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| Vermont State Treasurer | |
|---|---|
| Post | State Treasurer of Vermont |
| Body | State of Vermont |
| Incumbentsince | 2023 |
| Seat | Montpelier, Vermont |
| Appointer | Elected by Vermont voters |
| Termlength | 2 years |
| Formation | 1777 |
| Inaugural | Justus Sherwood |
Vermont State Treasurer
The Vermont State Treasurer is the constitutionally established fiscal officer for the State of Vermont responsible for cash management, debt issuance, investment stewardship, and related fiduciary functions for statewide funds. The office interacts with state entities such as the Vermont General Assembly, Vermont Agency of Administration, Vermont Department of Finance and Management, and external institutions including the Federal Reserve Bank of Boston, Municipal bond underwriters, and national custodial banks. Treasurers have ranged from early Revolutionary-era administrators to modern professional financial managers who engage with entities like the National Association of State Treasurers, Government Finance Officers Association, and bond rating agencies such as Moody's Investors Service, Standard & Poor's, and Fitch Ratings.
The Treasurer is an elected constitutional officer under the Constitution of Vermont charged with safekeeping and investing state funds, issuing state debt, administering unclaimed property, overseeing municipal and school trust funds, and serving on boards including the Vermont Pension Investment Committee and the Vermont State Employees' Retirement System board. The office produces the annual Comprehensive Annual Financial Report presented to the Vermont General Assembly and coordinates with federal programs administered by agencies like the United States Department of the Treasury and the Internal Revenue Service for tax refund and compliance functions. The Treasurer's office also manages cash flow relationships with the Vermont State Police payroll systems, Vermont Department of Taxes withholding distributions, and other statewide disbursement mechanisms.
Treasury functions in Vermont date to the formation of the Vermont Republic in 1777, predating Vermont's 1791 admission to the United States. Early treasurers such as Justus Sherwood and later antebellum figures handled Revolutionary War-era finance, land grant proceeds, and state bank interactions with institutions like the Bank of Vermont. During the Civil War and Reconstruction eras, treasurers engaged with war-related finance and state bond offerings mirrored in practices of states such as New York and Massachusetts. Twentieth-century developments saw the professionalization of treasury responsibilities influenced by events like the Great Depression and federal initiatives including the New Deal. Modernization accelerated with computerized accounting systems, pension reforms paralleling actions in states like California and New Jersey, and active participation in national forums such as the National Association of State Treasurers.
Statutory and constitutional duties empower the Treasurer to invest state funds consistent with the Vermont Statutes Annotated, issue and manage general obligation and revenue bonds in coordination with the Vermont Bond Bank and legal counsel from the Vermont Attorney General, and administer unclaimed property custody and reclamation programs. The Treasurer signs warrants and checks, oversees cash management and short-term borrowing, and implements investment policy for retirement systems and trust funds. The office provides fiscal oversight for municipal debt financing tools used by Vermont towns and school districts, collaborates with credit rating agencies like Moody's Investors Service and Standard & Poor's on bond issues, and may convene task forces with entities such as the Vermont League of Cities and Towns.
The Treasurer's office is organized into divisions including Cash Management, Investments, Debt Management, Unclaimed Property, and Administrative Services, staffed by professionals with backgrounds from institutions such as Wells Fargo, Bank of America, and regional financial firms. Senior staff may include a Chief Investment Officer, General Counsel, and Retirement Program Directors who coordinate with boards like the Vermont Pension Investment Committee. The office maintains financial systems interoperable with Vermont's enterprise resource planning solutions and works with auditors from firms such as KPMG or Ernst & Young for CAFR validation. Outreach arms liaise with citizen groups, municipal officials, and national organizations including the Government Finance Officers Association.
The Treasurer is elected biennially during statewide elections held concurrently with races for Governor of Vermont and seats in the Vermont House of Representatives and Vermont Senate. Candidates typically emerge from political organizations such as the Democratic Party (United States), Republican Party (United States), and the Progressive Party (Vermont), and campaigns often emphasize fiscal stewardship, pension solvency, and unclaimed property outreach. When no candidate receives a majority in specific historical contests, like some contested statewide races in other states such as Maine or Georgia, resolution followed statutory procedures; historically, Vermont elections have moved through popular vote outcomes certified by the Secretary of State of Vermont.
A chronological list of treasurers begins with early officeholders in the Vermont Republic era such as Justus Sherwood and continues through prominent figures including 19th- and 20th-century officials who shaped state fiscal policy. Notable modern treasurers served during major fiscal events—bond issuances, pension reforms, and economic downturns paralleling national episodes like the 2008 financial crisis. Comprehensive lists are maintained in state archives and by the Vermont Secretary of State.
Initiatives have included modernization of investment policy, enhanced unclaimed property reunification campaigns, municipal debt restructuring programs, and retirement system governance reforms often benchmarked against reforms in New York State Common Retirement Fund and California Public Employees' Retirement System. Controversies have occasionally arisen over debt issuance timing, pension funding assumptions, and investment selections that drew scrutiny from legislative committees, investigative reporters at outlets like the Vermont Journal, and oversight bodies. Responses typically involved auditing by independent firms, legislative hearings in the Vermont General Assembly, and policy revisions to align with fiduciary standards advocated by groups like the National Conference of State Legislatures.
Category:State treasurers of the United States Category:Politics of Vermont