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 Treasurer chairs two state boards and serves on five more. They consider the economy, finance and investment, housing and education.
- 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. (Agendas/Meetings).
- The Treasurer chairs the state’s Public Deposit Protection Commission (PDPC), which is comprised of the State Finance Committee. The PDPC protects taxpayer funds deposited in banks even if an institution becomes insolvent. (Agendas/Meetings).
Treasurer Serves on Six Other Boards
The Treasurer also sits on six other state boards which conduct business related to the economy and state budget process; college and personal 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. (Meetings).
- 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. (Agendas/Meetings).
- The Committee on Advanced Tuition Payment and College Savings (WA529 Committee). The Guaranteed Education Tuition (GET) program is the state’s tax-advantaged “529” plan to help families save for college. (Committee; Meetings). WA529 includes the Guaranteed Education Tuition (GET) and the DreamAhead College Investment Plan programs.
- The Washington State Housing Finance Commission works to grow housing access and affordability, and expand availability of high-quality community services. (Meetings).
- The Washington Achieving a Better Life Experience (ABLE) Governing Board oversees savings and investments for participating individuals with disabilities, allowing participants to save up to $15,000 per year of their personal funds for education, job training, assistive technology, transportation, and more, without affecting federal and state benefits.