Wisconsin voters will decide between two Democratic candidates for state treasurer in the Aug. 11 primary election.
The winning candidate will take on incumbent State Treasurer John Leiber in the general election Nov. 3.
What does the Wisconsin State Treasurer do?
The Wisconsin State Treasurer oversees the state’s financial assets and supervises management of public funds. One of the office’s responsibilities is promoting Wisconsin’s unclaimed property program, which reconnects residents with money or other assets that businesses were unable to return to their rightful owners. Those assets are held in trust by the state until they can be claimed.
The treasurer serves on the Board of Commissioners of Public Lands to manage the Common School Fund, which provides annual funding for public school libraries and technology. The board also finances low-interest loans that support local governments and school districts for public infrastructure projects.
The state treasurer advocates for fiscal responsibility by promoting efficient management of taxpayer dollars and working with lawmakers to reduce unnecessary government spending while protecting public investments.
What's at stake?
In recent decades, lawmakers and the governor have transferred most of the treasurer’s duties to other state agencies, according to the Wisconsin Policy Forum.
In 2018, the future of the office was left to voters to decide. A ballot question asked that voters consider amending the state constitution to abolish state treasurer. Voters did not approve the ballot measure.
While the Office of the State Treasurer no longer handles many of the financial duties it once did, its current role includes managing billions of dollars in state trust funds.
WUWM sent a questionnaire to the candidates. Their responses below may be edited for length and clarity.
Meet the candidates
John Leiber (Republican, incumbent)
Current occupation: Incumbent
Why are you running for this office?
I am running for reelection based on my record. As State Treasurer, I am on the Board of Commissioners of Public Lands, which manages the $1.6 billion trust Common School Fund. The Common School Fund invests money and distributes the profits to public school districts across the state. This year's distribution was the largest ever, at $73.5 million. I am proud of my fiscal management and I want to continue bringing in record investment returns for schools. Every dollar earned by the fund and sent to schools is a dollar that doesn't come from property taxes.
What would be your top priorities if elected?
My top priority for the second term is to continue earning money from our state investments and turn over record breaking amounts to our schools. The money that the Common School Fund earns is all given to schools across the state, and this money helps prevent your property taxes from being even higher. If the fund does not perform well, school districts would have to raise taxes to make up the difference in funding. It is vitally important that we have a State Treasurer who understands the job and remains committed to smart financial management, otherwise we may all end up paying more in taxes.
What distinguishes you from other candidates in this race?
I believe the State Treasurer should focus on the existing duties of the job, not issues unrelated to the office. The Treasurer already has a job to do, and attempting to gain more power is counterproductive. I have dedicated my time and effort to delivering results within the existing powers and duties of the office. Overseeing and growing a $1.6 billion trust fund is a meaningful responsibility without adding new duties.
Explain the state treasurer's role in public school funding, and what steps you would take on that issue if elected.
My plans for my next term are to make sure the Common School Fund is managed wisely, while also seeking ways to grow the Fund for the future. The State Treasurer's role in public school funding comes from their position on the Board of Commissioners of Public Lands, which manages the Common School Fund. The schools receive money based on how well the Fund is invested. Since 2015, the amount of money schools receive from the Fund has doubled, which shows that how our money is invested really matters. The Fund provides money that is separate from the rest of state aid, and school districts would have to raise taxes to make up the difference if the investments are managed poorly.
Please list any notable endorsements you've received.
- Cate Zueske, former State Treasurer and former Secretary of the Department of Revenue
- State Senator Van Wanggaard
- State Representative Dave Murphy
Dylan Ray Helmenstine (Democrat)
Current occupation: Dylan previously worked as an auditor and financial analyst for Wisconsin Medicaid programs. He left that position to run for office and currently works as a barista at a local coffee shop while campaigning.
Why are you running for this office?
The State Treasurer must do more for the people of Wisconsin. This office has key roles in supporting public education and rural communities. It also has great potential in improving government transparency. I will work tirelessly to make that happen. I was elected to the school board and village board in a rural Wisconsin community. I know that progress comes by bringing people together around our common goals. That requires us to improve transparency, and make all levels of government easier to understand. The Treasurer’s office must be one that works for the people. I will be a Treasurer who is out in Wisconsin communities far more than at the Capitol building. Together, we can rebuild trust and use public power for the public good.
What would be your top priorities if elected?
I will use Public Power for the Public Good to ensure the Treasurer’s office is supporting our communities. I will:
Bring Government Transparency into the 21st Century by building a visual, public dashboard for the state budget & “Guides to the System” for statewide programs. I will take publicly available information and make it publicly understandable.
Defend Public education by protecting the Common School Trust fund from political interference. It is crucial that these funds remain a reliable funding source for our public schools.
Work with local leaders to bring transparency to tax bills to show how much of our taxes are diverted to fund the private voucher system. Wisconsinites deserve to know how their money is being used.
What distinguishes you from other candidates in this race?
I’m a former analyst and auditor for Wisconsin Medicaid programs, and I have a degree in Economics and a Master’s in Public Affairs. I have the skillset to take publicly available information and make it understandable. I built dashboards for complex programs and will do the same for the state budget. I was also appointed by Governor Evers to one of the pension oversight boards, called the Teachers’ Retirement Board. I know how we can bring the success of the pension fund to the Common School Trust Fund. I also rallied the school boards of Wisconsin to demand the special education funding we were promised. 93% of the voting boards supported this resolution. We need a Treasurer with a track record of building coalitions across Wisconsin.
Explain the state treasurer's role in public school funding, and what steps you would take on that issue if elected.
The State Treasurer helps to oversee the Common School Trust Fund. This fund has over $1.6 billion in assets. It exists to support our public schools and keep property taxes low. Money in the trust fund is invested and is used to make low-cost loans to local governments to make large, one-time purchases. When the investments grow or the loans are paid back, the funds go to our public schools to support the libraries. This is critical, stable funding that doesn’t come from property taxes. All public school funding should be this stable. As Treasurer, I will work to protect the Fund from political interference so that it is always there for our schools. I will also advocate to reform the broken school funding formula. It must be fixed.
Please list any notable endorsements you've received.
I have been endorsed by 72 leaders from across Wisconsin, including state legislators, county and municipal officials, and school board leaders. I have also received two organizational endorsements.
State Senate endorsements:
- Dianne Hesselbein - Minority Leader, Senate District 27
- Mark Spreitzer - Minority Caucus Chair, Senate District 15
- State Sen. Tim Carpenter - Senate District 3
- Melissa Ratcliff - Senate District 16
Group endorsements:
- Fair Wisconsin
- Stoughton Area Dems & Progressives
- Citizen Action of Wisconsin
Yee Leng Xiong (Democrat)
Current occupation: Xiong is the executive director at New Beginnings for Refugees. He's also served as treasurer of the D.C. Everest Area School Board since 2014, and as district 19 supervisor in Marathon County since 2016. Xiong previously served as a Village of Weston Trustee from 2018 to 2022.
Why are you running for this office?
I was born in Wausau to refugee parents who fled persecution and communism. My parents worked factory jobs, lived paycheck to paycheck, and taught me how to stretch every dollar because we had to. I learned early that freedom comes with responsibility, the responsibility to give back and leave things better than you found them. Most people do not know what the State Treasurer does, and that is part of the problem, because when nobody is paying attention, accountability slips. The Treasurer helps oversee more than $1.3 billion in school trust funds, supports low-interest loans that help communities build infrastructure, and returns unclaimed money to families. I am running because this office is not ceremonial. It is a responsibility.
What would be your top priorities if elected?
My priorities will be to protect and grow the $1.3 billion Common School Fund that supports public education statewide, support low-interest Trust Fund Loans that help communities fix roads and build fire stations without raising property taxes, serve as an independent watchdog for taxpayers and push for transparency in how public dollars are managed, return millions in unclaimed property to the families it belongs to; and expand financial literacy so every family has the tools to save and plan ahead. I have managed public budgets at every level of local government. This office is not ceremonial. It is a responsibility, and I am ready on day one to make Wisconsin's money work for Wisconsin families.
What distinguishes you from other candidates in this race?
Experience doing the actual work. I am the only candidate in this race who has served as a treasurer of a public body, and I have managed public dollars across school board, county government, village government, and the nonprofit sector. I have overseen budgets, approved spending, and answered directly to taxpayers for more than a decade. I have also spent my career reaching people the system overlooks, whether that means connecting families to services or helping elders and neighbors with disabilities access transportation. The Treasurer's office needs both skill sets: the financial expertise to manage over $1.3 billion responsibly, and the commitment to make sure the office actually reaches working families in every corner of the state.
Explain the state treasurer's role in public school funding, and what steps you would take on that issue if elected.
The Treasurer sits on the Board of Commissioners of Public Lands, which helps oversee the $1.3 billion Common School Fund. That fund provides library aid to every school district in Wisconsin, and for many small rural districts it is the primary source of school library funding. The Treasurer does not write the school funding formula, and I will not pretend otherwise, but this role is real. As a sitting school board treasurer, I know exactly how those dollars reach the classroom. If elected, I will push for prudent, transparent investments that protect the principal and maximize returns for our kids, ensure Trust Fund Loans help districts repair and build, and advocate for public schools whenever funding decisions are made.
Please list any notable endorsements you've received.
- U.S. Senator Tammy Baldwin
- Former. Lt. Governor Barbara Lawton
- Outagamie County Executive Tom Nelson
- Tom Nelson, Outagamie County Executive
- Kristin Dassler-Alfheim, WI State Senator
- Andrew Hysell, WI State Representative
- Angelito Tenorio, WI State Representative
- Brienne Brown, WI State Representative
- Chris Sinicki, WI State Representative
- Jodi Emerson, WI State Representative
- Lori Palmeri, WI State Representative
- Tara Johnson, WI State Representative
- Ryan Sorenson, Mayor of Sheboygan
- Matthew Fiene, Mayor of Portage
