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Yes, the County Finance Committee establishes an investment policy that provides a framework in which the County Treasurer invests the public's money.
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Yes, except King County (Seattle) which has an appointed position.
The Washington State constitution provides for a County Treasurer to be elected by the qualified voters of each county.
An elected position provides independence in managing public monies as well as a check and balance between the Clerk, Assessor, Auditor and Commissioners. The Treasurer also serves other local governmental entities, an e.g. school, a port, fire districts, etc. and is accountable directly to the citizens.
Four years. If a vacancy occurs during a term, an election is held the next succeeding general election.
Any person who is a qualified voter in the County may serve as the County Treasurer.
The majority of depositors include property taxpayers, junior taxing districts, and County departments. All monies are deposited in a qualified financial institution. Junior taxing districts and County departments are required to deposit monies within 24 hours with the County Treasurer.
The County Treasurer selects a primary depository bank, maintains records of all the deposits and withdrawals, and reconciles all bank statements. The County Finance Committee, comprised of the County Treasurer, County Auditor, and Chair of the Board of County Commissioners, oversees the investment of public funds.
The County Treasurer may invest funds not immediately required in legally authorized investments such as certificates of deposit, repurchase agreements, bankers acceptances, treasury bills, notes, bonds, commercial paper, and federal agency securities.
Approximately 60% of the workload in the County Treasurer's Office is directed to providing services to the junior taxing districts and cities and 40% to the County.
In Washington State, county finance is open to the public and within the official knowledge of more than one elected official. Dispersing public fiscal duties among several officials assures an orderly and honorable administration of public finance. We believe the public receives benefit by the Board of County Commissioners authorizing the County's budget, the Treasurer receipting revenues, disbursing funds and investing monies not needed for current bills and the Auditor monitoring expenditures to budgets and preparation of the County's Comprehensive Annual Report.