General Treasurer of Rhode Island

The General Treasurer of Rhode Island is one of the five general state officers directly elected by the voters and serves as the custodian of state funds for the Rhode Island government.[3] The General Treasurer is tasked with managing the state's finances and serves on a variety of boards and commissions.[3] The current General Treasurer is Democrat Seth Magaziner.

General Treasurer of Rhode Island
Incumbent
Seth Magaziner
since January 6, 2015
Department of Treasury
StyleThe Honorable
Member ofExecutive Branch
Term lengthFour years
Renewal once
Constituting instrumentConstitution of Rhode Island
Formation1663 (by law passed under The Royal Charter of 1663)[1]
1842 (by ratification of the Constitution of Rhode Island)[1]
First holderStephen Cahoone (under 1842 Constitution)[2]
SuccessionElection by joint session of the Rhode Island General Assembly
Websitewww.treasury.ri.gov

Responsibilities

The General Treasurer "is responsible for the safe and prudent management of the State’s finances."[3] The Office of the General Treasurer has stated that its mission is " to protect the state's assets with sound financial investments, strengthen the state’s financial position, encourage economic growth, operate with transparency and accountability, and ensure Rhode Islanders benefit from exceptional performance through all of the programs the office manages."[1] As part of this mission, the General Treasurer's Office "reconciles and disburses most state funds, issues general obligation notes and bonds, manages the investment of state funds, and oversees the retirement system for state employees, teachers, state police, judges and some municipal employees" and "is also responsible for the management of the Unclaimed Property Division and the Crime Victim Compensation Program as well as oversight of the investments for the state-sponsored CollegeBound fund."[1]

The General Treasurer also serves on the board of the Rhode Island Infrastructure Bank, the State Investment Commission, the State Retirement Board, the Public Finance Management Board, the Rhode Island Housing and Mortgage Finance Corporation, the Rhode Island Student Loan Authority and the Rhode Island School Building Authority, and he co-chairs of the Rhode Island School Building Task Force.[3]

Former Officeholders

Notable former Rhode Island General Treasurers include the current Secretary of Commerce Gina Raimondo and Henry Sherburne (colonel), an officer in the Continental Army during the American Revolution.

See also

References
  1. "Rhode Island. Treasury Department (1663-)". State of Rhode Island. Department of State. Retrieved April 7, 2021.
  2. "Historical Rhode Island Points Worth Preserving". Providence Magazine. Providence, RI: Providence Chamber of Commerce. January 1924. Retrieved April 7, 2021.
  3. "About the Office". State of Rhode Island. Office of the General Treasurer. Retrieved April 7, 2021.
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