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| Indiana Treasurer of State | |
|---|---|
| Name | Treasurer |
| Jurisdiction | Indiana |
| Incumbent | Daniel Elliott |
| Incumbentsince | 2023 |
| Seat | Indianapolis |
| Termlength | Four years |
| Formation | 1816 |
| Inaugural | William K. Stone |
Indiana Treasurer of State
The Indiana Treasurer of State is an elected constitutional officer charged with custody and management of Indiana's treasury assets, administration of state cash receipts, and oversight of public investments. The office operates from Indianapolis and interacts with executive branch entities such as the Governor of Indiana, the Indiana General Assembly, and the Indiana Auditor of State while also engaging with municipal bodies like the Indianapolis City-County Council, county treasurers, and local school corporations. The treasurer's duties touch on public finance instruments recognized by institutions like the Federal Reserve System, the National Association of State Treasurers, and commercial counterparties including Bank of America, JPMorgan Chase, and regional depository banks.
The office is established under the Constitution of Indiana and statutory law codified by the Indiana General Assembly in titles addressing public finance and procurement. Located in the Indiana Statehouse and administrative offices in Indianapolis, the treasurer serves as the state's chief custodian of cash and securities, stewarding assets that support programs administered by agencies such as the Indiana Department of Education, the Indiana Department of Health, and the Indiana Department of Transportation. The treasurer coordinates with fiscal entities including the State Budget Agency (Indiana), the Indiana Office of Management and Budget, and federal partners like the United States Department of the Treasury for grants, debt service, and investment compliance.
Statutory powers include receipt and disbursement authority for state monies pursuant to warrants certified by the Indiana Auditor of State; management of short-term liquidity and long-term investment portfolios through instruments such as Treasury bills, municipal securities, and repurchase agreements; and administration of programs like the state's unclaimed property registry interacting with the Indiana Attorney General. The treasurer issues and manages state debt by coordinating bond sales with underwriters from firms like Goldman Sachs, Morgan Stanley, and UBS, and monitors credit through agencies such as Moody's Investors Service, Standard & Poor's, and Fitch Ratings. Regulatory responsibilities include adherence to statutes governing public funds, participation in the National Association of State Treasurers policy forums, and compliance with federal statutes such as the Securities Exchange Act of 1934 where applicable to state-issued securities.
The treasurer is elected statewide to a four-year term during midterm or general elections administered by the Indiana Secretary of State. Candidates typically emerge from political organizations like the Republican Party (United States), the Democratic Party (United States), third-party groups such as the Libertarian Party (United States), and civic movements affiliated with university centers at Indiana University Bloomington and Purdue University. Eligibility and succession are governed by provisions in the Constitution of Indiana and statutes enacted by the Indiana General Assembly; vacancies have been filled historically by gubernatorial appointment following consultation with the Indiana Republican Central Committee or the Indiana Democratic Party depending on the departing official's affiliation.
Since statehood in 1816 the office has evolved from custodial safekeeping to active asset management in response to economic events like the Panic of 1837, the Great Depression, the 1973–1975 recession, and the 2008 financial crisis. Early treasurers worked with institutions such as the Second Bank of the United States and regional banks in New Albany, Indiana and Vincennes, Indiana. Notable treasurers include reformers who modernized accounting systems influenced by models from the United States Department of the Treasury and fiscal conservatives who pursued investment yield strategies aligned with guidance from the Government Finance Officers Association. Several treasurers advanced to other offices, collaborating with figures like governors Mitch Daniels, Frank O'Bannon, and federal legislators from Indiana's congressional delegation.
The treasurer's office is organized into divisions such as Cash Management, Investment, Unclaimed Property, Debt Management, and Operations. Professional staff hold credentials from bodies like the Certified Public Accountant designation overseen by state boards, the Chartered Financial Analyst Institute, and continuing education through the National Association of State Treasurers. The office contracts auditors from firms such as KPMG, Deloitte, and regional accounting practices, and coordinates treasury systems with vendors offering financial technology platforms used by state agencies and municipal partners.
Funding for the treasurer's operations is appropriated by the Indiana General Assembly and appears in the state budget administered by the State Budget Agency (Indiana). The office manages internal operating funds, program revenues from services including unclaimed property reunification, and transactional fees collected in coordination with the Indiana Department of Revenue and banking partners. Investment income and debt service obligations influence statewide fiscal metrics employed by analysts at institutions like Indiana University Kelley School of Business and credit rating entities.
The treasurer maintains operational relationships with entities such as the Indiana Auditor of State, Indiana Secretary of State, Indiana Bond Bank, county treasurers across Marion County, Indiana, Lake County, Indiana, and municipal finance officers in cities like Fort Wayne, Indiana and Evansville, Indiana. Collaboration spans cash pooling arrangements, distribution of state-shared revenues enacted by the Indiana General Assembly, coordination on bond issuances with the Indiana Finance Authority, and interactions with federal programs administered by the United States Department of Housing and Urban Development and the United States Department of Education.