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Illinois Treasurer

Elected official

Elected official

FieldValue
postTreasurer
bodyIllinois
insigniaSeal of Illinois.svg
insigniasize150px
insigniacaptionSeal of Illinois
imageFile:Illinois Treasurer Mike Frerichs 2023 (cropped).jpg
style
seatIllinois State Capitol
Springfield, Illinois
member_ofState Board of Investment
appointerGeneral election
incumbentMike Frerichs
incumbentsinceJanuary 12, 2015
termlengthFour years, no term limits
formation
successionFifth
inauguralJohn Thomas
salary$135,669 (2016)
websiteOfficial page

Springfield, Illinois

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.

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.

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. 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.

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. 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. 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. ISBI's assets under management totaled $31.5 billion at the close of the 2024 fiscal year.

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.

List of office holders

#ImageNamePolitical PartyTerm
1John ThomasDemocratic-Republican1818–1819
2R. K. McLaughlinDemocratic-Republican1819–1823
3Abner FieldDemocratic-Republican1823–1827
4[[File:James Hall, judge and writer.png60px]]James HallDemocratic1827–1831
5[[File:John Dement 1887 engraving.jpg60px]]John DementDemocratic1831–1836
6Charles GregoryDemocratic1836–1837
7John D. WhitesideDemocratic1837–1841
8Milton CarpenterDemocratic1841–1848
9John MooreDemocratic1848–1857
10James MillerRepublican1857–1859
11[[File:Abraham Lincoln and the battles of the Civil War (1887) (14759664831).jpg60px]]William ButlerRepublican1859–1863
12Alexander StarneDemocratic1863–1865
13James H. BeveridgeRepublican1865–1867
14George W. SmithRepublican1867–1869
15[[File:Erastus Newton Bates.png60px]]Erastus N. BatesRepublican1869–1873
16Edward RutzRepublican1873–1875
17Thomas S. RidgwayRepublican1875–1877
18Edward RutzRepublican1877–1879
19[[File:Reception to the members of the Ninety-sixth Regiment, Illinois Infantry Volunteers (1893) (14762787595).jpg60px]]John C. SmithRepublican1879–1881
20Edward RutzRepublican1881–1883
21[[File:Reception to the members of the Ninety-sixth Regiment, Illinois Infantry Volunteers (1893) (14762787595).jpg60px]]John C. SmithRepublican1883–1885
22[[File:Jacob Gross.png60px]]Jacob GrossRepublican1885–1887
23[[File:John.R.Tanner.c1890.png60px]]John Riley TannerRepublican1887–1889
24Charles BeckerRepublican1889–1891
25Edward S. WilsonDemocratic1891–1893
26Rufus N. RamsayDemocratic1893–1894
27Elijah P. RamsayDemocratic1894–1895
28[[File:Henry Wulff Portrait.png60px]]Henry WulffRepublican1895–1897
29[[File:Henry Hertz Portrait.png60px]]Henry L. HertzRepublican1897–1899
30[[File:Floyd K. Whittemore (3x4).jpg60px]]Floyd K. WhittemoreRepublican1899–1901
31[[File:Moses O. Williamson.png60px]]Moses O. WilliamsonRepublican1901–1903
32[[File:Busse2 (1).jpg60px]]Fred A. BusseRepublican1903–1905
33[[File:Lensmall.jpg60px]]Len SmallRepublican1905–1907
34[[File:John Francis Smulski (1867–1928).png60px]]John F. SmulskiRepublican1907–1909
35[[File: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).jpg60px]]Andrew RusselRepublican1909–1911
36Edward E. MitchellRepublican1911–1913
37William Ryan Jr.Democratic1913–1915
38[[File: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).jpg60px]]Andrew RusselRepublican1915–1917
39[[File:Lensmall.jpg60px]]Len SmallRepublican1917–1919
40[[File:Fred E. Sterling - 3409861149 (3x4).jpg60px]]Fred E. SterlingRepublican1919–1921
41[[File:Edward Edwin Miller.png60px]]Edward E. MillerRepublican1921–1923
42[[File:Oscar Nelson (1874-1951).png60px]]Oscar NelsonRepublican1923–1925
43[[File:Omer N. Custer (1925-1926).jpg60px]]Omer N. CusterRepublican1925–1927
44Garrett D. KinneyRepublican1927–1929
45[[File:Omer N. Custer (1925-1926).jpg60px]]Omer N. CusterRepublican1929–1931
46[[File:Edward J. Barrett, circa 1945 (3x4).jpg60px]]Edward J. BarrettDemocratic1931–1933
47[[File:JohnCMartin.jpg60px]]John C. MartinDemocratic1933–1935
48[[File:John Stelle 20998 (3x4).jpg60px]]John Henry StelleDemocratic1935–1937
49[[File:JohnCMartin.jpg60px]]John C. MartinDemocratic1937–1939
50Louie E. LewisDemocratic1939–1941
51Warren WrightRepublican1941–1943
52[[File:William Stratton (1).jpg60px]]William G. StrattonRepublican1943–1945
53[[File:Conrad Becker circa 1945 (3x4).jpg60px]]Conrad F. BeckerRepublican1945–1947
54[[File:Richard Yates Rowe 7545 (3x4).jpg60px]]Richard Yates RoweRepublican1947–1949
55[[File:Ora Smith 1949.jpg60px]]Ora SmithDemocratic1949–1951
56[[File:William Stratton (1).jpg60px]]William G. StrattonRepublican1951–1953
57[[File:Elmer J Hoffman.jpg60px]]Elmer J. HoffmanRepublican1953–1955
58[[File:Warren E Wright 1956.jpg60px]]Warren WrightRepublican1955–1957
59[[File:Elmer J Hoffman.jpg60px]]Elmer J. HoffmanRepublican1957–1959
60[[File:Joseph D Lohman 1959.jpg60px]]Joseph D. LohmanDemocratic1959–1961
61[[File:Francis Lorenz 1961.jpg60px]]Francis S. LorenzDemocratic1961–1963
62[[File:William J. Scott, circa 1976 (3x4).jpg60px]]William J. ScottRepublican1963–1967
63[[File:Adlai III as Illinois Treasurer.jpg60px]]Adlai Stevenson IIIDemocratic1967–1970
64[[File:Charles W. Woodford (1).jpg60px]]Charles W. WoodfordDemocratic1970–1971
65[[File:Alan Dixon (3x4a).jpg60px]]Alan J. DixonDemocratic1971–1977
66[[File:Donald R Smith 1977.png60px]]Donald R. SmithRepublican1977–1979
67[[File:Jerome Constentino 1989.jpg60px]]Jerome CosentinoDemocratic1979–1983
68[[File:James Donnewald 1983.jpg60px]]James DonnewaldDemocratic1983–1987
69[[File:Jerome Constentino 1989.jpg60px]]Jerome CosentinoDemocratic1987–1991
70[[File:PatQuinnin2006 (a).jpg60px]]Pat QuinnDemocratic1991–1995
71[[File:Judy Baar Topinka (cropped).jpg60px]]Judy Baar TopinkaRepublican1995–2007
72[[File:Alexi Giannoulias (cropped).jpg60px]]Alexi GiannouliasDemocratic2007–2011
73[[File:Dan Rutherford with Ray LaHood Cropped v3.jpg60px]]Dan RutherfordRepublican2011–2015
74[[File:Frerichs June 30 2016.jpg60px]]Mike FrerichsDemocratic2015–present

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.

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. The legislation was opposed by Michael Madigan, Speaker of the Illinois House of Representatives.

References

References

  1. (April 11, 2016). "SELECTED STATE ADMINISTRATIVE OFFICIALS: ANNUAL SALARIES". The Council of State Governments.
  2. "Article V, Sections 2 and 3, Illinois Constitution". Illinois General Assembly.
  3. "Article V, Section 18, Illinois Constitution". Illinois General Assembly.
  4. "State Treasurer Act". [[Illinois General Assembly]].
  5. "Deposit of State Moneys Act". Illinois General Assembly.
  6. "Securities Safekeeping Act". Illinois General Assembly.
  7. "Destruction of Indebtedness Certificates Act". Illinois General Assembly.
  8. "General Obligation Bond Act". Illinois General Assembly.
  9. "Estate Tax". Office of the Illinois Treasurer.
  10. "Treasruer as Custodian of Funds Act". Illinois General Assembly.
  11. "Invest in Illinois: Overview". Office of the Illinois Treasurer.
  12. "Icash, the Unclaimed Property Program for the State of Illinois". Office of the Illinois Treasurer.
  13. "ABLE". Office of the Illinois Treasurer.
  14. "College Savings". Office of the Illinois Treasurer.
  15. "Secure Choice". Office of the Illinois Treasurer.
  16. "The Illinois Funds". Office of the Illinois Treasurer.
  17. "Board". Illinois State Board of Investment.
  18. "About Us". Illinois State Board of Investment.
  19. "Constitution of the State of Illinois". [[Illinois General Assembly]].
  20. "Illinois Compiled Statutes 15 ILCS 5 — Governor Succession Act.". [[Illinois General Assembly]].
  21. (1908). "Illinois Blue Book". Secretary of State.
  22. (1914). "Illinois Blue Book". Secretary of State.
  23. (11 December 2014). "Governors have filled 16 vacancies since 1848". The State Journal-Register.
  24. "House Joint Resolution - Constitutional Amendment 14", accessed April 12, 2008.[http://ilga.gov/legislation/billstatus.asp?DocNum=14&GAID=9&GA=95&DocTypeID=HJRCA&LegID=28840&SessionID=51]
  25. McQUEARY, KRISTEN. (December 31, 2011). "Move to Allow Vote to Merge Treasurer and Comptroller Jobs Stalls in House". The New York Times.
  26. WETTERICH, CHRIS. (8 June 2011). "Madigan blocking merger of treasurer, comptroller's offices". THE STATE JOURNAL-REGISTER.
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