Treasury

For other uses, see Treasury (disambiguation).

A treasury is either

• A government department related to finance and taxation.
• A place where currency or precious items (gold, diamonds, etc.) is/are kept.

The term 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 many similar buildings erected in Olympia, Greece by competing city-states to impress others during the ancient Olympic Games. In Ancient Greece treasuries were almost always physically incorporated within religious buildings such as temples, thus making state funds sacrosanct and adding moral constraints to the penal ones to those who would have access to these funds.

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.

The adjective for a treasury is normally "treasurial". The adjective "tresorial" can also be used, but this normally means pertaining to a treasurer.

Examples of treasuries

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 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.

Ministry of finance

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, Bangladesh, India and Japan. In some other countries, a "treasury" will exist alongside a separate "Ministry of Finance", with divided functions (Ukraine).

Both

In the Australian federal government a treasurer and a finance minister co-exist. The Department of the Treasury is responsible for drafting the government budget, economic policy (except monetary policy), some market regulation and revenue policy (which is administered by the Australian Taxation Office). The Finance Minister, who manages the Department of Finance and Deregulation, is responsible for budget management, government expenditure and market deregulation.

The government of Poland includes the Ministry of Finance as well as the Ministry of State Treasury. It was the same in Italy before the creation of the united Ministry of Economy.

See also

Bank Finance Minister Fiscus Mint

Treasury management UK Treasury US Treasury External links [1]