Join the Maryland State Treasurer's Office Team

In general, constitutional and statutory provisions relating to the Office of the State Treasurer may be found in Articles I, III, V, VI, and XII of the Maryland Constitution, Title 5 of the State Government Article, and Titles 2 and 6 through 9 of the State Finance and Procurement Article.

In general, the Treasurer is responsible for receiving, depositing, investing, and distributing State money. Specifically, the Treasurer is charged with:
· selecting financial institutions to serve as depositories for State funds;
· investing unexpended or surplus State money;
· acting as custodian of the stocks, bonds, and securities held by the State, including securities pledged by insurance companies doing business in the State;
· requiring banks to provide collateral to cover all State deposits;
· arranging for interest and principal payments on the State debt;
· administering and arranging for the sale, settlement, and delivery of State General Obligation bonds, certificates, and other evidence of State debt;
· working with the nationally recognized bond rating agencies and preparing the official statements required prior to bond ratings;
· administering the State Insurance Program of purchased insurance and self-insurance including coverage of the State's liability under the Maryland Tort Claims Act;
· administering the Maryland Local Government Investment Pool;
· approving all banking services contracts throughout State government;
· administering the master capital equipment and energy performance lease program; and
· paying, upon warrant of the Comptroller, all bills of State agencies.

The Treasurer has many responsibilities in addition to the duties as custodian of the State Treasury. Whether through the Constitution, by law, or by an appointment of the Governor, the Treasurer serves on many boards, commissions, and committees. The Treasurer serves on the Board of Public Works with the Comptroller and the Governor. The Board, with its vast executive authority, supervises a substantial part of the fiscal affairs of the State. The Treasurer also serves on a number of financial planning committees, is Chair of the Capital Debt Affordability Committee and of the Commission on State Debt, and is a member of the Board of Revenue Estimates. The Capital Debt Affordability Committee conducts an annual State debt affordability analysis to evaluate how much can reasonably be spent on tax-supported debt and debt service and recommends an amount to the Governor and the General Assembly.