North Carolina State Treasurer

The North Carolina State Treasurer is a statewide elected office in the U.S. state of North Carolina responsible for overseeing the financial operations of state government. The current state treasurer is Dale Folwell.

The office of state treasurer has existed since 1715 in the Province of North Carolina; at that time, the treasurer was appointed by the lower house of the legislature. In 1740, the treasurer's office was divided into two districts, and in 1779, into four. In 1784, the North Carolina General Assembly brought the treasurers under one single office, appointed jointly by both houses of the legislature.

Under the North Carolina Constitution of 1868, the treasurer became a position elected by popular vote, rather than appointed.

The North Carolina State Treasurer is an ex officio member of the North Carolina State Board of Education, the State Board of Community Colleges, the State Banking Commission, and the Council of State.

History of the office

The Fundamental Constitutions of Carolina, adopted in 1669, provided for a treasurer to handle "all matters that concern the public revenue and treasury" with the assistance of 6 undertreasurers and 12 auditors. Despite this, early colonial governors of the Province of Carolina acted as their own treasurers due to minimal revenue. After the province incurred large debts during Cary's Rebellion and the Tuscarora War, the governor and his council appointed treasurers for each of the seven precincts of the province in 1711. In 1714 Governor Edward Hyde appointed Edward Moseley as treasurer of North Carolina and overseer of all precinct treasurers. He held the office until 1735, when he was made responsible for overseeing the "southern district" and William Downing was made responsible for the "northern district". The split system continued with different officeholders until 1776, when the North Carolina General Assembly required all treasurers to be appointed by themselves and barred them from holding other public offices.

In 1779 and 1782 four and one additional treasury districts were respectively added, bring the total number to seven. In 1784 the positions were folded into one office located in Hillsborough with a two-year term on a salary. Memucan Hunt was the first person to hold the new office. In 1795 the state treasury was relocated to Raleigh, the new capital of the state, and some of the treasurer's bookkeeping functions were given to the state comptroller. In 1868 North Carolina ratified a new constitution which stipulated that the office be filled by a popularly elected candidate with four-year terms.

North Carolina received a triple A bond credit rating for the first time in the early 1960s during the tenure of State Treasurer Edwin M. Gill and maintained the rating throughout the rest of his time in office. The Department of State Treasurer was created by the General Assembly in 1971. John Haywood, who served for 40 years from 1787 until 1827, was the longest-tenured treasurer. Janet Cowell, who assumed office in 2009, was the first woman to serve as state treasurer. The incumbent, Dale Folwell, has served as treasurer since January 1, 2017.

Powers, duties, and structure

The state treasurer is a constitutional officer. Article III, Section 7, of the Constitution of North Carolina stipulates the popular election of the treasurer every four years. The office holder is not subject to term limits. In the event of a vacancy in the office, the Governor of North Carolina has the authority to appoint a successor until a candidate is elected at the next general election for members of the General Assembly. They sit on the North Carolina Council of State and are ''ex officio'' chairman of the Local Government Commission, chairman of the State Banking Commission, member of the State Board of Education, and member of the State Board of Community Colleges. They are sixth in line of succession

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