Texas State Treasurer
Encyclopedia
Texas State Treasurer was a political office in the U.S. state of Texas
, established in the Constitution of 1876
. It was abolished in 1996.
. The Treasurer had a four-year term as head of the State Treasury Department. The office, along with the treasury department, was abolished by Texas voters in 1995 and was formally closed in 1996, with duties taken over by the Texas Comptroller of Public Accounts
.
The last person to be elected Treasurer, Martha Whitehead
, ran on the platform of abolishing her own office. Detractors to Whitehead's plan, including Republican
opponent David Hartman
, suggested the proposal was a fraud. Hartman favored expanding the Treasury by having it assume the duties of several other state agencies, including the Public Finance Authority and the Pension Review Board, possibly saving more money. Whitehead said in the event voters kept the office open she would have served the whole four-year term. Whitehead, a Democrat
, won by a narrow margin—50.29 percent to Hartman's 49.7 percent of 4,145,981 votes cast statewide.
and certain gross-receipts taxes, serve as custodian of securities in trust, receive unclaimed property held in trust, and administer money in a local government-investment pool called TexPool. Additionally, the treasurer acted as chairman of the State Depository Board and the Cash Management Committee, officer of the Treasury Safekeeping Trust Company, and member of the State Banking Board and Bond Review Board.
The State Treasury Department had two divisions: fiscal management and administration. Within the fiscal management area the Fiscal Operations Division processes checks from state agencies and state warrants. The State Depository Board approved Texas financial institutions to function as state depositories and establishes interest rates on state time deposits. The Treasury Safekeeping Trust Company kept several billion dollars in securities owned by state agencies and the treasury. Unclaimed money from dormant bank
accounts, insurance benefits, corporate dividends, and mineral proceeds, for example, were handled through the Unclaimed Property Division, which the treasury used to locate missing owners.
The administrative divisions of the treasury provided computer operations, legal support, and the sale and distribution of cigarette and alcoholic beverage stamps
. The Cash Flow Estimating Division forecasted state expenditures and revenue. The Rapid Deposit Program developed efficient cash-management programs. A system called TEXNET, begun in 1990, was designed to receive and process large taxpayer payments electronically to hasten interest earnings.
In 1990 approximately 260 employees worked in the State Treasury Department, which had an operating budget of more than $21 million. The treasury processed more than 34,000 checks a day from state agencies and earned more than $300 million in interest
during the fiscal year.
.
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, established in the Constitution of 1876
Texas Constitution
The Constitution of the State of Texas is the document that describes the structure and function of the government of the U.S. State of Texas.Texas has had seven constitutions: the constitution of Coahuila y Tejas, the 1836 Constitution of the Republic of Texas, the state constitutions of 1845,...
. It was abolished in 1996.
History
The office of State Treasurer superseded a similar office in the Republic of TexasRepublic of Texas
The Republic of Texas was an independent nation in North America, bordering the United States and Mexico, that existed from 1836 to 1846.Formed as a break-away republic from Mexico by the Texas Revolution, the state claimed borders that encompassed an area that included all of the present U.S...
. The Treasurer had a four-year term as head of the State Treasury Department. The office, along with the treasury department, was abolished by Texas voters in 1995 and was formally closed in 1996, with duties taken over by the Texas Comptroller of Public Accounts
Texas Comptroller of Public Accounts
The Texas Comptroller of Public Accounts is an executive branch position created by the Texas Constitution. As with nearly every other executive branch head, the Comptroller is popularly elected every four years concurrently with the Governor and the other elected executive branch positions...
.
The last person to be elected Treasurer, Martha Whitehead
Martha Whitehead
Martha Whitehead is a former elected official from the U.S. state of Texas. She was the last Texas State Treasurer before the position was abolished by constitutional amendment in 1996.-Biography:Whitehead is a former mayor of Longview, Texas...
, ran on the platform of abolishing her own office. Detractors to Whitehead's plan, including Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
opponent David Hartman
David Hartman (politician)
David A. Hartman was a 1994 candidate for Texas State Treasurer and is a retired banker in the Austin, Texas area.During his earlier large-corporation experience, he worked in product and process development, market and economic research, strategic planning and plant management—culminating in...
, suggested the proposal was a fraud. Hartman favored expanding the Treasury by having it assume the duties of several other state agencies, including the Public Finance Authority and the Pension Review Board, possibly saving more money. Whitehead said in the event voters kept the office open she would have served the whole four-year term. Whitehead, a Democrat
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
, won by a narrow margin—50.29 percent to Hartman's 49.7 percent of 4,145,981 votes cast statewide.
Organization
The major duties of the office were to receive and keep state money, maintain accounts of all receipts and expenditures, collect cigarette and tobacco taxesSin tax
A sin tax is a kind of sumptuary tax: a tax specifically levied on certain generally socially proscribed goods and services. These goods are usually alcohol and tobacco, but also include candies, soft drinks, fat foods and coffee, while services range from prostitution to...
and certain gross-receipts taxes, serve as custodian of securities in trust, receive unclaimed property held in trust, and administer money in a local government-investment pool called TexPool. Additionally, the treasurer acted as chairman of the State Depository Board and the Cash Management Committee, officer of the Treasury Safekeeping Trust Company, and member of the State Banking Board and Bond Review Board.
The State Treasury Department had two divisions: fiscal management and administration. Within the fiscal management area the Fiscal Operations Division processes checks from state agencies and state warrants. The State Depository Board approved Texas financial institutions to function as state depositories and establishes interest rates on state time deposits. The Treasury Safekeeping Trust Company kept several billion dollars in securities owned by state agencies and the treasury. Unclaimed money from dormant bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
accounts, insurance benefits, corporate dividends, and mineral proceeds, for example, were handled through the Unclaimed Property Division, which the treasury used to locate missing owners.
The administrative divisions of the treasury provided computer operations, legal support, and the sale and distribution of cigarette and alcoholic beverage stamps
Liquor license
-Alberta:In Alberta, liquor licences are issued by the Alberta Gaming and Liquor Commission.-United Kingdom:Throughout the United Kingdom, the sale of alcohol is restricted—pubs, restaurants, shops and other premises must be licensed by the local authority. The individual responsible for the...
. The Cash Flow Estimating Division forecasted state expenditures and revenue. The Rapid Deposit Program developed efficient cash-management programs. A system called TEXNET, begun in 1990, was designed to receive and process large taxpayer payments electronically to hasten interest earnings.
In 1990 approximately 260 employees worked in the State Treasury Department, which had an operating budget of more than $21 million. The treasury processed more than 34,000 checks a day from state agencies and earned more than $300 million in interest
Interest
Interest is a fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets. It is most commonly the price paid for the use of borrowed money, or money earned by deposited funds....
during the fiscal year.
Notable Texas State Treasurers
Some notable former state treasurers in Texas include:- Kay Bailey HutchisonKay Bailey HutchisonKathryn Ann Bailey Hutchison, known as Kay Bailey Hutchison , is the senior United States Senator from Texas.She is a member of the Republican Party. In 2001, she was named one of the thirty most powerful women in America by Ladies Home Journal. The first woman to represent Texas in the U.S....
- Ann RichardsAnn RichardsDorothy Ann Willis Richards was an American politician from Texas. She first came to national attention as the state treasurer of Texas, when she delivered the keynote address at the 1988 Democratic National Convention. Richards served as the 45th Governor of Texas from 1991 to 1995 and was...
- Martha WhiteheadMartha WhiteheadMartha Whitehead is a former elected official from the U.S. state of Texas. She was the last Texas State Treasurer before the position was abolished by constitutional amendment in 1996.-Biography:Whitehead is a former mayor of Longview, Texas...
.
External links
- Handbook of Texas History, Texas State Treasurer entry: http://www.tshaonline.org/handbook/online/articles/SS/mbsex.html