As the chief fiscal officer of California, the fifth largest economy in the world, the Controller is responsible for accountability and disbursement of the state’s financial resources. The Controller also safeguards many types of property until claimed by the rightful owners, independently audits government agencies that spend state funds, and administers the payroll system for state government employees and California State University employees. They serve on 70 boards and commissions with authority ranging from state public land management to crime victim compensation. The Controller is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board and Board of Equalization. Also serving on the boards of the nation's two largest public pension funds. The Controller is one of eight statewide constitutional officials who are elected every four years in California.