History+of+the+Treasurer

The office of the treasurer of the Territory of Wyoming was established by the First Legislative Assembly's passage of Chapter 23, General Laws, Memorials and Resolutions of the Territory of Wyoming, 1869. The law charged the territorial governor to nominate and, with approval of the legislative council, appoint a treasurer for the territory.
 * Administrative History of the Office of Wyoming State Treasurer ** **From the Wyoming Blue Book Volume 5, Par**t 2

Duties of the treasurer, as stated in the law, included receiving and holding the territory's monies, disbursing "public money upon warrants drawn upon the treasury," keeping an accurate account of receipts and disbursements, delivering the treasury's accounts to the auditor for settlement, and reporting to the legislative assembly on the condition and operation of the treasury. Chapter 23 also accorded the treasurer "free access to all other offices of the territory" for the inspection of their records, and the power to administer oaths as needed in the performance of his duties.

Legislation passed thirteen years later designated that the fiscal year for the territory would begin at noon on March 31 each year. Chapter 47, Session Laws of the Territory of Wyoming, 1882, obligated the treasurer to balance the accounts of the territory on that date for verification by a special legislative committee. The law further required all fiscal officers of the territory, including the territorial treasurer, to balance their accounts annually on December 31. Six years later, fiscal officers were directed to balance their accounts in March and September, with the Tenth Legislative Assembly's enactment of Chapter 54, Session Laws of the Territory of Wyoming, 1888.

Article 4, Sections 11 and 12, of the Constitution of the State of Wyoming, ratified by vote of the citizenry in November 1889, required the election of state officers, including the state treasurer, to a term of four years. The constitution directed that the powers and duties of the five state officers would be prescribed by law. The constitution also required that the treasurer and the governor approve all contracts for "stationery, printing, paper, fuel and light" used by the legislature and all departments of the executive branch of government (Article 3, Section 31, Constitution of the State of Wyoming).

Wyoming's First State Legislature designated the state treasurer as fifth in line of succession to the governor (Chapter 14, Session Laws of Wyoming, 1890-91). In 1895, the legislature authorized the treasto invest funds received from the sale of state lands. Chapter 67, Session Laws of Wyoming, 1895, declared that such investments could include bonds of the State of Wyoming and the United States, bonds issued by Wyoming school districts, registered county bonds, or interest bearing warrants.

A law "regulating the deposit and safe keeping of all public money belonging to the state was enacted by the Ninth State Legislature. Chapter 30, Session Laws of Wyoming, 1907, required all state officials receiving money for the state to deliver the funds to the state treasurer monthly. Chapter 30 also created a board of deposits, and included the treasurer in its membership. The board was empowered to review applications from banks desiring to be state depositories, and to fix the rate of interest paid on state deposits. The law further authorized the treasurer to sell bonds held as collateral security for the deposit of state funds, whenever a state depository could not pay any part of the state's account with the depository.

The Workmen's Compensation Law (Chapter 124, Session Laws of Wyoming, 1915), increased the state treasurer's duties. The duties, prescribed by the law, included preparing and supplying forms to aid in the administration of the law; to receive copies of payrolls from employers with workers "engaged in extra-hazardous employment;" to receive lists from the county assessors of employers in their counties involved in hazardous industries, as defined by Chapter 124; and the treasurer was to compile statistics on accidents occurring in hazardous industries.

Investment possibilities for state funds received from the sale of state lands were increased by the legislature in 1915. Chapter 147, Session Laws of Wyoming, 1915, added Wyoming municipal coupon bonds and irrigation districts' coupon bonds to possible investments authorized in 1895. Before state funds could be invested in bonds of irrigation districts, the law required approval of the investment by a fiscal board created by the law. The board was composed of the governor, the state treasurer, the state engineer, the state auditor, and the commissioner of public lands. Eight years later, the Seventeenth State Legislature authorized the investment of all of the state's permanent funds in the investment types previously specified by the legislature (Chapter 13, Session Laws of Wyoming, 1923).

A 1921 act by the Congress of the United States, to promote mining on the public domain, led to the establishment of the state's "Government Royalty Fund." The fund consisted of mineral royalties paid to the state from the production of oil, natural gas, and minerals. Chapter 51, Session Laws of Wyoming, 1921, authorized the state treasurer to annually pay monies from the fund, in established percentages, to the county treasurers to support the county's schools and construct county roads, to the state highway commission to construct and maintain state highways, and to the University of Wyoming to construct and maintain buildings.

In 1935, with legislative enactment of Chapter 117, Session Laws of Wyoming, 1935, the state treasurer was designated a member of the Wyoming Liquor Commission, created by the law. Two years later, the treasurer and the other four elected state officers were made members "of all state boards and commissions upon which two or more such officers" were serving in 1937. Chapter 62, Session Laws of Wyoming, 1937, however, stipulated that the law did not apply to the Board of Trustees of the University of Wyoming. Forty-five years later, Chapter 62 was repealed by the legislature with the enactment of Chapter 62, Session Laws of Wyoming, 1982.

In 1955, the state legislature changed the dates upon accounts which state accounts were to be balanced, to June 30 and December 31 (Chapter 9, Thirty-Fifth Session Laws of Wyoming, 1955). Four years later, the State Legislature directed state agencies to report all of their financial commitments to the state treasurer. Chapter 163, Session Laws of Wyoming, 1959, also required the treasurer to establish rules, procedures, and distribute forms to carry out the provisions of the act.

An investment advisory council was created by legislative enactment of Chapter 93, Session Laws of Wyoming, 1967. The law charged the state treasurer to appoint five members to the council, which was to advise the treasurer on the investment of state funds. During its next session, with the passage of Chapter 67, Session Laws of Wyoming, 1967, the legislature authorized the treasurer, with the approval of the governor and the attorney general, to invest all permanent funds and all school funds in certain securities, named in the law, and in farm loan mortgages, if approved by the Wyoming Farm Loan Board. The act also placed limitations upon the amount of state funds that could be invested in bonds of irrigation districts.

In 1975, the legislature reiterated the general duties of the state treasurer (Chapter 7, Session Laws of Wyoming, 1975). The treasurer was to receive and keep all monies, not required by law to be received and kept by someone else, as long as there were sufficient funds in his accounts. Also, the treasurer was to pay all warrants legally issued by the state auditor; to keep an accurate and comprehensive record of all money received and disbursed; and to give the legislature, in writing, any information requested pertaining to the treasury or the duties of the treasurer.

In its next session, two acts were passed by the legislature affecting the state treasurer. Chapter 33, Session Laws of Wyoming, 1977, authorized the treasurer to pay premiums for bonds or other securities, and to amortize the premium over the life of the investment. Chapter 52, Session Laws of Wyoming, 1977, authorized the treasurer to invest not more than three million dollars in federally insured student loans.

In 1981, and again in 1986, the legislature established new investment programs to be managed by the state treasurer. Chapter 48, Session Laws of Wyoming, 1981, allowed the treasurer to invest up to $100 million of state permanent funds in real estate mortgages held by federally insured financial institutions. Chapter 5, Session Laws of Wyoming, 1986, established the link deposit program. With approval of the board of deposits, the treasurer could invest up to $100 million "at up to 3% lower than market interest rates," if the lower rate was passed on to borrowers for agricultural or commercial purposes which would create or maintain jobs in the state.

During Wyoming's one hundred years of statehood, twenty-six individuals have served as state treasurer, managing the state's financial affairs. During the entire century, there has never been a scandal associated with the office.