratic1949–1951
56 William Stratton (1).jpg William G. StrattonRepublican1951–1953
57 Elmer J Hoffman.jpg Elmer J. Hoffman Republican1953–1955
58 Warren E Wright 1956.jpg Warren Wright Republican1955–1957
59 Elmer J Hoffman.jpg Elmer J. Hoffman Republican1957–1959
60 Joseph D Lohman 1959.jpg Joseph D. Lohman Democratic1959–1961
61 Francis Lorenz 1961.jpg Francis S. Lorenz Democratic1961–1963
62 William J. Scott, circa 1976 (3x4).jpg William J. Scott Republican1963–1967
63 Adlai III as Illinois Treasurer.jpg Adlai Stevenson III Democratic1967–1970
64 Charles W. Woodford (1).jpg Charles W. Woodford Democratic1970–1971
65 Alan Dixon (3x4a).jpg Alan J. Dixon Democratic1971–1977
66 Donald R Smith 1977.png Donald R. Smith Republican1977–1979
67 Jerome Constentino 1989.jpg Jerome Cosentino Democratic1979–1983
68 James Donnewald 1983.jpg James Donnewald Democratic1983–1987
69 Jerome Constentino 1989.jpg Jerome Cosentino Democratic1987–1991
70 PatQuinnin2006 (a).jpg Pat Quinn Democratic1991–1995
71 Judy Baar Topinka (cropped).jpg Judy Baar Topinka Republican1995–2007
72 Alexi Giannoulias (cropped).jpg Alexi Giannoulias Democratic2007–2011
73 Dan Rutherford with Ray LaHood Cropped v3.jpg Dan Rutherford Republican2011–2015
74 Frerichs June 30 2016.jpg Mike Frerichs Democratic2015–present

[21] [22] [23]

Proposals to merge with Comptroller

Some observers have perceived an overlap between the offices of Treasurer of Illinois and Comptroller of Illinois, and have therefore proposed constitutional amendments to merge the two offices and earn administrative savings. For example, HJRCA 14, considered by the Illinois General Assembly in 2007-2008, would have merged the two offices into the office of a single State Fiscal Officer. [24]

In 2011, the incumbent Treasurer along with the Comptroller (also former Treasurer) Judy Baar Topinka introduced legislation to allow voters to decide whether the offices should be merged. [25] The legislation was opposed by Michael Madigan, Speaker of the Illinois House of Representatives. [26]

References

  1. ↑ "SELECTED STATE ADMINISTRATIVE OFFICIALS: ANNUAL SALARIES" (PDF). The Council of State Governments. April 11, 2016. Archived from the original (PDF) on 2016-10-13. Retrieved March 24, 2017.
  2. ↑ "Article V, Sections 2 and 3, Illinois Constitution". Illinois General Assembly. Retrieved July 24, 2024.
  3. ↑ "Article V, Section 18, Illinois Constitution". Illinois General Assembly. Retrieved July 24, 2024.
  4. ↑ "State Treasurer Act". Illinois General Assembly . Retrieved February 15, 2020.
  5. ↑ "Deposit of State Moneys Act". Illinois General Assembly. Retrieved July 24, 2024.
  6. ↑ "Securities Safekeeping Act". Illinois General Assembly. Retrieved July 24, 2024.
  7. ↑ "Destruction of Indebtedness Certificates Act". Illinois General Assembly. Retrieved July 24, 2024.
  8. ↑ "General Obligation Bond Act". Illinois General Assembly. Retrieved July 25, 2024.
  9. ↑ "Estate Tax". Office of the Illinois Treasurer. Retrieved July 24, 2024.
  10. ↑ "Treasruer as Custodian of Funds Act". Illinois General Assembly. Retrieved July 24, 2024.
  11. ↑ "Invest in Illinois: Overview". Office of the Illinois Treasurer. Retrieved July 24, 2024.
  12. ↑ "Icash, the Unclaimed Property Program for the State of Illinois". Office of the Illinois Treasurer. Retrieved July 24, 2024.
  13. ↑ "ABLE". Office of the Illinois Treasurer. Retrieved July 24, 2024.
  14. ↑ "College Savings". Office of the Illinois Treasurer. Retrieved July 24, 2024.
  15. ↑ "Secure Choice". Office of the Illinois Treasurer. Retrieved July 24, 2024.
  16. ↑ "The Illinois Funds". Office of the Illinois Treasurer. Retrieved July 24, 2024.
  17. ↑ "Board". Illinois State Board of Investment. Retrieved July 24, 2024.
  18. ↑ "About Us". Illinois State Board of Investment. Retrieved July 24, 2024.
  19. ↑ "Constitution of the State of Illinois". Illinois General Assembly . Archived from the original on 2021-10-22. Retrieved August 22, 2019.
  20. ↑ "Illinois Compiled Statutes 15 ILCS 5 — Governor Succession Act". Illinois General Assembly . Retrieved August 23, 2019.
  21. ↑ Illinois Blue Book. Springfield: Secretary of State. 1908. p. 158. Retrieved 13 August 2018.
  22. ↑ Woods, Harry (1914). Illinois Blue Book. Danville: Secretary of State. p. 141. Retrieved 13 August 2018.
  23. ↑ O'Connor, John (11 December 2014). "Governors have filled 16 vacancies since 1848". The State Journal-Register. Associated Press. Archived from the original on 2021-10-22. Retrieved 13 August 2018.
  24. ↑ "House Joint Resolution - Constitutional Amendment 14", accessed April 12, 2008.
  25. ↑ McQUEARY, KRISTEN (December 31, 2011). "Move to Allow Vote to Merge Treasurer and Comptroller Jobs Stalls in House". The New York Times. Archived from the original on 2021-10-22. Retrieved 11 January 2012.
  26. ↑ WETTERICH, CHRIS (8 June 2011). "Madigan blocking merger of treasurer, comptroller's offices". THE STATE JOURNAL-REGISTER. Archived from the original on 2021-10-22. Retrieved 11 January 2012.
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