- The State Treasurer is the state's chief financial officer. The office manages the state's revenues, directs the state's banking services and manages the state's investment portfolio. A major portion of the State Treasurer's responsibility is to invest unused state funds into interest-bearing account. However, some government monies such as various government employee retirement funds and the higher education institution fund are handled separately.
- He or she serves on the management boards of several public entities, such as MOST, the College Savings Plan.
- The State Treasurer operates a program that tries to locate of owners over unclaimed assets that have been turned over to the state by banks, businesses, insurance companies and government agencies. Unclaimed property mostly consists of cash from bank accounts, stocks, bonds and contents of safety deposit boxes. It does not handle real property such as land, houses, cars and boats.
The current State Treasurer is Sarah Steelman, who has served one term as treasurer. No person can serve as State Treasurer for more than two terms.