State Treasurer Chairs Two Boards
In addition to its core functions, the Office of the State Treasurer (OST) has other important responsibilities to the people of Washington.
- The State Treasurer is the chairman of the State Finance Committee. That body also includes the Governor and Lieutenant Governor. It reviews for approval the issuance of all state bonds and other obligations to finance capital projects authorized in the legislature’s capital and transportation budgets. It meets only after the state budget – whether biennial or supplemental - is adopted each year. Typically, that is once a year; sometimes twice, if needed.
- The Treasurer chairs the state’s Public Deposit Protection Commission (PDPC), which is comprised of the State Finance Committee. The PDPC ensures that taxpayer funds deposited in banks are safe even if an institution becomes insolvent.
Treasurer Serves on Five Other Boards
The Treasurer also sits on five other state boards which conduct business related to the economy and state budget process; college savings; housing access and affordability; and stewardship of investments for public employees.
- The Washington State Economic and Revenue Forecast Council prepares quarterly forecasts for the state, upon which lawmakers rely in budget deliberations. The forecasts are prepared by non-partisan professional staff and approved by a bi-partisan group of elected officials on the council.
- The Washington Economic Development Finance Authority provides client-reimbursed services for issuing tax exempt, lower interest bonds to help businesses develop manufacturing, processing and waste management facilities. These tend to be larger, longer timeline projects.
- The Washington State Investment Board (SIB) manages investments of 17 retirement plans for public sector workers including teachers and other school workers, law enforcement, firefighters, and judges. The board also oversees 18 more public investment funds for programs in industrial insurance, higher education, and developmental disabilities.
- The Guaranteed Education Tuition (GET) program is the state’s tax-advantaged “529” plan to help families save for college.
- The Washington State Housing Finance Commission works to grow housing access and affordability, and expand availability of high-quality community services.