The Office of the Treasurer precedes statehood. There were four territorial treasurers until 1858 when Minnesota became a state.
In 1972, the Governor and State Legislature passed legislation which significantly reorganized Minnesota government, including its financial systems. At this time, the Department of Finance was created; however, its duties had been performed, for the most part, by the Office of the State Auditor prior to that time. The Office of the State Treasurer was not affected by that reorganization, even though it is often assumed that this reorganization resulted in the Office of the State Treasurer losing a number of its responsibilities to the Department of Finance.
In 1983, the Legislature transferred the duties of the Office of the State Treasurer relating to administering the state’s unclaimed property program to the Department of Commerce.
In 1985, the Legislature attempted to transfer most of the remaining duties from the State Treasurer to the Department of Finance by the Laws of 1985, 1st Special Session, Section 13. The State Treasurer continued to serve as a member of the Executive Council and the State Board of Investment. The Minnesota Supreme Court subsequently decided that the law was unconstitutional and ordered the duties returned to the State Treasurer. That subsequent transfer of duties back to the State Treasurer was completed on January 7, 1987.
On January 6, 2003, the Office of the State Treasurer was abolished pursuant to Laws of 1998, Chapter 387, Article 1 and 2 and by a 1998 constitutional amendment. All the powers, responsibilities, and duties of the State Treasurer were transferred to the Department of Finance.
The Department of Finance became Minnesota Management and Budget in 2009.