Definition
The Illinois Treasurer is a statewide elected official who serves as the chief financial officer of the State of Illinois, responsible for the custody, investment, and disbursement of state funds, as well as the administration of unclaimed property and certain financial programs.
Overview
The office of the Illinois Treasurer is established by the Illinois Constitution and functions within the executive branch of state government. The treasurer is elected to a four‑year term on a partisan ballot, with elections held concurrently with the gubernatorial election. The treasurer’s duties include:
- Receiving and safeguarding all public monies deposited in state accounts.
- Investing state funds in accordance with statutes and the State Treasurer’s Investment Policy.
- Overseeing the Illinois Unclaimed Property Division, which returns lost or abandoned financial assets to their rightful owners.
- Managing college savings programs, such as the Bright Start and Bright Directions 529 plans.
- Providing financial education and outreach to Illinois residents.
The Illinois Treasurer works alongside other financial officers, notably the Illinois Comptroller, who authorizes expenditures, and the Governor, who sets fiscal policy. The treasurer’s office is headquartered in the Illinois State Capitol in Springfield, with additional facilities in Chicago.
As of 2023, the incumbent Illinois Treasurer is Alexi Giannoulias, a member of the Democratic Party, who has served in the position since January 2015.
Etymology / Origin
Illinois derives from the French adaptation of the native Algonquin term “Illiniwek,” referring to the confederation of Native American tribes that inhabited the region.
Treasurer originates from the Old French tresorier, itself from Latin thesaurarius (“keeper of the treasury”), which in turn comes from thesaurus (“treasure, storehouse”).
Characteristics
| Aspect | Details |
|---|---|
| Constitutional basis | Established in the Illinois Constitution of 1818; modern duties defined by subsequent statutes and the 1970 Constitution. |
| Term length | Four years, with no term‑limit specified in the constitution; the treasurer may seek re‑election. |
| Election | Partisan statewide election; candidates must meet the same qualifications as other statewide officeholders (e.g., age, residency). |
| Primary responsibilities | Custody and investment of state funds; administration of unclaimed property; management of college‑savings programs; financial education initiatives. |
| Oversight | Subject to legislative oversight by the Illinois General Assembly and audit by the Illinois Auditor General. |
| Salary | Determined by state law; as of the latest public records, the annual salary is approximately $135,000 (subject to periodic adjustment). |
Related Topics
- Illinois Comptroller – authorizes the payment of state funds and maintains the statewide accounting system.
- Governor of Illinois – chief executive who proposes the state budget and fiscal policy.
- Illinois State Board of Investment – body that sets investment policy for state funds, working closely with the treasurer.
- Unclaimed Property Act (Illinois) – legislation governing the collection and return of abandoned financial assets.
- Illinois General Assembly – legislative branch that enacts statutes affecting the treasurer’s duties and powers.
Note: All information presented reflects publicly available sources up to 2023. Subsequent changes in officeholder or statutory duties are not included.