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TREASURY
- For the U.S. government securities, see Treasury security. Also see treasury management.
- For the defunct chain of discount stores owned by JCPenney, see Treasury Stores.
The term treasury refers to a place in which treasure is kept.
The term Treasury was first used in classical times to describe the votive buildings erected to house gifts to the gods, such as the Siphnian Treasury in Delphi or the many buildings put up in Olympia, Greece by competing city-states, to impress one another during the Ancient Olympic Games.
The head of a Treasury is typically known as a Treasurer. This position may not necessarily have the final control over the actions of the Treasury particularly if they are not an elected representative.
Examples of Treasuries
In the United States, the Treasurer reports to an executive-appointed Secretary of the Treasury. The IRS is the revenue agency of the US Department of Treasury.
In the United Kingdom, Her Majesty's Treasury is overseen by the Chancellor of the Exchequer. The traditional honorary title of First Lord of the Treasury is held by the Prime Minister. Her Majesty's Revenue and Customs administers the taxation system.
In many other countries, the treasury is called the Ministry of Finance and the head is known as the Finance Minister. Examples include New Zealand, Canada, Malaysia, Singapore and Japan.
In Australia a Treasurer and a Finance Minister co-exist. The Treasurer is responsible for drafting the government budget and coordinating government expenditure. The Finance Minister is responsible for government procurement, policy guidelines for commonwealth, statutory authorities, and superannuation policies.
See also
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