What Does California's State Treasurer Do?

 

The California State Treasurer is an independently elected constitutional officer who serves as the state's lead banker, financier, and asset manager.

This article summarizes the office's core responsibilities based on official state government publications. For Phil Ting's campaign priorities for the office, see State Treasurer Priorities.

Phil Ting discussing California budget and fiscal policy

Core Constitutional Duties

According to the California State Treasurer's Office and the Governor's 2025-26 budget documents, the Treasurer is responsible for:

  • Custody of state funds. Receiving and safeguarding all money and securities belonging to or held in trust by the state.
  • Cash management. Investing temporarily idle state monies and managing the Pooled Money Investment Account (PMIA) on behalf of state agencies and local governments.
  • Bond sales and administration. Administering the sale of state general obligation bonds, revenue bonds, and other state debt, plus managing redemption and interest payments.
  • Payment of state warrants. Disbursing funds based on warrants drawn by the State Controller and other authorized agencies.

Sources: California State Treasurer's Office, "Responsibilities and Functions" (treasurer.ca.gov); Governor's Budget 2025-26, State Treasurer section (ebudget.ca.gov, published 2025); CA.gov department profile, last updated December 30, 2025.

Boards, Commissions, and Public Programs

The Treasurer also chairs or serves on numerous state authorities. Official state descriptions include:

  • ScholarShare Investment Board, which oversees California's official 529 college savings plan.
  • Tax Credit Allocation Committee, which awards federal and state tax credits for affordable housing development.
  • California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) and the California Pollution Control Financing Authority (CPCFA), which finance clean energy and environmental projects.
  • Ex officio membership on the boards of CalPERS and CalSTRS, though day-to-day pension investment decisions are made by those boards' trustees.

The Treasurer's Office 2024 Year End Report, released in December 2025, notes the office also oversees programs including CalABLE (disability savings), CalKIDS (college seed accounts for newborns), and CalSavers (workplace retirement savings).

Why the Office Matters to Voters

Bond timing, investment returns, and program administration affect school construction financing, affordable housing credits, college savings access, and the cost of state borrowing. The Treasurer does not set tax rates or write the state budget, but manages the financial instruments and accounts that translate legislative decisions into real-world projects.

Phil Ting, former Assembly Budget Committee Chair and San Francisco Assessor-Recorder, is running for State Treasurer in 2026. Read his platform at State Treasurer Priorities or return to the Articles index.

Paid for by Phil Ting for Treasurer 2026, FPPC ID #1444108.