Highlights

• Treasurer Goldberg has been involved in a number of questionable activities that raise questions about her handling of state funds
• Elizabeth Dionne has a proven record of instituting sound fiscal policies, balanced budgets and transparent financial transactions

Responsibilities

The state treasurer acts as the chief financial officer for Massachusetts.  The Massachusetts State Treasurer is responsible for managing the Commonwealth’s cash flows, investing state funds, and overseeing public debt. Additionally, the treasurer administers programs related to unclaimed property, regulates the sale of alcoholic beverages, and manages the state lottery, among other duties.

Treasurer Deborah Goldberg’s Record

Deb Goldberg has served as Massachusetts State Treasurer since January 2015.  She has faced several notable controversies during her tenure.  There have been a number of questionable activities that raise questions about her handling of the state’s funds.

The Boston Herald recently published an article about $450 million of money being hidden at the Treasury’s Unclaimed Property division.[1] In October 2026, watchdog Ron Lizzi claimed the Treasurer’s office publicly reports ~$3.4 billion in unclaimed property (a figure used for years) but that an additional ~$450 million appears unaccounted for in records, with the true total potentially higher (over $4–5 billion).[2] Examples included funds related to institutions like hospitals and media outlets not fully reflected on the public list.

Allegations of wasteful spending by the Treasurer’s office and Lottery (under the Treasurer’s oversight) have raised a number of questions, including:  Hundreds of thousands on out-of-state travel, meals/catering (e.g., high-end dining), and related expenses; Supplemental salaries and other costs; and criticisms of Lottery office relocation and pension fund management/oversight (e.g., funding gaps and responses to proposed raids).

Additionally, a legal dispute involving the firing of Shannon O’Brien, Head of the Cannabis Control Commission, resulted in a Superior Court ruling against Treasurer Goldberg, who faced criticism for her handling of the termination. This legal conflict has led to costs exceeding $1 million in attorney fees and ongoing expenses from O’Brien’s salary during her suspension, alongside a $3 million lawsuit she filed against Goldberg[3].

Former Lottery official and political associate Edward Farley stated under oath that Goldberg had a pattern of asking him to delete text exchanges (including regarding O’Brien), raising public-records concerns[4].

As treasurer-elect, Goldberg was accused of using access to state employment records related to an ‘Adoptions With Love’ employee (an agency she led) in a way that compromised confidentiality and led to job-related fallout[5]. The State Ethics Commission found she was not yet a public employee covered by the conflict statute

Goldberg (along with Secretary of State William Galvin) later accepted delayed raises she had previously declined during the COVID period, contributing to her becoming one of the higher-paid statewide officials[6].

Elizabeth Dionne’s Positions

Elizabeth Dionne is a reformer with proven leadership skills and the financial and legal expertise. As Chair of the Belmont Select Board, she delivered a balanced budget without using reserve funds and successfully reformed the Town’s financial operations having implemented a revenue-based budget for FY2026 and established the Multi-Year Budget Advisory Committee for sustainable fiscal planning.

Elizabeth demonstrated fiscal accountability by delivering balanced budgets without depleting reserves, having implemented a revenue-based budget for FY2026 and established the Multi-Year Budget Advisory Committee for sustainable fiscal planning. She aims to enhance transparency by creating the most open treasury office in Massachusetts, allowing taxpayers to see spending details and promoting the hiring of competent staff to combat corruption. As a proponent for growing the state pension fund, she successfully advocated for 100% of Belmont’s Retirement System assets to be invested in the state-run Pension Reserves Investment Trust (PRIT), which has yielded significant returns, showcasing annualized returns of 12.2% over three years and other robust figures. Elizabeth’s commitment to taxpayer protection emphasizes a staunch defense against waste and fraud, prioritizing taxpayer interests and ensuring more funds are returned to local governments for effective use.  She supports term limits, and has rejected money from industries directly regulated by the treasurer

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[1] https://www.bostonherald.com/2026/10/06/watchdog-massachusetts-treasurers-office-hiding-450-million-in-unclaimed-property/

[2] Wbur, Watchdog: Massachusetts Treasurer’s Office hiding $450 million in unclaimed property

[3] Masslive, State treasurer racks up big legal bills in effort to remove cannabis chair | WBUR News, July 26, 2024

[4] WGUR, October 18, 2024

[5] Boston Globe April 6/7 2015

[6] Boston Globe February 10, 2023