Ask the Treasurer

January 2020

Dear Fiona,

What is the difference between State Treasurer and State Controller?

Adam

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Dear Adam,

Many people mix up my role as State Treasurer with that of the State Controller. Although our positions are similar in that we both act as fiscal officers for California, we have very distinct roles in California government. As State Treasurer, I serve as the state’s asset manager, banker, and financier. The State Controller, on the other hand, acts as the state’s accountant and auditor.

I am responsible for the state’s incoming and invested funds. I act as the agent on all bond sales. I also manage the state’s Pooled Money Investment Account. That means I invest taxpayer money to manage the state’s cash flow and strengthen the financial security of local governmental entities. I also serve as chairperson, or as a member of 26 state boards, authorities, and commissions, including the Public Employees’ Retirement System (CalPERS) and State Teachers’ Retirement System (CalSTRS).

The State Controller’s responsibilities are different. The Controller is responsible for the accountability and disbursement of the state’s financial resources. The Controller also safeguards many types of property until claimed by the rightful owner, audits government spending, and administers the payroll system for state government. Like me, the Controller also serves on numerous state boards, authorities, and commissions. And like me, she sits on the boards that serve CalPERS and CalSTRS.

Here is a useful way to think of the differences in our roles: I oversee the state’s savings account while the State Controller manages its checkbook. For more information on my role as State Treasurer and the role of State Controller, please visit these websites: https://www.treasurer.ca.gov/ and https://www.sco.ca.gov/.

Sincerely,
Fiona

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Have a Question for the Treasurer?

Readers:
Send your questions for California State Treasurer Fiona Ma via email to: AskFiona@treasurer.ca.gov

Address letters to:
California State Treasurer Fiona Ma, Post Office Box 942809, Sacramento, CA 94209-0001