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I Pi/Maryland Manual
ORGANIZATIONAL STRUCTURE
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OFFICE OF STATE TREASURER
Lucille Maurer, State Treasurer
(appointed by General Assembly) ....... 974-3542
Joan P. Shirrefs, Special Assistant . . 974-3485
Gregory Pccoraro, Special Assistant 974-3533
CHIEF DEPUTY TREASURER
H. Louis Sterner III .............. 974-3543
ASSISTANT STATE TREASURER.
Mark A. Reger ................ 974-3533
ADMINISTRATION DIVISION
BernadetteT.Benik,Z)»»-(»w . . 974-3533
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BANKING SERVICES DIVISION
GustavoMcrcanti,.Dwwft)r ....974-3533
............ check research: 974-3967
FINANCING DIVISION
Robert L. Richter, Director . . . .974-3533
INSURANCE DIVISION
Vincent McCann, Director 974-3060
INVESTMENTS DIVISION
Donald Vfalton, Director ..... .974-3055
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________________________ORIGIN & FUNCTIONS________________________
Under the Constitution of 1776, there were two State Treasurers—the Treasurer of the Eastern Shore
and the Treasurer of the Western Shore—both elected by the House of Delegates. In 1841, the General
Assembly consolidated the two offices. The Constitution of 1851 provided that the Treasurer of the Stare
should be elected by joint ballot of both houses of the General Assembly. The present Constitution
provides that the State Treasurer serves full rime for a term of four years.
The State Treasurer is responsible for accounting for all deposits made each day by State agencies in
depositories designated and authorized by the Treasurer. The Treasurer prepares checks drawn for
disbursement of State cash funds, and the Treasurer (or one of the Deputies) signs these checks, which
are then countersigned by the Comptroller. The Treasurer invests unexpended funds, which are not
currently required to meet State needs, in the Stare Treasury, representing both the general and special
funds of the Scare.
The State Treasurer is the custodian of all stocks, bonds, or other investments of the State, as well as
securities that are pledged by insurance companies, foreign building and homestead associations, and all
collateral that is pledged by banks that have State funds on deposit. The Treasurer administers the insurance
program for the Scare of Maryland, which includes the State Insurance Trust Fund, the self-insurance
program, and private commercial insurance. The Treasurer does the preliminary planning, preparation,
and advertising for Scate of Maryland bond issues, receives bids and arranges for secclement, and signs and
delivers State of Maryland general obligation bonds. The Treasurer renders a quarterly report of cash
receipts and cash disbursements to the Comptroller of the Treasury.
The State Treasurer also is the custodian of such special deposits as may from time to time be prescribed
by law (Const., Art. VI, sees. 1-6; Code State Government Article, sees. 5-101 through 5-107, sec.
12-104).
By law, the Treasurer is a member of the Board of Public Works, the Board of Trustees of the Maryland
Stare Retirement and Pension Systems, the Capital Debt Affbrdability Committee, the Board of Revenue
Estimates, and a number of other boards and commissions.
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