NAST State Treasury Profiles 2013

Home , Beth Pearce, Clint Zweifel, David Damschen, David Lillard, Dawn Marie Sass, Indiana State Auditor

The Council of State Governments 2760 Research Park Drive P.O. Box 11910 Lexington, KY 40578-1910

www.nast.org

Special Thanks Treasury profile information for this publication was submitted by treasury office staff. Table of Contents

Introduction...... iv

About NAST...... v

NAST Affiliates...... vi

2013 NAST Conferences...... vii

2013 NAST Executive Committee...... viii

Alphabetical List...... 1

Treasury profiles, Alabama – Wyoming...... 2

Appendices

Treasury Contact Information...... 103

State Treasurers, 1976–Present...... 107

NAST Staff Members...... 113

CSG Information...... 114

State Treasury Profiles iii Introduction

Dear NAST Members: I would like to thank all of the treasurers for helping make this publication a reality. The National Association of State Treasurers (NAST) appreciates the time you’ve taken to provide and review the information contained in this reference book. As you know, one of the primary purposes of NAST is to nurture professional relationships and to facilitate the sharing of information. I believe you’ll find this publication invaluable in that regard. It contains details about each office and its leader, including a biographical sketch. Office contact information, primary duties and key staff members are included. You’ll also find a historical listing of our former treasurers—from 1976 to the present—and contact information for NAST staff.T he 2013 NAST Executive Committee is also listed. I hope this publication will be useful to you as you undertake your responsibilities in 2013. It’s one of the many benefits of being a member of ASTN . If I can be of any assistance to you, please don’t hesitate to contact me. Warm Regards,

Manju S. Ganeriwala President, National Association of State Treasurers Treasurer of the Commonwealth of Virginia

iv National Association of State Treasurers About NAST

An organization of state financial leaders, NAST encourages the highest ethical standards, promotes education and the exchange of ideas, builds professional relationships, develops standards of excellence and influences public policy for the benefit of the citizens of the states. NAST seeks to provide advocacy and support that enables member states to pursue and administer sound financial policies and programs benefiting the citizens of the nation. Membership is composed of all state treasurers or state finance officials with comparable responsibilities from the United States, its commonwealths, territories, and the District of Columbia. The private sector is represented through the Corporate Affiliate Program that was established to build professional relationships and foster cooperation between the public and private sectors. The association serves its members through educational conferences and webinars, a variety of working groups, policy advocacy and publications that provide information about developments in public finance.

For more information, visit the NAST website at www.NAST.org.

NAST Foundation The NAST Foundation is dedicated to enhancing the future of the public finance community through research and education. Beyond an initial investment made by NAST, the foundation is funded through program fees and charitable donations of the public finance community. The NAST Foundation sponsors programs including the National Institute for Public Finance and New Treasurers Symposium. It also works to promote financial literacy curricula and programs that help people manage their resources.

State Treasury Profiles v NAST Affiliates

Three networks are affiliated with NAST:

College Savings Plans Network (CSPN) CSPN is a national non-profit association and the leading objective source of information about Section 529 College Savings Plans and Prepaid Tuition Plans—popular, convenient and tax- advantaged ways to save for college. An affiliate of the National Association of State Treasurers (NAST), CSPN brings together administrators of 529 savings and prepaid plans from across the country, as well as their private sector partners, to offer convenient tools and objective, unbiased information to help families make informed decisions about saving for college.

For more information, visit the CSPN website at CollegeSavings.org.

National Association of Unclaimed Property Administrators (NAUPA) As the foremost authority on unclaimed property, NAUPA promotes and strengthens unclaimed property administration and interstate cooperation in order to enhance States’ return of unclaimed property to rightful owners and provides a forum for the open exchange of information and ideas. Members represent all states, the District of Columbia, and other national and international governmental entities.

More information and links to all official unclaimed property databases are available at unclaimed.org.

State Debt Management Network (SDMN) SDMN is the professional organization of the managers and issuers of state debt. SDMN brings together public officials from all branches of state government to share information on issuance, management and oversight of public debt. The network fosters research and promotes public awareness about issues of concern to the membership and provides educational and professional development opportunities.

Additional information about SDMN is available at www.sdmn.org.

vi National Association of State Treasurers 2013 NAST Conferences

Legislative Conference March 18–20 Mandarin Oriental Hotel Washington, D.C.

Treasury Management Training Symposium May 14–17 The Westin Hotel Pittsburgh, Pennsylvania

National Institute for Public Finance July TBD Northwestern University at Chicago Chicago, Illinois

Annual Conference October 6–9 The Grove Park Inn Asheville, North Carolina

Issues Conference December 3–5 Conrad Hotel New York, New York

State Treasury Profiles vii 2013 NAST Executive Committee

President Manju Ganeriwala Commonwealth of Virginia Treasurer

Senior Vice President Richard Ellis Utah State Treasurer

Secretary-Treasurer David Lillard Tennessee State Treasurer

Past President Kate Marshall Nevada State Treasurer

Eastern Region Vice President beth Pearce Vermont State Treasurer

Southern Region Vice President Ken Miller Oklahoma State Treasurer

Midwest Region Vice President Ron Estes Kansas State Treasurer

Western Region Vice President Doug Ducey Arizona State Treasurer

viii National Association of State Treasurers Alphabetical List

Treasurer State Page Treasurer State Page Atwater, Jeff florida 20 Marshall, Kate Nevada 56 Barnette, Jeffrey Dist. of Columbia 18 McCord, Robert Pennsylvania 76 Boozer, Young J. iii alabama 2 McCoy, Steve Georgia 22 Brewer, Aida M. New York 64 McIntire, James L. Washington 94 Combs, Susan texas 86 Miller, Ken Oklahoma 72 Cowell, Janet North Carolina 66 Mourdock, Richard E. indiana 30 Crane, Ron G. idaho 26 Nappier, Denise L. Connecticut 14 Dillon, Andy michigan 46 Pearce, Beth vermont 90 Douglass, Neria R. maine 40 Perdue, John D. West Virginia 96 Ducey, Doug arizona 6 Provencher, New Hampshire 58 Ellis, Richard utah 88 Catherine A. Estes, Ron Kansas 34 Raimondo, Gina M. rhode Island 78 Fitch, Lynn Mississippi 50 Rodell, Angela alaska 4 Fitzgerald, Michael L. iowa 32 Rutherford, Dan illinois 28 Flowers, Chip Jr. Delaware 16 Sattgast, Richard L. south Dakota 82 Ganeriwala, Manju S. virginia 92 Schmidt, Kelly North Dakota 68 Gordon, Mark Wyoming 100 Schowalter, Jim minnesota 48 Grossman, Steven massachusetts 44 Schuller, Kurt Wisconsin 98 Hollenbach, Todd Kentucky 36 Shoffner, Martha Ann arkansas 8 Kelly, Janet R. montana tBD Sidamon-Eristoff, New Jersey 60 Kennedy, John Neely louisiana 38 Andrew Kopp, Nancy K. maryland 42 Stapleton, Walker Colorado 12 Lewis, James B. New Mexico 62 Stenberg, Don Nebraska 54 Lillard, David H. Jr. tennessee 84 Wheeler, Ted oregon 74 Lockyer, Bill California 10 Young, Kalbert K. hawaii 24 Loftis, Curtis M. Jr. south Carolina 80 Zweifel, Clint missouri 52 Mandel, Josh ohio 70

State Treasury Profiles 1 Alabama State Treasurer Young J. Boozer, III

State Capitol 600 Dexter Ave., S-106 Montgomery, AL 36104 Tel: 334-242-7501 Fax: 334-242-7592 Email: [email protected] Website: www.treasury.alabama.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 17, 2011 Next Election Year: 2014 Salary: $85,248

Key Staff

Glenda Allred, Deputy Treasurer 334-242-7505 [email protected] Biographical Sketch Daria Story, Assistant Treasurer 334-242-7506 Young Boozer was born in Birmingham, Ala., and [email protected] raised in Tuscaloosa, Ala. He earned a bachelor’s degree in economics from Stanford University Gina Smith, Assistant to the Treasurer and a master’s degree in finance from the Wharton 334-242-7523 School at the University of Pennsylvania. During [email protected] the past four decades, Boozer’s career in banking, finance and investments has taken him from Office of the Treasurer Citibank in New York and Crocker National Bank in Los Angeles, to Coral Petroleum in Houston Total Number of Employees: 30 and Colonial Bank in Montgomery. Size of Treasury Annual Budget: $5,072,067.00 Size of Portfolio Managed by Treasury: After retiring in 2007, Treasurer Boozer served $2,400,000,000 as Deputy State Finance Director for Alabama Gov. Bob Riley. During his tenure in the Alabama The treasurer’s duties include management of all Department of Finance, he played a key role in treasury cash. Additionally, the treasurer supervises saving millions of taxpayer dollars through the payment and reconciliation of state warrants, serves as restructuring of state bond debt and derivatives. chair of Alabama’s two college savings boards and the Boozer left the Riley Administration in early Security for Alabama Funds Enhancement program, 2010 to run for State Treasurer in his first race for administers the unclaimed property program, manages elected office. the state’s linked deposit program and maintains the records of the Alabama Trust Fund and various bonds He is a member of and has held leadership roles issued by the state. in several organizations, including his church, the Rotary Club, the Alabama Shakespeare Festival, the Boy Scouts and Stanford University.

2 National Association of State Treasurers About the Treasury Additional Activities

Administration (4 employees): The executive office The treasurer serves as a member of several Alabama is responsible for overall policy, planning and organi- boards, commissions and authorities. zational management. Administration functions include Among these are State Employees Retirement Sys- management of internal treasury operations, providing tems, Teachers Retirement Systems; Public Education leadership in carrying out treasury functions, promoting Employees Health Insurance Plan; Alabama Housing public awareness and initiating outreach efforts, media Finance Authority; Industrial Access Road and Bridge relations and enhancing customer service. Corporation; Alabama Incentives Finance Authority; Fiscal (4 employees): Monitors expenditures, submits and the Alabama Board of Adjustment. expenditures for payment through the comptroller’s office, prepares the annual budget, provides treasury personnel support and provides internal computer and network technology services. Bond Management (1 employee): Invests bond proceeds and performs registrar and paying agent duties for state and state authority bond issues. Cash Management (6 employees): Reviews, monitors, accepts and reconciles all state cash deposits. Invests treasury funds and ensures sufficient funds are available to meet the daily expected and unexpected cash needs of the state. Reconciles and pays duly executed state warrants. College Savings (3 employees): Administers the Prepaid Affordable College Tuition Program and the Alabama CollegeCounts 529 Fund. Unclaimed Property (11 employees): Collects and safeguards abandoned property and returns the property to its rightful owner.

Other Programs

Alabama Trust Fund: Maintains the records and manages custodial accounts of the Alabama Trust Fund, an irrevocable, permanent trust fund created by constitutional amendment. SAFE (1 employee): Administers the Security for Alabama Funds Enhancement (SAFE) program that operates as a collateral pool designed to safeguard all public monies held in Alabama banks. Financial Literacy: The treasurer actively promotes financial education opportunities for Alabama citizens.

State Treasury Profiles 3 Alaska Deputy Commissioner of Revenue Angela Rodell

P.O. Box 110400 Juneau, AK 99811-0400 Tel: 907-465-3669 Fax: 907-465-2389 Email: [email protected] Website: www.revenue.state.ak.us Selection Method: Appointed by Governor Term Length: Pleasure of the Governor Term Limit: Pleasure of the Governor Served: Since September 2011 Next Election Year: Not Applicable Salary: $121,716

Key Staff

Gary Bader, State Investment Officer Pamela Leary, State Comptroller Michelle Prebula, Cash Manager Deven Mitchell, Debt Manager Biographical Sketch Judy Hall, Alaska Retirement Management Board Angela Rodell, Deputy Commissioner of Revenue, (ARMB) Liaison joined the State of Alaska in September 2011. Rachel Lewis, Unclaimed Property Manager Rodell is responsible for the oversight of more than $24 billion of state funds and more than $20 Office of the Treasurer billion of retirement assets. She has responsibility for portfolio management, cash management, Total Number of Employees: 45 debt management, unclaimed property, child Size of Treasury Annual Budget: Operating budget for support division and the permanent fund divi- Treasury, ARMB and ARMB custody and management sion. Rodell also serves as the ex-officio board fees together is approximately $49 million. designee on a number of state boards including Size of Portfolio Managed by Treasury: Total funds the Alaska Industrial Development and Export invested are roughly $46 billion. Authority, the Alaska Energy Authority, the Knik Arm Bridge & Toll Authority, the Alaska Student The Treasury Division is responsible for cash and debt Loan Corporation, the Alaska Municipal Bond management, asset accounting, portfolio investment, Bank Authority and the State Bond Committee. unclaimed property and the Alaska Retirement Manage- Formerly, Rodell served as financial advisor to ment Board. It serves as staff to the Alaska Municipal more than $30 billion of transactions for state and Bond Bank Authority, the State Bond Committee and state authorities in Alaska, Arkansas, California, the Alaska Public School Fund Advisory Board. Illinois, New Jersey, New York, North Carolina, Rhode Island and Virginia. Transactions included general obligation, pension obligation, public power, tobacco securitization, single family housing, multifamily housing, military housing, toll road and transportation financing. Prior to becoming a financial advisor, she served as the finance officer to Kentucky Housing Corporation. She has a Bachelor of Arts degree from Marquette University, Milwaukee, Wis., and a Master of Public Administration from the University of Kentucky, Lexington, Ky.

4 National Association of State Treasurers About the Treasury

Administration (17 employees): Manages custody and accounting for invested assets and provides information technology, administrative, and budget support for the treasury division. Bond Management (1 employee): Manages state debt issuances and directs the Alaska Municipal Bond Bank Authority. Cash Management (7 employees): Performs treasury and banking functions for the state. Investment (16 employees): Invests state operating and retirement funds in various asset classes. Unclaimed Property (4 employees): Administers Alaska’s Uniform Unclaimed Property Act.

Additional Activities

The Alaska Deputy Commissioner of Revenue serves as the Commissioner of Revenue’s delegate on the boards of the Alaska Industrial Development & Export Authority, Alaska Municipal Bond Bank Authority, State Bond Committee, Alaska Student Loan Corporation, Alaska Public School Fund Advisory Board and the Knik Arm Bridge and Toll Authority.

State Treasury Profiles 5 Arizona State Treasurer Doug Ducey

1700 West Washington Street Phoenix, AZ 85007 Tel: 602-542-7800 Fax: 602-542-7176 Email: [email protected] Website: www.aztreasury.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2011 Next Election Year: 2014 Salary: $70,000

Key Staff

Mark Swenson, Deputy Treasurer 602-542-7800 [email protected] Carlton Woodruff, Deputy Treasurer—Operations Biographical Sketch 602-542-7800 [email protected] Born April 9, 1964. Currently resides in Phoenix, Az. Wife’s name: Angela; three children. Education: Office of the Treasurer B.S., finance, Arizona State University. Republican. State Treasurer Doug Ducey entered public service Total Number of Employees: 26 from the private sector where he spent 20 years Size of Treasury Annual Budget: $2,580,000 as a business leader and business builder. He was Size of Portfolio Managed by Treasury: born and raised in Toledo, Ohio, but Arizona is his $11,600,000,000 home. It’s where he met his college sweetheart— The state treasurer is charged with the prudent cus- now wife of 20 years—and where he raised his tody and management of state monies. The treasurer three sons. It is also where Doug built and is responsible for the receipt, safekeeping, investment developed two businesses that created jobs for and disbursement of monies belonging to the state, Arizonans across the state. as well as the safekeeping of investment securities and Treasurer Ducey worked his way through college performance bonds held in trust on behalf of state at Hensley & Co., the local Anheuser-Busch distrib- agencies. utorship. Upon graduation, he joined Procter & Gamble and began a career in sales and marketing. There he was trained in management, preparing him for his role as partner and CEO of Cold Stone Creamery, Inc. When he and his business partner sold the company in 2007, Cold Stone had grown from a local scoop shop to more than 1,400 locations in 50 states and 10 countries.

6 National Association of State Treasurers About the Treasury

Administration (5 employees): Responsible for the general administration, support services, information technology and customer relations for the office. Banking (5 employees): Coordinates agency banking needs utilizing the services of multiple banks. Duties include the functions of accounting, banking and cash management. Responsible for bank reconciliation and electronic fund transfers. Investment (9 employees): Responsible for portfolio management and investment accounting. Local Government Services (1 employee): Coordi- nates local government investment pool participants deposits and withdrawals. Revenue (6 employees): Responsible for receipt of agency deposits, non-agency deposits and distribution of state shared revenues.

Additional Activities

The state treasurer serves as Chairman of Arizona’s State Board of Investment and State Loan Commission. He also serves as the State’s Surveyor General and is a member of the State Land Selection Board. The treasurer, or his designee, also serves on the Greater Arizona Development Authority, the Water Infra- structure Finance Authority, the 529 Plan Oversight Committee and the Finance Advisory Committee.

State Treasury Profiles 7 Arkansas State Treasurer Martha Ann Shoffner

220 State Capitol Little Rock, AR 72201 Tel: 501-682-5888 Fax: 501-682-3842 Email: [email protected] Website: www.artreasury.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2007 Second Term Ends: January 2015 Salary: $53,305

Key Staff

Debbie Rogers, Chief Deputy Treasurer 501-682-9100 [email protected] Biographical Sketch Office of the Treasurer Martha Ann Shoffner was elected Arkansas Treasurer Total Number of Employees: 33 of State in 2006. A former three-term state represen- Size of Treasury Annual Budget: $4,000,000 tative, Shoffner served as Chairman of theS tate Agencies Size of Portfolio Managed by Treasury: and Governmental Affairs Committee and also served $3,000,000,000 as a member of the Joint Budget Committee and the Joint Committee on Retirement and Social Security. The Treassurer manages and invests treasury funds for the state. The Treasurer also processes debt service, Treasurer Shoffner grew up in Jackson County, Ark. investing and paying agent fees for general obligation She graduated from Newport High School, attended and college savings bonds. The Treasurer distributes Memphis State University, the University of Memphis and Arkansas State University. In 2007, she graduated county and municipal aid as well as local sales and use from the National Institute for Public Finance at the taxes. Kellogg School of Management, Northwestern University. She began her career in the private sector by joining a major Little Rock advertising firm. She also became a licensed real estate agent; joining Sink Realty in New- port, Ark. Treasurer Shoffner’s involvement in public service began as assistant to the Auditor of State. Treasurer Shoffner holds membership in several organizations, including the Business & Professional Women’s Club, the Jackson County Humane Society and the Newport Chamber of Commerce. In 1996, Treasurer Shoffner was named the Jackson County Woman of the Year. In 2007, she received the Sandra Wilson Cherry Award and in 2009 was honored with the Business & Professional Women’s Club “90th Gala Friends of BPW Award.” Most recently, she was named 2010 Arkansas Politician of the Year by the Arkansas Democratic Party.

8 National Association of State Treasurers About the Treasury Arkansas 529 Plan: The Treasury administers the Arkansas GIFT Plan, a tax-advantaged Section 529 Plan Administration: Oversees the official duties of the that enables our citizens to save money for future college office including research, personnel, purchasing and expenses and to see the earnings on this money grow special projects including legislation. tax-free. The Aspiring Scholars Matching Grant Program is also administered by this office and is aimed at assist- Cash Management: Works with banks and investment ing lower income Arkansans prepare for college expenses firms, initiating daily payment of wires and fund transfers by matching a portion of their savings. For more infor- to and from the Treasury’s demand accounts to maintain mation, visit our website at www.arkansas529.org. consistent balances. This division also coordinates with the Department of Finance and Administration and other agencies concerning state fund transfers, adjust- Additional Activities ments and collection items. In addition, the Cash Management Division distributes General and Special The Treasurer of State serves as Chairman of the Arkansas Revenues on a monthly basis to state agencies, colleges Section 529 Plan Review Committee, Arkansas Develop- and universities according to the Revenue Stabilization ment Finance Authority Board of Trustees, Arkansas Act. Interest earning distributions are also completed Public Employees Retirement System Board of Trustees, monthly as set forth by law. Finally, Cash Management Arkansas Rural Endowment Fund Board of Trustees, balances the General Ledger each day, with all the Arkansas Teacher Retirement System Board of Trustees, other sections of Treasury operations and reports to Arkansas Highway Employees Retirement System Board the Treasurer and her staff. of Trustees and as Secretary of the State Board of Finance. Investments: Administers all investments directed by the State Board of Finance. This department’s responsi bilities also include preparing correspondence relating to investments in the areas of issuance, maturity and interest collections. This division also invests monies on behalf of 110 trust funds of various state agencies. All of these investments are in the form of certificates of deposit placed in Arkansas state depositories. Local Government Services: Responsible for distri butions to Arkansas’s 75 counties and 500 incorporated cities. The monthly distributions are the County and Municipal Aid, commonly known as turnback, and Local Sales and Use Taxes. The Treasury also distributes several other special revenues to cities and counties throughout the year. Distributions total over 1.7 billion dollars each fiscal year, an important part of our state’s local economy. Receiving: The Treasury receives deposits on a daily basis. All deposits are verified and documented upon receipt. Each day, the receiving department balances its books and submits a deposit summary to the cash management desk. Warrants: A warrant is a check issued by Arkansas state agencies for payments of services rendered. Warrants can be issued as a paper warrant or an electronic payment. The Warrant Division redeems these warrants once a payee cashes the warrant or the electronic payment is received at the payee’s bank. The warrants are then balanced and redeemed against the outstanding warrant file.

State Treasury Profiles 9 California State Treasurer Bill Lockyer

915 Capital Mall, Room 110 Sacramento, CA 95814 Tel: 916-653-2995 Fax: 916-653-3125 Email: [email protected] Website: www.treasurer.ca.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2007 Next Election Year: 2014 Salary: $132,230

Key Staff

Steve Coony, Chief Deputy Treasurer 916-653-2995 [email protected] Tom Dresslar, Communications Director Biographical Sketch 916-653-2995 [email protected] Born May 8, 1941 in Oakland, Ca. Currently resides in Hayward. Two children. B.A., University of California Barbara Cody, Special Assistant to the Treasurer Berkeley; Law Degree, McGeorge School of Law. 916-653-3338 Democrat. [email protected] Prior to being elected State Treasurer, Bill Lockyer was the California Attorney General. Prior to his Office of the Treasurer election in 1998 as Attorney General, he served 25 years in the California Legislature, culminating his Total Number of Employees: 226.5 Capitol career as Senate President pro Tempore. In Size of Treasury Annual Budget: $27,986,000 that leadership position, Treasurer Lockyer crafted Size of Portfolio Managed by Treasury: agreements to balance the state budget and reform $63,000,000,000 government programs to make them run more The California State Treasurer issues state bonds, efficiently and effectively for taxpayers. administers the state’s bond debt program, manages Treasurer Lockyer has received numerous awards the State’s Pooled Money Investment Account and of recognition including Legislator of the Year in reconciles state warrants issued for goods and services. 1996 from the Planning and Conservation League for his environmental record, and again in 1998 from the California Journal. In 1999, Lockyer received the Constitutional Officer of the Year Award from the California Organization of Police and Sheriffs, in 2003 the Distinguished Community Award from the Anti-Defamation League and the Friend of Higher Education Lifetime Achievement Award from the California State University Alumni Council. In 2008, Lockyer received the Peter H. Behr Award from Friends of the River. He was named the 2009 Legacy Award Recipient by the California State Parks Foundation and in 2012 the California Hispanic Chamber of Commerce honored him for Leadership and Support of Hispanic Business and the Veterans Community.

10 National Association of State Treasurers About the Treasury The treasurer chairs the following bond committees: Prison Construction Committee; County Correctional Administration Division (30 employees): Provides Facility Capital Expenditure Finance Committee; personnel, business services, accounting, and budget- California Clean Water, Clean Air, Safe Neighborhood ing policy and services support to the Treasurer’s Parks and Coastal Protection Act Finance Committee; Office and the boards, commissions and authorities. California Library Construction and Renovation Finance Committee; California Safe Drinking Water Public Finance Division (57 employees): Carries Finance Committee; California Stem Cell Research and out the public finance responsibilities of the state Cures Finance Committee; California Wildlife, Coastal treasurer. The division sells, services and redeems all and Parkland Conservation Program; Children’s state general obligation bonds, revenue anticipation Hospital Bond Act Finance Committee; Clean Water notes, and certain revenue bonds. Assures compliance and Water Reclamation Finance Committee; Disaster with federal tax law applicable to state debt, and is Preparedness and Flood Prevention Bond Finance responsible for the safekeeping of securities and other Committee; Earthquake Safety and Public Buildings personal property owned or pledged to the state. Rehabilitation Finance Committee; High-Speed Centralized Treasury & Securities Management Passenger Train Finance Committee; Higher Education Division (55 employees): Provides daily, weekly and Facilities Finance Committee; Highway Safety, Traffic monthly cash statements and determines the funds Reduction, Air Quality, and Port Security Finance available for investment. Responsible for security of Committee; Housing Committee; Lake Tahoe Acquisi- the state’s vault, with assets totaling more than $5 tions Finance Committee; Parklands Program Finance billion. Determines the authenticity of warrants to be Committee; Safe, Clean, Reliable Water Finance cashed by the state and maintains balances in deposi- Committee; Safe Drinking Water, Clean Water, tory banks. Watershed Protection and Flood Protection Finance Committee; Safe Drinking Water, Water Quality and Investment Division (18 employees): Responsible for Supply, Flood Control, River and Coastal Protection the safe and prudent investment of state monies. Finance Committee; Safe Neighborhood Parks, Clean Information Technology Services Division Water, Clean Air and Coastal Protection Finance (34.5 employees): Provides for data processing needs Committee; Seismic Retrofit Finance Committee; State of the department. Park and Recreation Finance Committee; State School Building Finance Committee; Transportation Improve- Additional Activities ment Finance Committee; Veteran’s Home Finance Committee; Voting Modernization Finance Committee; The treasurer serves as chairman of the following Cali- Water Conservation and Water Quality Finance fornia authorities, boards and commissions: Alternative Committee; Water Conservation Finance Committee; Energy and Advanced Transportation Financing Authority; Water Security, Clean Drinking Water, Coastal and Debt and Investment Advisory Commission; Debt Limit Beach Protection Act of 2002 Finance Committee; Allocation Committee; Educational Facilities Authority; Wildlife Habitat Enhancement Program Finance Health Facilities Financing Authority; Healthy Food Committee. Financing Initiative; Industrial Development Financing Advisory Commission; Pollution Control Financing Authority; School Finance Authority; Tax Credit Alloca- tion Committee; Transportation Financing Authority; Urban Waterfront Area Restoration Financing Authority; Local Investment Advisory Board and Pooled Money Investment Board; ScholarShare Investment Board. The treasurer is a member of the California Earthquake Authority; Economic Recovery Financing Committee; Housing Finance Agency; Infrastructure and Economic Development Bank; Public Library Construction and Renovation Board; Pension Obligation Bond Committee; Veteran’s Debenture Finance Committee; Veteran’s Finance Committee; Commission on State Mandates; State Public Works Board; Public Employees’ Retirement System Board of Administration; and the State Teachers’ Retirement System Board; Veterans’ Debenture Finance Committee; Veterans’ Finance Committee of 1943.

State Treasury Profiles 11 Colorado State Treasurer Walker Stapleton

200 E. Colfax Ave. Room 140 Denver, CO 80203 Tel: 303-866-2441 Fax: 303-866-2123 Email: [email protected] Website: www.colorado.gov/treasury/index.html Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2011 Next Election Year: 2014 Salary: $68,500

Key Staff

Brett Johnson, Deputy Treasurer 303-866-2441 [email protected] Biographical Sketch Michael Fortney, Communications Director 303-866-2441 Until being sworn in as Colorado’s 43rd State [email protected] Treasurer on Jan. 11, 2011, Treasurer Stapleton served as CEO and CFO of various private and Breanna Hewitt, Administrative Assistant publicly traded companies. His extensive private 303-866-2441 sector background in finance uniquely prepared [email protected] him for the job of State Treasurer. Office of the Treasurer Walker, his wife Jenna, and their young children Craig and Colette, live in Arapahoe County. Jenna Total Number of Employees: 31.5 has a master’s degree in social work from the Size of Treasury Annual Budget: $4,000,000 University of Denver, has worked for the Denver Size of Portfolio Managed by Treasury: Family Institute and served on the board of Open $6,800,000,000 World Learning. Walker’s community service includes past service on the board of The Denver The Colorado State Treasurer’s Office is responsible Public Library Friends Foundation, the Leadership for managing all cash received by the state. The office Council of J.K. Mullen High School and the Tipitina’s invests state funds, manages and provides access Foundation in New Orleans. He and his wife are to unclaimed property, provides tax deferral and currently directors of Denver’s chapter of Social exemptions and manages certain financial obligations Venture Partners. specified by statute. The office provides interest-free loans to schools and serves as a trustee of Colorado’s Walker graduated from Williams College in Public Employee Retirement Association. Massachusetts and he holds a graduate degree in business economics from the London School of Economics and an MBA from Harvard Business School.

12 National Association of State Treasurers About the Treasury

Administration (4 employees): Performs all admin istrative and legislative duties of the treasury. Banking & Cash Management (1 employee): Manages the federal Cash Management Improvement Act and provides cash management technical assistance to state agencies and local governments. Manages banking services on behalf of state agencies. Budget, Accounting & Cashiers (8 employees): Compiles spending plan. Performs accounting functions of the treasury as prescribed by law. Also, operates cashier function of management of daily receipts and disbursements of all state agencies. Reconciles warrants. Investment (3 employees): Manages state portfolio of investments. Unclaimed Property (15.5 employees): Collects, safeguards and returns unclaimed property to its rightful owners.

Additional Activities

The state treasurer is a trustee for the Colorado Public Employees Retirement Association.

State Treasury Profiles 13 Connecticut State Treasurer Denise L. Nappier

55 Elm Street Hartford, CT 06106 Tel: 860-702-3010 Fax: 860-702-3043 Email: [email protected] Website: www.state.ct.us/ott Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 1999 Next Election Year: 2014 Salary: $110,000

Key Staff

Christine Shaw, Deputy Treasurer 860-702-3211 Marianne Dziedzic, Executive Assistant 860-702-3010 Biographical Sketch

Born June 16, 1951 in Hartford, Conn. Currently resides Office of the Treasurer in Hartford. B.A., Virginia State University; M.C.P., University of Cincinnati. Total Number of Employees: 132 Prior to her election in 1999, Treasurer Nappier served Size of Treasury Annual Budget: $126.8 million as Treasurer of the City of Hartford for nearly 10 years. Size of Portfolio Managed by Treasury: $50.4 billion She also served as executive director of Riverfront The treasurer is the principal fiduciary of the state’s Recapture, Inc., director of Institutional Relations for $24 billion pension fund (as of June 30, 2012) on behalf the University of Connecticut Health Center and an analyst in the Hartford City Manager’s office. She was of more than 190,000 beneficiaries and plan participants. also a consultant in the Connecticut Office of Policy The office is responsible for managing the state’s cash and Management and a U.S. Housing and Urban management system and the Short-Term Investment Development Fellow. Fund, which invests over $4.9 billion for the state, state Treasurer Nappier was inducted into the New York agencies and municipalities. The treasurer also manages Chapter of the National Association of Securities $19 billion in state debt and directs Connecticut’s 529 Professionals Wall Street Hall of Fame, and was the college savings program and the Unclaimed Property 2005 recipient of the NASP Travers Bell Award. Among program that returns millions of dollars to residents and numerous awards and recognitions, she received the businesses each year. Corporate Responsibility Leadership Award from Citizens for Economic Opportunity, the 2003 PaceSetter Award from the National Association of Investment Companies and the Good Housekeeping Award for Women in Government, in recognition of her advocacy of responsible corporate behavior and high standards of integrity and ethics. In October of 2011, she was inducted into the Connecticut Women’s Hall of Fame and in December of 2011, Treasurer Nappier received the first “Freda Johnson Award” from The Bond Buyer for being a woman trailblazer in public finance. Treasurer Nappier was twice named (2006 and 2010) as one of the nation’s 100 Most Influential People in Finance by Treasury & Risk Management Magazine and one of the 50 Most Powerful Black Women in Business by Black Enterprise. In 2008, she received the prestigious “Legend Award” from Plan Sponsor magazine.

14 National Association of State Treasurers About the Treasury the state. The division monitors investment manager performance and selection and serves as staff to the Administration (12 employees): The Executive state’s Investment Advisory Council. Office is responsible for overall policy, planning and Unclaimed Property (22 employees): The Unclaimed general administration designed to: (1) enhance the Property Division safeguards unclaimed assets, publi- financial integrity and soundness of treasury operations, cizes the names of the owners using print and electronic (2) provide direction and leadership in carrying out media, and returns property to rightful owners. The treasury functions, and (3) foster economic well-being division’s field examination team audits banks, insurance of the state and its citizens and businesses within the companies and other entities to ensure that all unclaimed confines of fiduciary standards. Specific activities include property has been relinquished to the state. The claims legislative affairs and public information, responsible processing unit processes owner claim forms and facili- investment relations, legal services, and community tates the return of their assets. The holder reporting unit outreach. works to ensure compliance with unclaimed property Debt Management (12 employees): The Debt Manage- reporting requirements. ment Division acts as the public finance department for the state. The division administers all financing programs, Other Programs including the public offering of all state bonds and notes. Maintains the state’s relationship with the three principal Second Injury Fund (34 employees): A state-operated rating agencies and coordinates the issuance of bonds workers’ compensation fund financed by assessments by five quasipublic authorities. on Connecticut employers. The division is organized Budget (17 employees): Responsible for all accounting, into three areas: claims, accounting, and investigations. budgeting, information systems services, personnel, The mission of the fund is to provide quality service both payroll, purchasing procurement, and other business to the injured workers and employers of Connecticut. services. The unit also verifies asset valuations, manages This is accomplished by adjudicating qualifying workers’ treasury internal control structure, develops operating compensation claims fairly and in accordance with appli- budgets for each division, and publishes the annual cable law, industry standards and best practices. Where report of the treasurer. possible, the Fund seeks settlement of claims, which will ultimately reduce the burden of Second Injury Fund Cash Management (19 employees): Operates the liabilities on Connecticut taxpayers and businesses. state’s cash management system to track and maintain accountability for the state’s internal and external cash flow. The unit also reconciles 19 Treasury bank accounts Additional Activities and authorizes the release of state payroll and vendor The treasurer is a member of the following boards, payments. The cash control unit forecasts available cash, commissions and legislative committees: Banking executes electronic transfers and sweeps all idle cash Commission; Connecticut Innovations; Connecticut into the Short-Term Investment Fund. STIF is an invest- Health and Educational Facilities Authority; Connecticut ment pool that services state agencies, authorities, Higher Education Trust (CHET) Advisory Committee; and 269 municipal and local government entities. The Connecticut Housing Finance Authority; Clean Energy Cash Management Division also runs the Connecticut Finance and Investment Authority; Connecticut Airport Community Bank and Credit Union Initiative whereby Authority; Finance Advisory Committee; Investment community banks and credit unions, with assets not Advisory Council; Connecticut Lottery Corporation; exceeding $500 million and domiciled in Connecticut, Council of Fiscal Officers; Connecticut Higher Education can compete for a targeted pool of investments that Supplemental Loan Authority; Student Financial Aid the treasury makes in certificates of deposit. Information Council; Connecticut Student Loan Founda- College Savings: Administers Connecticut’s 529 college tion; Standardization Committee; State Bond Commission; savings program, CHET, with more than $1.8 billion in State Information and Telecommunications Systems assets (as of June 30, 2012) and 117,600 accounts. Executive Committee; State Employees’ Retirement Commission; Teachers Retirement Board. Investment (16 employees): The Pension Funds Man- agement division manages six state pension funds and eight state trust funds, investing funds for over 194,000 state and municipal employees and teachers who are pension plan participants and beneficiaries as well as academic programs, grants, and initiatives throughout

State Treasury Profiles 15 Delaware State Treasurer Chip Flowers Jr., Esq.

820 Silver Lake Boulevard, Suite 100 Dover, DE 19904 Tel: 302-672-6700 Fax: 302-739-5635 Email: [email protected] Website: www.treasurer.delaware.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2011 Next Election Year: 2014 Salary: $110,050

Key Staff

Erika Benner, Deputy State Treasurer 302-672-6703 [email protected] Kelly Callahan, Special Assistant Biographical Sketch 302-672-6704 [email protected] Resides in Middletown. B.A., economics, University of Pennsylvania; J.D., M.B.A., Georgetown University; M.P.A., Harvard University. Louis Vitola, Director of Finance & Treasury Services In January 2011, Chipman “Chip” Flowers Jr. was sworn in as 302-672-6708 Delaware’s State Treasurer. While attending Georgetown [email protected] University, Treasurer Flowers worked at the A. Philip Randolph Institute (the nation’s oldest African-American labor association), Lisa Embert, Controller II the Congressional Joint Economic Committee and the White 302-672-6714 House Office of Political Affairs under President Bill Clinton. [email protected] After completing his work at the White House, he worked as a mergers and acquisitions attorney at the Wilmington office of Omar Masood, Advisor Skadden, Arps, Slate, Meagher & Flom, LLP, and served as chairman of the Multicultural Judges & Lawyers Section of the 302-672-6723 Delaware State Bar Association. In 2004, he was a delegate to [email protected] the Democratic National Convention. During this time, he also served as chief Democratic analyst for WHYY-TV’s nightly news. Delaware State Treasury In 2006, he founded the Flowers Counsel Group, LLC, which specializes in mergers and acquisitions and procurement law, advising businesses on contractual agreements for major Total Number of Employees: 23 purchases. Under his leadership, the firm grew steadily, becoming Treasury General Fund Budget: $1,221,900 one of the state’s leading corporate law firms in providing Treasury Appropriated Special Funds: $3,664,200 corporate purchasing services for global and Fortune 500 clients. Size of Portfolio Managed by Treasury: Treasurer Flowers has taken on leadership roles in a range of $1,700,000,000 civic organizations, primarily focusing on public policy issues that impact all three counties and the city of Wilmington. A The mission of the Delaware State Treasury, the supporter of military families and dependents, he is a strong cornerstone of the state’s financial system, is to restore advocate for fiscal discipline, economic growth, high quality economic prosperity to the First State by providing education, vibrant art institutions and affordable health care for Delawareans. critical financial services for the people of Delaware. Since taking office, Treasurer Flowers has focused on supporting Delaware small businesses, Delaware banks; improving financial education through the Delaware Economic Index and Prosperity Portal, initiatives which received White House recognition; improving the rate of return on the state’s portfolio while not incurring additional risk through diversification; and increasing transparency and efficiency in the agency.

16 National Association of State Treasurers About the Treasury Additional Activities

Executive Office of the State Treasurer: Responsible for The treasurer serves as chairman of the Delaware providing leadership and resources for the initiatives College Investment Plan Board and as co-chairman of of the treasury. With a focused mission of restoring the State of Delaware Deferred Compensation Council. prosperity, the executive office works to establish The treasurer also serves on the following commis- sound policies and procedures that ensure the overall sions, boards and committees: Strategic Economic health of the state’s financial system. Development Council; Delaware Cash Management Policy Board; Delaware Economic Financial Advisory Office of Finance and Treasury Services: The Office Committee; Delaware Agriculture Land Preservation of Finance and Treasury Services (OFTS) has five Foundation; Board of Pardons and the State Employee primary functions including Cash Management, Debt Benefits Committee. Management, Banking Services, Investments and Defined Contributions. The state’s daily cash position is established each working day to ensure all projected receipts and disbursements are accounted for and that there is liquidity to satisfy daily cash needs. The debt management unit is responsible for managing and maintaining accounting records of the state’s debt, processing school and special fund interest and issuance of the state’s general obligation bonds. The banking services section provides efficient, accurate and timely banking services to all state agencies and external customers. The investments section works to maximize interest earned on monies held in trust by the treasury in accordance with given regulations. This unit is also tasked with developing short and long-range investment policies that will protect taxpayer dollars and assist in restoring economic prosperity. OFTS’ investment unit interacts directly with public and private sector leaders to advance investment positions that benefit the state (including, but not limited to, protecting the state’s AAA bond rating). The defined contributions section is responsible for the administration of the deferred compensation 457(b) and 403(b) plans, as well developing statewide retirement/savings initiatives. Office of Disbursements and Reconciliations (Local Government Services, Receipts, Disbursements) This office is responsible for reconciling the state’s general collection and disbursement accounts, which includes payment processing, performing internal audits and providing vendor services and customer support. Administrative Initiatives, Office of Economic Policy The Office of Economic Policy is responsible for pro- ducing the Delaware Economic Index, the Economic Early Warning System, community outreach, financial literacy initiatives for the treasury and developing and promoting innovative policy initiatives that will assist in restoring economic prosperity.

State Treasury Profiles 17 District of Columbia Deputy CFO and Treasurer Jeffrey Barnette

Office of the Chief Financial Officer Office of Finance and Treasury 1101 4th Street, SW, Suite 850 Washington, DC 20024 Tel: 202-727-6288 Fax: 202-727-6963 Email: [email protected] Website: www.cfo.dc.gov Selection Method: Appointed by the Chief Financial Officer Term Length: Term Limit: Served: Since June 2012 Next Election Year: Not Applicable

Key Staff

Clarice Wood, Associate Treasurer, Banking & Operations 202-727-0760 Jeanne Hoover, Chief of Management Operations Biographical Sketch 202-727-0911 Jeffrey Barnette is Deputy Chief Financial Officer LaShanda Talbert, Executive Assistant and Treasurer for the Office of Finance and Treasury 202-727-0846 (OFT). He manages the District’s treasury programs associated with its annual $10 billion operating Office of Finance and Treasury budget and $1 billion capital budget. This includes management of the District’s banking and invest- Total Number of Employees: 75 ment activities, check and electronic receipts and Size of Treasury Annual Budget: $21,200,000 disbursements and its debt issuance and repayment Size of Portfolio Managed by Treasury: $2 billion activities. The treasurer manages the Office of Finance and Prior to being named Treasurer, Barnette was the Treasury, which includes receiving, safe-keeping, Associate Treasurer of Asset Management in OFT. investing and disbursing and acquiring District finan- Before joining OFT, he was Managing Director of cial resources. The treasurer manages issuance and the Registered Investment Advisory Firm, Barrier repayment of general obligation and revenue bonds Investments LLC from 2005 to 2008. Prior to working and notes, investment of cash balances, accounting for Barrier, he was an investment portfolio manager for all transactions, cash reporting and forecasting, for Capital One Financial from 1998 to 2005. Addi- banking, budgeting and administration. The treasurer tionally, he worked for the Student Loan Marketing also manages the district’s college savings plan, its Association (Sallie Mae), McKenna & Cuneo LLP and 401(a) defined contribution pension plan and its 457(b) NADA Retirement Trust. Barnette has extensive deferred compensation plan. experience with fixed income and pension investment programs. He represents the District of Columbia as a member of the National Association of State Treasurers and the Government Finance Officers Association. He is also an ex-officio trustee of the DC Retirement Board. Barnette is a graduate of Radford University, with a bachelor’s degree in business administration with a concentration in finance.

18 National Association of State Treasurers About the Treasury Additional Activities

Administration and Budget (6 employees): The treasurer is a member of the District of Columbia’s Provides leadership, strategic direction and admin- Retirement Board. istrative support services to department managers and employees in order to achieve organizational and individual performance results. Also responsible for budget formulation and testimony for the Office of Finance and Treasury. Banking (5 employees): Manages the District’s banking relationships and the electronic benefits program. Bond Management (5 employees): Responsible for the issuance of bonds, notes and other financing vehicles which maximizes capital project capacity and allows the district to finance any seasonal cash needs while maintaining future financing flexibility. Cash Management & Investment (5 employees): Manages the District’s cash resources and ensures that its cash obligations are satisfied and the District’s return on investments is maximized. College Savings and Pension Programs (3 employees): Manages the District’s college savings plan, 457 deferred compensation plan and 401a defined contribution pension plan. Revenue (33 employees): Responsible for revenue collection, auditing and recordation services for District agencies which allows them to have accurate and timely revenue information. Unclaimed Property (9 employees): Manages the District’s unclaimed property program. Grants (3 employees): Manages the cash and accounting aspects of District agencies’ federal grant drawdowns. Payment Operations (6 employees): Responsible for check writing and dissemination services for District agencies which allow them to fulfill their financial obligations.

State Treasury Profiles 19 Florida Chief Financial Officer Jeff Atwater

200 East Gaines Street Tallahassee, FL 32399-0301 Tel: 850-413-2806 Fax: 850-413-2950 Email: [email protected] Website: www.myfloridacfo.com Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2011 Next Election Year: 2014 Salary: $123,331

Key Staff

Robert C. Kneip, Ph.D., Chief of Staff 850-413-4900 Bert Wilkerson, Director, Treasury Division 850-413-3165 Biographical Sketch [email protected] A fifth-generation Floridian, husband and father Alexis Lambert, Director of Communications of four, Jeff Atwater was elected Florida’s Chief 850-413-2842 Financial Officer Nov. 2, 2010, and was sworn into [email protected] office on Jan. 4, 2011. His belief that Florida can best prosper through its people rather than its Office of the Treasurer government is the cornerstone of his platform. All his actions as CFO are guided by the mission to Total Number of Employees: 64 in Division of Treasury, keep more money in the pockets of hard-working 2,070 in Florida Department of Financial Services Floridians. He has worked to redefine the role of Size of Treasury Annual Budget: $6,376,294 government and create conditions for economic Size of Portfolio Managed By Treasury: $20.3 billion development and prosperity in Florida. Florida’s Chief Financial Officer oversees the state’s CFO Atwater was inspired by his parents’ values, accounting and auditing functions, handles unclaimed commitment to family and a deep sense of property, monitors the investment of state funds and appreciation for community service. His public manages deferred compensation and risk manage- service began in 1993 when he served as vice ment programs. Insurance consumer service, licensing mayor of North Palm Beach. In 2000, he began and oversight of insurance agents and agencies, as his legislative service as a member of the Florida well as funeral homes and cemeteries are under the House of Representatives. His dedication to CFO’s watch. Insurance fraud and public assistance Floridians continued when he was elected to the fraud investigation are responsibilities, as well as Florida Senate and soon, his hard work for his ensuring workers’ compensation coverage is in place. district earned him the unanimous support of his The CFO serves as the State Fire Marshal and is a fellow senators in becoming senate president in member of the Florida Cabinet. 2008. As Florida’s CFO, Atwater has fought hard for consumers and goes to bat everyday for his fellow Floridians.

20 National Association of State Treasurers About the Treasury Division of Risk Management: Responsible for ensuring that participating state agencies are provided quality workers’ compensation, Division of Treasury: The Division of Treasury pays all warrants liability, federal civil rights, auto liability and property insurance (checks), verifies all deposits and keeps detailed records of all coverage at reasonable rates by providing self insurance, purchase of transactions involving the state’s money. It is also a source of state insurance, claims handling and technical assistance in managing risk. revenue through the investment of excess operating funds in fixed Division of Legal Services: Provides legal counsel, advice and income investments. The treasury provides cash management representation to the regulatory, administrative and support offices services to state government, has custody of securities and other of the chief financial officer and the State Fire Marshal. collateral for government entities and administers the Government Division of Rehabilitation and Liquidation: Plans, coordinates and Employees’ Deferred Compensation Program. directs the conservation, rehabilitation and liquidation of insolvent Administration (6 employees): Responsible for policy direction, insurance companies, unlicensed insurance companies and unlicensed administrative functions, internal auditing and special projects. insurance entities and rehabilitates financially troubled insurance Funds Management (22 employees): Responsible for receipts companies. posting, warrant paying, investment accounting, bank relationships Division of Workers’ Compensation: Actively ensures the self- and accounting, and cash management services. execution of the workers’ compensation system through educating Investment (6 employees): Manages in excess of $20 billion in and informing all stakeholders in the system of their rights and five investment portfolios. Four portfolios are actively managed responsibilities, compiling and monitoring system data and holding by treasury staff members. An external manager program uses 14 parties accountable for meeting their obligations. private sector investment firms. Division of Agents and Agency Services: Protects the public and Unclaimed Property (58 employees): In the Division of Accounting insurance industry by timely and accurately licensing competent and Auditing, the Bureau of Unclaimed Property holds money and individuals and entities and by fairly investigating alleged violations securities, mostly from dormant accounts in financial institutions, of the Florida Insurance Code and Administrative Rules. insurance and utility companies, and securities and trust holdings, Division of Consumer Services: helps consumers make informed and tangible property from abandoned safe deposit boxes. Unclaimed insurance and financial decisions. Offers online resources, guides money is deposited into the state school fund, where it is used for and community education programs to help consumers expand public education. There is no statute of limitations and citizens or their insurance knowledge. their heirs have the right to claim their property any time at no cost. Division of Insurance Fraud: Enforces the criminal laws of Florida Collateral Management (17 employees): Responsible for in relation to insurance transactions. administering various programs designed to safeguard the public Division of Public Assistance Fraud: Safeguards the public and interest by maintaining pledged assets of organizations regulated businesses in Florida against acts of public assistance fraud and the by or doing business with Florida government. The collateral held is resulting impact those crimes have by enforcing federal and state in excess of $11 billion. A portion of the collateral guarantees public criminal laws in relation to eligibility for public assistance. entities against loss of approximately $25 billion dollars deposited in qualified public depositories in the state. Division of Funeral, Cemetery and Consumer Services: Regulates for-profit cemeteries, pre-need funeral sales, funeral establishments Deferred Compensation (14 employees): Responsible for and funeral directors and embalmers. administering a Section 457 deferred compensation program for state employees. The program offers investment choices from six Division of State Fire Marshal: Protects against the loss of life and investment providers. There are approximately 73,000 participants property to fire and other disasters statewide through internal and with invested assets in excess of $2.8 billion. external leadership, standards and training, prevention and education, and fire and arson investigation. Financial Services Commission: The Florida Financial Services Com- Other Programs mission is composed of the governor, attorney general, Chief Financial Officer and Agriculture Commissioner. The commission appoints the The Department of Financial Services consists of the following directors of the two regulatory offices: the Office of Insurance Regula- offices and divisions (in addition to the Division of Treasury functions tion and the Office of Financial Institutions and Securities Regulation. listed above). Both offices are administratively housed in the Department of Financial Office of Insurance Consumer Advocate: Committed to finding Services but report directly to the Financial Services Commission. solutions to insurance issues facing Floridians, calling attention to Office of Insurance Regulation: Responsible for regulation, compli- questionable insurance practices, promoting a viable insurance ance and enforcement of statutes related to the business of insurance market responsive to the needs of Florida’s diverse population and and entrusted with the duty of carefully monitoring statewide industry assuring that rates are fair and justified. markets. Office of InspectorG eneral: Advances positive change in performance, Office of Financial Institutions and Securities Regulation: Provides accountability, efficiency, integrity and transparency of programs regulatory oversight for Florida’s financial services providers, carrying and operations by facilitating agency planning and business process out the banking, securities and financial laws of the state efficiently improvement and through independent, objective and reliable and effectively. inquiries, investigations and audits. Division of Accounting and Auditing: Monitors the expenditure of all appropriated public funds; pays the state’s bills; promotes Additional Activities financial accountability throughout state government by providing information about its fiscal soundness, and investigates allegations The CFO/Treasurer is an elected member of the Florida Cabinet, trustee of waste, fraud and abuse of taxpayers’ money. of the State Board of Administration and chairman of the Florida Healthy Kids Corporation. The governor and cabinet serve as the Division of Information Systems: Plans, manages and operates the agency head or appellate body for the following agencies: Financial information technology resources for the Department of Financial Services Commission, Department of Law Enforcement, Department Services, Office of Financial Regulation and Office of Insurance of Highway Safety and Motor Vehicles, Department of Revenue, Regulation. Department of Veterans’ Affairs, Trustees of the Internal Improvement Division of Administration: Provides support to the Department of Fund Administration Commission, Land and Water Adjudicatory Financial Services and is responsible for functions related to financial Commission, Division of Bond Finance, Financial Management matters, personnel and general services. Information Board, Office of Greenways and Trails, Power Plant and Transmission Line Siting Board, and Board of Executive Clemency.

State Treasury Profiles 21 Georgia State Treasurer Steve McCoy

200 Piedmont Avenue, SE Suite 1204 West Tower Atlanta, GA 30334-5527 Tel: 404-657-4203 Fax: 404-656-9048 Email: [email protected] Website: ost.ga.gov Selection Method: Appointed by the State Depository Board, Recommended by the Governor Term Length: Pleasure of the Governor and the State Depository Board Term Limit: Pleasure of the Governor and the State Depository Board Served: Since November 2011 Next Election Year: Not Applicable Salary: $145,000

Key Staff

Donna Bowman, Director of Cash Management 404-651-8343 Biographical Sketch Kimberly Asher, Executive Assistant Steve McCoy was appointed State Treasurer in 404-656-2168 November 2011. Prior to his appointment, McCoy served as the Deputy State Treasurer & Chief Office of the State Treasurer Investment Officer from August 2010 to November 2011. McCoy also served as State Treasurer from Total Number of Employees: 19 1993–1997. Size of Treasury Annual Budget: $3.6 Million Treasurer McCoy has extensive private sector (no state appropriation) experience in public finance and investments. Size of Portfolio Managed by Treasury: $12 billion From 1997 to 2010, he founded and managed an The State Treasurer is one of seven members of the investment advisory firm serving state and local State Depository Board and serves as its administrative governments. Earlier, McCoy spent 11 years in officer. The board approves all state depositories and investment banking specializing in municipal prescribes cash management, investment and banking finance serving as Managing Director of Lehman policies for the state. The State Treasurer serves as cash Brothers’ Public Finance Division where he headed management officer for the state and is responsible for the Southeast office and served on the operating negotiating fees and interest contracts for banking committee. services. The State Treasurer is also responsible for the McCoy earned a B.B.A. in finance from the Univer- state’s compliance with the Cash Management Improve- sity of Georgia and an MBA from Georgia State ment Act; accounting for the receipt and disbursement University. He has served on the boards of several of state general funds; and the investment of state funds, charitable foundations and is an active member of the local government investment pools and certain the Church of the Apostles in Atlanta. McCoy and trust and custodial funds held by the state. The State his wife have been married 35 years and have two Treasurer also serves on the board of the Georgia children. Higher Education Savings Plan and is administrative officer of the board.

22 National Association of State Treasurers About the Office

Management and Administration (3 employees): Manages and oversees the Office of the State Treasurers’ activities. Cash Management: Implements cash management policies and procedures that maximize the efficient and effective utilization of the state’s cash resources. Accounting (5 employees): Accounts for the receipt of state revenue collections, funding of state agency operations, investments and payment of state general obligation debt. Banking Services (3 employees): Manages state agency banking relationships and operates the bank interest/fee payment program. Support Services (4 employees): Provides information system support and service; contract administration; merchant card services; credit research; investment compliance; budget; and banking support. Investments (4 employees): Invests state’s general fund; the two local government investment pools and other separately managed accounts for the state and its agencies.

Additional Activities

In addition to serving on the State Depository Board and the Georgia Higher Education Savings Plan Board, the State Treasurer is a board member of the Georgia State Financing and Investment Commission (debt issuance agency), the State Properties Commission, the Georgia Building Authority, the Georgia Sheriffs’ Retirement Fund, the Georgia Teachers’ Retirement System, the Georgia Employees’ Retirement System, the Legislative Retirement System, the Georgia Defined Contribution Plan, the Georgia Military Pension Fund, the Georgia Judicial Retirement System, the Public School Employees Retirement System and the State Employees Assurance Department.

State Treasury Profiles 23 Hawaii Director of Budget and Finance Kalbert K. Young

P.O. Box 150 Honolulu, HI 96810 Tel: 808-586-1518 Fax: 808-586-1976 Email: [email protected] Website: www.hawaii.gov/budget Selection Method: Appointed by Governor Term Length: Pleasure of the Governor Term Limit: Pleasure of the Governor Served: Since December 2010 Next Election Year: Not Applicable Salary: $108,972

Key Staff

Luis P. Salaveria, Deputy Director 808-586-1516 E-mail: [email protected]

Office of the Treasurer Biographical Sketch

Total Number of Employees: 357 Married, one child. B.A.—A.M., history; M.B.A., Size of Treasury Annual Budget: University of Hawaii at Manoa. $1,847,935,987 (FY 2013) Size of Portfolio Managed by Treasury: Prior to appointment as state budget and finance $4,300,000,000 (As of February 13, 2013) director in December 2010, Young served as the Director of Finance for the County of Maui, a munic- The Department of Budget and Finance administers ipality of the State of Hawaii, from September 2004. the state budget, develops near- and long-term finan- Prior to governmental service, Director Young was cial plans and strategies for the state and provides a Residential & Resort Development Coordinator programs for the improvement of management and for Kapalua Land Company and did government financial management of state agencies. It coordinates affairs, budget and finance, and internal audit for all budget services, supervises the implementation Kamehameha Schools Bishop Estate, a private of the fiscal policies established by the governor or non-profit education trust in the State of Hawaii mandated by the legislature, prepares the governor’s for 10 years. budget for submission to the legislature and maintains custody of all state funds. The Director of Budget and Finance also administers the state’s college savings program and unclaimed property program. Attached agencies include the Hawaii Employees’ Retirement System, Employer-Union Health Benefits Trust Fund, Public Utilities Commission, and the Office of the Public Defender.

24 National Association of State Treasurers About the Office Additional Activities

Administration (18 employees): Provides budget, The director is a member of the Board of Trustees of the management and system support. Employees’ Retirement System and the State Deferred Compensation Plan. The director is also a member of the Banking (1 employee): Reconciles all bank accounts Hawaii Housing Finance and Development Corporation, and resolves any discrepancies with the bank. Hawaii Community Development Authority, the High Bond Management (2 employees): Plans, monitors Technology Development Corporation and the Com- and manages the issuances of state bonds. mittee on Collective Bargaining. Budget (20 employees): Responsible for preparing and monitoring the state’s short- and long-range financial plans and strategies. Assists all state agencies in improving the operational effectiveness of their programs and the effectiveness of the budget. Cash Management (6.5 employees): Responsible for accounting and recording all of the state’s cash deposits and disbursements. Assists in the paying of bond and coupon holders and bondholders with lost, stolen, defaced or destroyed bond coupons. College Savings (.5 employee): Administers the TuitionEDGE college savings program. Investment (2 employees): Calculates cash balances and invests any excess funds with authorized financial institutions and money brokers. Retirement Systems/Pensions (91 employees): Responsible for providing retirement and disability benefits for employees of the state and the counties. Unclaimed Property (9 employees): Manages the state’s unclaimed property program.

Other Programs

Hawaii Employer-Union Health Benefits Trust Fund (48 employees): Administers the health benefits and life insurance programs for state and county employees, retirees and their dependents. Office of the Public Defender (128 employees): Provides legal services for indigent persons or children under the purview of the Family Court. Public Utilities Commission (37 employees): Provides oversight over all public utilities (electricity, gas, telecommunications, private water and sewage, etc.), and motor and water carrier transportation carriers in the state.

State Treasury Profiles 25 Idaho State Treasurer Ron G. Crane

P.O. Box 83720 Boise, ID 83720-0091 Tel: 208-334-3200 Fax: 208-332-2959 Email: [email protected] Website: www.sto.idaho.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 4, 1999 Next Election Year: 2014 Salary: $103,984

Key Staff

Laura Steffler, Chief Deputy Treasurer [email protected] 208-332-2999 LeAnn Sullivan, Executive Assistant Biographical Sketch LeAnn. [email protected] 208-334-3200 Born in Nampa, ID. Currently resides in Nampa. Wife’s name: Cheryl; six children and seven Cozette Walters, Unclaimed Property Administrator grandchildren. Associate’s degree and honorary Cozette.Walters @sto.idaho.gov doctorate from Ohio Christian University. 208-332-2979 Prior to his election, Treasurer Crane served 16 Office of the Treasurer years in the Idaho House of Representatives where he chaired the House State Affairs Committee and Total Number of Employees: 26 the Business Committee. Additionally, the treasurer Size of Treasury Annual Budget: $3,135,300 served as co-chairman of the Interim Committee Size of Portfolio Managed by Treasury: on Electrical Restructuring. He is a business owner $2,900,000,000 of Crane Alarm Service and is a member of the Idaho Chambers of Commerce, was a founding member The State Treasurer operates as the central chief fiscal of the Lifeline Crisis Pregnancy Center as well as officer and banker of monies collected by Idaho. Duties on the board of Nampa Christian Schools. Treasurer include receiving all state monies, redeeming warrants, Crane also served in the Idaho National Guard. He accounting for the receipt and disbursement of public received recognition as Idaho’s Soldier of the Year funds, investing idle state monies, issuing state tax in 1975. Other awards include the Guardian of Small anticipation notes, investing local government and Business Award and the Legislative Champion of agency monies and acting as custodian for workers’ the Family Award. compensation insurance securities on deposit with the state. The State Treasurer is also the administrator of Idaho’s Unclaimed Property Program, the 529 College Savings Program, the Idaho Bond Bank, the Idaho School Bond Guaranty Program and the Small Business Assistance Program.

26 National Association of State Treasurers About the Treasury Other Programs

Administration (7 employees): Responsible for Idaho Credit Rating Enhancement Committee: The establishing policy, setting budget, managing person- State Treasurer, or his designee, serves as chairman of nel and overall administration including IT support, the Idaho Credit Rating Enhancement Committee. The data processing and accounting for the Office of the Idaho Credit Rating Enhancement Committee serves to State Treasurer. advise the Governor and the Idaho Legislature regarding policies and actions that enhance and preserve the state’s Cash Management (5 employees): Responsible for credit rating and maintain the future availability of low the timely flow of cash in and out of the state system. cost capital financing. As the checking account for the state, the state treasury processes more than $1 million daily. The state treasurer Small Business Assistance Program: The State Treasurer designates all public depositories. Prospective public created and administers this program, which is designed depositories must apply and certify their capital and to aid small businesses in obtaining low cost financing. surplus to the State Treasurer. The State Treasurer is Idaho School Bond Guaranty Program: The treasurer responsible for selecting and overseeing those financial is responsible for administration of the Idaho School institutions that receive state deposits; processing of Bond Guaranty Program, which is a default avoidance state warrants and making electronic funds transfers program for voter-approved school district bonds. and payments. Investments/Debt Management (4 employees): Additional Activities The investment department determines daily state cash flows and invests surplus cash for the general By statute, the Idaho State Treasurer serves as a member account and state agencies according to Idaho State of the State Board of Canvassers, which meets to certify Code and State Treasurer Investment Policies. Surplus the results of the primary and general elections. Under funds are invested at the safest levels in either a short- a 1976 Supreme Court opinion, the State Treasurer acts term or a long-term fund. Investments managed by as a custodian of the Public School Endowment Fund. the state treasurer include those in the Millennium Additionally, the State Treasurer is the custodian of Fund and the tobacco settlement funds. These monies worker’s compensation security deposits and is the are invested in a carefully selected asset mix designed ex-officio advisor to the Idaho Housing and Finance to maximize return through long-term results. Association. The State Treasurer offers investment options to local units of government under the Joint Exercise of Powers Act. By investing in a larger pool, local municipalities hope to benefit by leveraging economies of scale to increase yields while maintaining the safety of the under- lying investment. The State Treasurer’s Office has highly qualified staff with the investment market expertise that most local agencies do not have. In most cases, pool participants are able to obtain higher rates of return on their investments as compared to investing on their own. This fund is voluntary and currently provides service to approximately 742 agencies with 1,690 accounts. The treasurer is responsible for planning, monitoring and managing the issuance of all state debt. The treasurer is the chief administrator of the Idaho Municipal Bond Bank which handles the issuance of pooled debt for qualifying municipalities. Unclaimed Property (8 Employees) College Savings Program: The State Treasurer, or his designee, serves as chairman of the College Savings Program Board. This 529 Program encourages Idaho families to set monies aside in a special savings account for higher education expenses. These accounts provide for significant tax incentives with flexibility, accessibility and excellent returns.

State Treasury Profiles 27 Illinois State Treasurer Dan Rutherford

Illinois State Capitol Building Room 219 Springfield, IL 62706 Tel: 217-782-2211 Fax: 217-785-2777 Email: [email protected] Website: www.treasurer.il.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: No Limit Served: Since January 2011 Next Election Year: 2014 Salary: $135,669

Key Staff

Kyle Ham, Chief of Staff 217-782-5815 [email protected] Biographical Sketch Joshua Lanning, Executive Assistant 312-814-3575 Born May 26, 1955 in Pontiac, Ill. Currently resides [email protected] in Chenoa, Ill. B.A., Illinois State University. Republican. Matt Butterfield, Communications Director 312-814-2997 Prior to his public service, Treasurer Rutherford [email protected] was a successful businessman working 25 years for the ServiceMaster Company and eventually Office of the Treasurer became responsible for expansion of the company’s businesses internationally. ServiceMaster is a family Total number of Employees: 179 full time of service companies with trade names such as Size of the Treasury Annual Budget: $25,000,000 ServiceMaster Clean, Terminix, Tru-Green, and Size of the Portfolio Managed by Treasury: Merry Maids. $15,500,000,000 Treasurer Rutherford began his political involve- The core function of the Illinois State Treasurer is the ment as a young man when he served as the investment of public funds. The Office of Treasurer also statewide executive director of Illinois for Ronald oversees linked deposits, accounting, banking, estate Reagan’s first winning presidential bid in 1980. tax, information technology and warrant divisions. The After declining an opportunity to serve in the first State Treasurer also oversees I-Cash, the Illinois unclaimed Reagan White House, he stayed in Illinois to serve property program, as well as the Bright Start and Bright as head of International Business for the Illinois Directions College Savings Programs. Department of Commerce. Treasurer Rutherford is also an adventurer. As a young man, he enjoyed camping and fishing. In high school, he was a foreign exchange student to Barbados. After graduating from college, he backpacked across Europe and spent a few months leading safaris in Kenya. Treasurer Rutherford is also a conservationist and has established a wildlife habitat by planting over 17,000 trees and shrubs at his rural home.

28 National Association of State Treasurers About the Treasury

Banking: Responsible for management of the short- term investment portfolio, deposits of public funds in Illinois financial institutions and the protection of public funds, collection of various fees from all state agencies and ensuring that the state’s financial obligations are paid on a daily basis. Cash Management: Responsible for the payment of all bank processing services, cash flow forecasting and market analysis. Also works with the agencies of state government responsible for collecting various taxes and fees to ensure the most efficient cash management procedures are utilized. College Savings: Administers the Bright Start College Savings Program and the Bright Directions College Sav- ings Program, Illinois’ Section 529 College Savings Plan. Local Government Service: Responsible for portfolio management and the Illinois Funds, which combine smaller accounts from local government units across the state in order to achieve maximum investment yield. Unclaimed Property: The treasurer administers the Illinois “I-Cash” program which reunites lost or unclaimed property with its rightful owners.

Additional Activities

The treasurer serves as a member of the following Illinois boards, commissions and authorities: Community Devel- opment Finance Committee; Judges’ Retirement System Board of Trustees; Municipal Retirement System; Illinois Grain Insurance Corporation; State Board of Investments; and the State Records Commission.

State Treasury Profiles 29 Indiana Treasurer of State Richard E. Mourdock

200 W. Washington, St., #242 Indianapolis, IN 46204 Tel: 317-232-6386 Fax: 317-233-1780 Email: [email protected] Website: www.state.in.us/tos/ Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: No more than eight years in any 12-year period Served: Since February 2007 Next Election Year: 2014 Salary: $74,580 (plus $12,000 annual housing allowance)

Key Staff

Jim Holden, Chief Deputy Treasurer and General Counsel 317-232-6388 Michael Frick, Deputy Treasurer and Portfolio Manager Biographical Sketch 317-232-0140 Born Oct. 8, 1951 in Wauseon, OH. Currently resides Christopher Conner, Director of Communications and in Evansville. Wife’s name: Marilyn. B.S., natural Special Projects systems, Defiance College; M.S., geology, Ball State 317-232-6387 University. Republican. Alicia Crabtree, Scheduler and Administrative Assistant Treasurer Mourdock began his career in public 317-232-6386 service as the Vanderburgh County Commis- Jennifer Gilson, Scheduler and Administrative Assistant sioner from 1995 to 2002. Afterwards, Treasurer 317-232-6386 Mourdock founded R.E. Mourdock & Associates, an environmental consulting firm. He is a licensed professional geologist. Prior to beginning his Office of the Treasurer consulting practice, Treasurer Mourdock spent 16 years as a top executive with Koester Companies, Total Number of Employees: 12 Inc. He has over 30 years of private sector business Size of Treasury Annual Budget: $870,106 management experience. Size of Portfolio Managed by Treasury: $6,800,000,000 Treasurer Mourdock previously served as the vice- chairman of the College Savings Plan Network The treasurer is responsible for the receipt and custody and the Midwest Regional Vice President of the of all monies paid into the state treasury. The office National Association of State Treasurers. manages the investment of state general fund monies and more than 70 trust and dedicated funds. The treasurer pays all warrants cleared through banks and reconciles collections daily with the state auditor.

30 National Association of State Treasurers About the Treasury Additional Activities

Administration (4 employees): Responsible for day-to- The treasurer has day-to-day authority over the day management of the office including scheduling, operations of the following boards and quasi-gov communications and media relations, legislative, office ernmental entities: Chairman of the Indiana Bond accounting, data processing and general support Bank, Chairman of the Indiana Education Savings services. Authority, Chairman of the Indiana Wireless Enhanced 911 Advisory Board, Trustee of the Indiana State Police Cashier’s Section (5 employees): Duties include col- Pension Fund, and the Secretary/Investment Manager lections, disbursements, wire transfers and reconciliation. of the Indiana Board for Depositories. In addition, the Document division handles filing of cancelled warrants treasurer serves as vice chairman of the Indiana Housing and researching all requests related to cancelled and Community Development Authority and a member warrants. of the following boards and commissions: Indiana Arts Investment/Cash Management/Fiscal (3 employees): Commission Cultural Trust Administrative Board, Indiana Responsible for investment of Indiana’s $7+ billion Deferred Compensation Committee, Indiana Board of portfolio, with primary objectives of safety, liquidity and Finance, Grain Indemnity Corporation, Indiana Business return. By law, the treasurer invests in fixed income Community Credit Corporation, Indiana Finance instruments only. Also oversees the operations of the Authority, Indiana Heritage Trust Committee and the State Police Pension Fund, for which the treasurer serves Underground Storage Tank Financial Assurance Board. as sole trustee. The treasurer also serves as administrator for the state’s local government investment pool. Treasurer’s Agencies

Indiana Bond Bank (3 employees): The treasurer serves as chairman of the board of the Indiana Bond Bank. The Indiana Bond Bank is a quasi-governmental agency created by the Indiana General Assembly to assist local units of government with short and long-term borrowing needs. The Bond Bank pools bonds of local units of government to achieve the most competitive rate for participants at the lowest possible cost. Indiana Education Savings Authority: (2 employees): The treasurer serves as the Chairman of the Board of the Indiana Education Savings Authority. The Indiana Education Savings Authority oversees the Indiana College Choice 529 Plan. Indiana Board for Depositories: (2 employees): The Public Deposit Insurance Fund (PDIF) was created in 1937 to insure the deposits of public monies in Indiana’s banks, similar to the way the FDIC insures individual depositor’s accounts. PDIF funds are managed and invested by Treasurer Mourdock in his capacity as the Secretary-Investment Manager for the Indiana Board for Depositories. Treasurer Mourdock staffs, administers, manages and directs the affairs and activities of the board in accordance with the policies set forth by the board. Indiana Wireless Enhanced 911 Advisory Board (3 employees): The treasurer serves as chairman of the Wireless Board, which is responsible for the oversight of wireless E9-1-1 and routing wireless E911 calls to the proper public safety agency location.

State Treasury Profiles 31 Iowa State Treasurer Michael L. Fitzgerald

Capitol Building Des Moines, IA 50319 Tel: 515-281-5368 Fax: 515-281-7562 Email: [email protected] Website: www.treasurer.state.ia.us Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since 1983 Next Election Year: 2014 Salary: $103,212

Key Staff

Stefanie Devin, Deputy Treasurer 515-281-5957 [email protected] Karen Austin, Deputy Treasurer Biographical Sketch 515-281-7677 [email protected] Born Nov. 29, 1951 in Marshalltown, IA. Currently resides in Waukee. Two children. B.S., business GeorgAnna Madsen, Executive Secretary administration, University of Iowa. Democrat. 515-281-5368 [email protected] Prior to his election as State Treasurer in 1982, Treasurer Fitzgerald was a marketing analyst at Office of the Treasurer Massey Furguson Co. for eight years. Beginning in January 2012, Fitzgerald became the chair of Total Number of Employees: 29 the College Savings Plans Network. That term Size of Treasury Annual Budget: $2,800,000 expires December 2013. In addition, Fitzgerald Size of Portfolio Managed by Treasury: served as president of the National Association $3,000,000,000 of Unclaimed Property Administrators (1986); the National Association of State Treasurers (1988) The state treasurer provides cash management services and the National Association of State Auditors, for state funds, coordinates state financings and serves Comptrollers and Treasurers (1983). as trustee and custodian of Iowa’s three state pension funds. He has returned millions of dollars in lost property through the Great Iowa Treasure Hunt and is the administrator of Iowa’s 529 College Savings Programs including College Savings Iowa, with over $3 billion invested.

32 National Association of State Treasurers About the Treasury Additional Activities

Administration (4.5 employees): Responsible for The state treasurer is a member of the Executive Council planning and the coordination of resources. Provides of Iowa, State Appeals Board, Rate Setting Committee, support for administrative, legislative and public rela- State Records Commission, Iowa Centennial Memorial tions activities. Foundation, Iowa Grain Indemnity Board, Iowa Compre- hensive Petroleum Underground Storage Tank Board, Cash Management/Accounting (7 employees): Peace Officers Retirement System Board, Vision Iowa Serves as custodian for state funds. Approves all state Board and the Tobacco Settlement Authority. receipts. Coordinates financial services used by state agencies. Redeems state warrants and electronic payments. Manages state investment pool that contains balances of state funds. Maintains accounting records and performs necessary reconciliations regularly. College Savings 529 Plan (2 employees): Administers College Savings Iowa, Iowa’s section 529 College Savings Program. Debt Management (1 employee): Coordinates the issuance of obligations for state agencies and author ities. Invests bond proceeds as needed. Pays debt service and provides required reporting during term of obligations. Pension Investment Oversight (1 employee): Serves as custodian for all state pension systems. Responsible for the investment of the Peace Officers’ Retirement System and the Judicial Retirement System. As member of IPERS Investment Board, establishes investment policy and reviews its implementation. Unclaimed Property (13 employees): Administers the uniform disposition of unclaimed property through the Great Iowa Treasurer Hunt program. Protection of Public Funds (.5 employee): The treasurer administers the program to secure public funds in excess of FDIC insurance.

State Treasury Profiles 33 Kansas State Treasurer Ron Estes

900 SW Jackson, Suite 201 Topeka, KS 66612-1235 Tel: 785-296-3171 Fax: 785-296-7950 Website: www.kansasstatetreasurer.com Selection Method: Statutory— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2011 Next Election Year: 2014 Salary: $86,000

Key Staff

Derek Kreifels, Assistant State Treasurer/Chief of Staff 785-296-3342 [email protected] Carly Miller, Director of Communications/Financial Education Biographical Sketch 785-296-3538 Born in Topeka. Wife’s name: Susan; three children. Bachelor’s [email protected] degree, civil engineering; M.B.A., Tennessee Technological Uni- versity. Republican. Melinda (Mindy) Forrer, Special Assistant to the Ron Estes was sworn in Jan. 10th, 2011, as the 39th Treasurer of Treasurer the State of Kansas. 785-296-2565 As State Treasurer, Estes oversees an office that currently handles [email protected] over $20 billion and an annual operating budget of $3.5 million. Key programs in the office are Bonds Services, Cash Management, Unclaimed Property, the Ag Loan and Housing Loan Deposit Programs and the Kansas Learning Quest 529 Education Savings Office of the State Treasurer Program, which has more than 164,000 accounts with total assets of over $3.3 billion. The treasurer’s office is a fee-funded Total Number of Employees: 40.5 agency. As State Treasurer, Estes also serves as a member of the Size of Treasury Annual Budget: $3,500,000 Kansas Public Employee’s Retirement System (KPERS) and the Pooled Money Investment Board. The Kansas State Treasurer participates in the invest- Treasurer Estes is the first statewide elected official from the City ment of state funds as a member of the Pooled of Wichita in 20 years. He was originally elected Sedgwick County Treasurer in 2004 and was re-elected to that position in 2008. Money Investment Board, acts as a transfer agent for During his time in that office, Estes saved taxpayers money by many Kansas municipal bonds, receives and deposits returning $1.5 Million to the Sedgwick County general fund. state monies and provides warrant redemption and Prior to his election to Sedgwick County Treasurer, Estes worked in several different industries in consulting and management reconciliation. The treasurer administers the Kansas roles. These industries include aerospace, oil and gas, automo- Unclaimed Property Act, is the custodian of securities tive and several other manufacturing and service industries. He backing state bank deposits and administers the distri- successfully implemented a variety of different financial and bution of various state funds to Kansas municipalities, other computer systems that have improved efficiency. He also analyzed and improved business processes utilizing concepts to oversees the Agricultural Production Loan Deposit eliminate errors and streamline procedures. Estes has extensive Program and administers Learning Quest, the Kansas experience in improving customer service and focusing on 529 Educational Savings Program. The treasurer is a operation improvement and cost cutting. Estes holds a bachelor’s degree in civil engineering and a master’s statutory board member of the state and local pension degree in business administration, both from Tennessee Techno funds. logical University. Estes has served as the Treasurer for the Kansas County Treasurer’s Association and was recently re-elected to serve as the Midwest Regional Vice President for the National Association of State Treasurers. He has also held several positions in the Republican Party, most recently serving as the state party vice chairman. Ron is a fifth generation Kansan. His family continues to run a farm in Osage County. Ron and his wife, Susan, have three children.

34 National Association of State Treasurers About the Treasury Unclaimed Property (11 employees): The unclaimed property program seeks rightful owners of abandoned Administration & Information Technology and unclaimed property that has been remitted to the (11 employees): Responsible for the overall management state. Each year, financial institutions and businesses and direction of all activities of the office. Establishes report the names of people with accounts, wages, stocks, policy, assigns and directs the work of the other oper- dividends, utilities and royalties that have been lost or ating programs, determines priorities, allocates available abandoned. resources on the basis of those priorities and requires internal reviews of operations and procedures. Conducts Additional Activities management of personnel and payroll issues, budgeting, administrative correspondence and the collating and The Kansas State Treasurer serves as a member of the distributing of information to state agencies and other Kansas Public Employees’ Retirement System and the interested parties. Information resource management Pooled Money Investment Board. encompasses computer hardware/software acquisition, installation, maintenance, application development, application design and implementation, communications and training. General office support services include reception, telephone and fax communication support, supplies, purchasing and accounts payable. Bond Management (9 employees): As registrar, transfer agent, and paying agent for almost 90 percent of the outstanding municipal bond issues in Kansas, the state treasurer maintains records on 31,380 bond holders to permit prompt and accurate processing of transactions, as well as timely payments of principal and interest to owners. Kansas municipal bond issues currently total $13.7 billion in outstanding debt. Cash Management (8 employees): This division has two primary functions: item processing and aid to local units. Item processing keeps an accurate account of all receipts and disbursements of the state, and aid to local units distributes money from several funds to city and county governments according to statuary provisions. Higher Education Savings (1 employee): Higher Education Savings administers Learning Quest, the Kansas Educational Savings Plan. It is responsible for the regulations governing the program, selecting the financial organization that will manage the accounts, promoting the plan, designing marketing materials and ensuring the program complies with all relevant Internal Revenue Service guidelines. Also, administers a low income matching grant higher education savings program. The division reports each year to the Kansas Legislature on the operations of the program. Financial Education (.5 employee): Provides a variety of services offered to Kansans of all ages.S ervices include an in-school savings program and financial management camps for grade school and middle school aged students; the ABCs of Credit Card Finance for high school and college students; and financial lunch and learn sessions for adults. The treasury also offers an online library of financial education resources.

State Treasury Profiles 35 Kentucky State Treasurer Todd Hollenbach

1050 US HWY 127 South Frankfort, KY 40601 Tel: 502-564-4722 Fax: 502-564-6545 Website: www.kytreasury.com Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Consecutive Terms Served: Since January 2008 Next Election Year: 2015 Salary: $101,000

Key Staff

Dr. Eugene Harrell, Assistant State Treasurer 502-564-4722 [email protected]

Office of the Treasurer Biographical Sketch

Total Number of Employees: 33 Born July 21, 1960 in Jefferson County, Ky. Currently Size of Treasury Annual Budget: $3,100,000 resides in Louisville. Wife’s name: Rosemarie; two The treasurer’s office is responsible for timely deposit children. Bachelor’s degree, University of Kentucky; of incoming revenues from state agencies. The state law degree, University of Louisville. treasurer records, monitors and reconciles all transac- Treasurer Hollenbach has a distinguished record tions in the state’s depository and checking accounts. of public service that includes his position as a The treasurer also performs critical functions that Commissioner with the Kentucky Commission on ensure compliance with the Federal Cash Manage- Human Rights. As Commissioner, he worked dili- ment Act of 1990. The state treasurer records, verifies gently to insure that the rights of all Kentuckians and pays all federal, state and local withholding taxes were protected regardless of race, religion, age or for employees of the Commonwealth of Kentucky. The gender. His reputation for fair dealing and hard treasurer also implements court ordered attachments work earned him a position on the bi-partisan against the salaries of state employees or moneys Blue Ribbon Committee convened to investigate owed to state vendors. The state treasurer is a board the Merit Hiring System. member of the Kentucky Higher Education Assistance Authority, which oversees the state’s two 529 college As state treasurer, he is working to streamline savings plans. The treasurer administers the state’s internal accounting procedures, modernize unclaimed property program. office technology, improve service and promote transparency in government. Treasurer Hollen- bach co- chaired the governor’s etransparency committee and pioneered the first transparency website in state government known as V.I.E.W. He also served as chairman of the Pension Reform Work Group, which offered bi-partisan review of investments of the state administered retirement systems and recommended appropriate benchmarks, policies and portfolio strategies. In addition, Treasurer Hollenbach is developing legislative and educational initiatives to better prepare Kentuckians to safeguard their own financial interests.

36 National Association of State Treasurers About the Treasury Additional Activities

Administration (33 employees): The treasurer The state treasurer serves as vice chairman of the State oversees the central administrative responsibilities for Investment Commission and is a member of the follow- the receipt and custody of all revenues collected by ing boards/commissions: Kentucky Lottery Corporation state government and for writing all checks and dis- Board of Directors, the Kentucky Teachers’ Retirement bursements of state funds. This includes the issuance System Board, the Kentucky Higher Education Assistance of checks and reconciliation of the multiple com- Authority, the Kentucky Grain Insurance Board and the monwealth bank accounts. For accounting purposes, Kentucky Asset/Liability Commission. the treasury department also reviews and records all investment transactions of the commonwealth. Cash Management: Records, verifies and pays all federal, state and local withholding taxes for employees of the commonwealth. Implements court ordered attachments against the salaries of state employees or monies owed to state vendors. Makes timely deposit of incoming revenues from state agencies. Records, monitors and reconciles all transactions in the state’s depository and checking accounts. College Savings: The treasurer serves as a member of the board of directors that oversees the program’s administration. Unclaimed Property (8 employees): Responsible for administering the state’s unclaimed property program. This program receives unclaimed property reports from holders and potential holders of unclaimed property, pursues the location and collection of the property, and attempts to locate rightful property owners.

State Treasury Profiles 37 Louisiana State Treasurer John Neely Kennedy

P.O. Box 44154 Baton Rouge, LA 70804-4154 Tel: 225-342-0010 Fax: 225-342-0046 Email: [email protected] Website: www.LATreasury.com Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2000 Next Election Year: 2015 Salary: $115,000

Key Staff

Ron J. Henson, First Assistant State Treasurer 225-342-0055 [email protected] Jason R. Redmond, Deputy State Treasurer & Biographical Sketch Communications Director 225-342-0010 Born Nov. 10, 1951 in Centreville, Miss. Currently [email protected] resides in Madisonville, La. Wife’s name: Rebecca; one child. B.A., political science, philosophy, and Alice B. Washington, Confidential Assistant to the economics, Vanderbilt University; J.D., University Treasurer of Virginia; and B.C.L., Oxford University. Republican. 225-342-0010 [email protected] Prior to his election, Treasurer Kennedy served as secretary of the Louisiana Department of Revenue Office of the Treasurer from 1996 to 1999. He served as special counsel to Gov. Buddy Roemer from 1988 to 1992, where Total Number of Employees: 58 he was a member of the Governor’s Commission Size of Treasury Annual Budget: $12,254,379 on Medical Malpractice and the Secretary of State’s Size of Portfolio Managed by Treasury: $8,872,129,147 Commission on Corporations. Prior to that, Treasurer Kennedy practiced civil litigation at Chaffe McCall, The treasurer is responsible for the custody, investment L.L.P. and disbursement of the state’s public funds. The treasurer provides information to rating services, financial Treasurer Kennedy is a past member of the Board institutions, bond buyers and the general public on the of Directors of the Council for a Better Louisiana issuance and sale of bonds, state debt structure and and the Friends of the New Orleans Center for management and management of debt for Louisiana Creative Arts. boards, departments, commissions, authorities and agencies. The treasurer manages investments for the state college savings program and administers the unclaimed property program. The treasurer also serves as chairman of the State Bond Commission.

38 National Association of State Treasurers About the Treasury Local Government Services (3 employees): Part of the fiscal division, provides accounting for state aid to Accounting (7 employees): Performs accounting for local governmental units including formula calcula- 409 constitutional and statutory funds created in trea- tions, distributions and financial reporting. Processes sury. Also provides accounting and financial reporting supplemental payments to deputy sheriffs and staffs of investment portfolios and administration of Social the Deputy Sheriffs’ Supplemental Pay Board of Security for public employees. Accounting is part of Review. the fiscal division. Unclaimed Property (9 employees): Finds owners of Administration (17 employees): Provides overall unclaimed intangible personal property that has been administration of the department including support turned over to the state. Collects unclaimed property for personnel, policy and research and legal divisions. from holders. Banking (7 employees): Administers the banking network for state agencies depositing money in the Additional Activities treasury. Administrative functions include reconciliation of the state’s central bank account, central The Louisiana State Treasurer serves on the Louisiana disbursement account and regional depository Firefighters’ Retirement System Board, Louisiana accounts. Provides accounting for interbank transfers School Employees’ Retirement System, Louisiana State for agency zero balance check and electronic fund Employees’ Retirement System, Louisiana State Police transfer disbursement accounts. Staffs the cash man- Retirement System, Teachers’ Retirement System of agement review board, which reviews applications Louisiana, Public Retirement Systems’ Actuarial Com- for new bank accounts and approves agency internal mittee (Past Chairman), Louisiana Public Employees’ cash management policies and procedures. Approves Deferred Compensation Plan Commission, Deputy investment policies of state colleges and universities. Sheriffs’ Supplemental Pay Board, Louisiana Military Part of the fiscal division. Family Assistance Board, Post Employment Benefits Trust Fund Board of Trustees, Municipal Police Employees’ Debt Management (9 employees): State Bond Com- Retirement System, State Bond Commission (Chairman), mission/Debt Management is responsible for debt Tobacco Settlement Financing Corporation, Interim service payments and administering paying agent Emergency Board, Louisiana Asset Management Pool contracts including the payment of fees. Also provides (Chairman), Cash Management Review Board (Chairman), support staff for the state treasurer as chairman of the Louisiana Tax Free Shopping Commission, Louisiana State Bond Commission. The commission provides Tuition Trust Authority, Louisiana Lottery Commission, the approval and issuance of debt by state and local Louisiana Education Quality Trust Fund Investment entities. Advisory Board, Louisiana Coastal Protection & Budget (1 employee): The budget is part of the Restoration Financing Corporation, Louisiana Utility fiscal division. Prepares the treasury annual operating Restoration Corporation, Governor’s Advisory Council budget and monitors budget and spending through on Disability Affairs, Second Injury Board, Louisiana the fiscal year. Workers’ Compensation Corporation (Chair, Finance Committee), Louisiana Citizens’ Property Insurance Cash Management (1 employee): Part of administra- Corporation, Louisiana Auto Theft and Insurance Fraud tion, the Cash Management Audit Program helps state Prevention Authority, Louisiana Housing Corporation agencies manage money better to earn the maximum (Past Chairman), Jump$tart Coalition for Financial interest on public funds. Explores ways to develop uni- Literacy, First Stop Shop Coordinating Council, Louisiana form cash management policies. Helps state agencies Teachers’ Homebuyer Program Advisory Board, Old State retrieve uncollected debt. Capitol Advisory Board (Chairman), and the Information College Savings (1 employee): Part of investments, Technology Advisory Board. manages investments for the Louisiana Student Tuition Assistance and Revenue Trust (START) program to help families and individuals pay for college education. Investments (3 employees): Sets and implements investment policies through the daily activity of the state’s general and dedicated funds, including the Louisiana Education Quality Trust Fund.

State Treasury Profiles 39 Maine State Treasurer Neria R. Douglass

39 State House Station Augusta, ME 04333 Tel: 207-624-7477 Fax: 207-287-2367 Email: [email protected] Website: www.maine.gov/treasuer Selection Method: Elected by the Legislature Term Length: Two Years Term Limit: Four Served: Since January 2013 Next Election Year: 2014 Salary: $69,264

Key Staff

Kristi L. Carlow, Dir. Internal Operations 207-624-7477 [email protected]

Office of the Treasurer Biographical Sketch

Total Number of Employees: 15, including the Treasurer Neria Douglass of Auburn is Maine’s 50th State Trea- Size of Treasury Annual Budget: $2,079,130 surer. She served for eight years as State Auditor and Size of the Portfolio Managed by Treasury: is an attorney-at-law and certified internal auditor. She $200,000,000 to $1,000,000,000 led the Maine Department of Audit in reporting financial statement opinions faster, resulting in achievement The treasurer is responsible for the state’s general of the Certificate of Excellence in Financial Report- obligation debt management, unclaimed property ing each year since 2007. Using her legal skills and program, cash receipt tracking, investment and experience in the state’s complex financial systems and reconciliation, management of the trusts in which the accounts, she inspired staff to accelerate audit reports state is trustee and for board membership in many so information given to legislators is more current. Under her leadership, staff identified millions of dollars quasi-public state authorities. useful to state government: monies due to the general fund; reimbursements available from the federal government; and money due but not received. She served in the Maine Senate from 1998 to 2004. During her legislative service, she focused on improving accounting practices in state government, access and quality in public education at all levels, affordable health care and patients’ rights. Senator Douglass worked to secure privacy in telephone and internet services, and safety for families affected by domestic violence. She served on the Auburn City Council from 1994 to 1998 and was Chair of the Auburn School Committee from 1989 to 1994. Douglass earned her law degree from Vanderbilt University and her bachelor’s degree from Wellesley College. She is admitted to practice law in the U.S. Supreme Court, the U.S. District Court for Maine, and the State of Maine, and has been a prosecutor and a private attorney. She has been married to Paul Douglass for 35 years and is mother to grown children, Ryan, Nathan, and Neria Lauren.

40 National Association of State Treasurers About the Treasury

Administration (4 employees): Management and implementation of debt, cash, unclaimed property and all other programs. Bond Management (2 employees): Issues the state’s general obligation bonds and coordinates Maine’s presentations to bond rating agencies. Cash Management (5 employees): Management of State of Maine bank accounts, receipt of all state revenues and investment of cash pool funds. Unclaimed Property (3 employees): Manages Maine’s unclaimed property effort that reunites lost property with its rightful owner.

Additional Activities

The state treasurer serves as a member of the following state authorities, committees and boards: Finance Authority of Maine, Maine State Housing Authority, Maine State Retirement System, Maine Municipal Bond Bank, Maine Government Facilities Authority, Maine Health and Higher Education Facility Authority, Baxter State Park Investment Committee, Adaptive Equipment Loan Board, Maine Educational Loan Authority, Maine Public Utility Financing Bank, Dirigo Health Agency and the NextGen Investment Advisory Committee.

State Treasury Profiles 41 Maryland State Treasurer Nancy K. Kopp

State of Maryland Treasurer’s Office 80 Calvert St. Annapolis, MD 21401 Tel: 410-260-7160 Fax: 410-260-6056 Email: [email protected] Website: www.treasurer.state.md.us Selection Method: Elected by the Legislature Term Length: Four Years Term Limit: None Served: Since February 2002 Next Election Year: 2014 Salary: $125,000

Key Staff

Bernadette Benik, Chief Deputy Treasurer 410-260-7080 [email protected] Susanne Brogan, Deputy Treasurer for Public Policy Biographical Sketch 410-260-7418 [email protected] Born Dec. 7, 1943 in Coral Gables, Fl. Currently resides in Bethesda. Husband’s name: Robert; two Christine Buckley, Executive Assistant children. B.A., Wellesley College; M.A., government, 410-260-7160 University of Chicago. Democrat. [email protected] Prior to her election, Treasurer Kopp served as a Office of the Treasurer member of the Maryland House of Delegates for 27 years, where she served as Speaker Pro Tem, Total Number of Employees: 57 chair of the Education and Economic Development Size of Treasury Annual Budget: $41,000,000 Appropriations Subcommittee and co-chair of the Size of Portfolio Managed by Treasury: $6.6 billion Joint Spending Affordability Committee. The state treasurer is responsible for the manage- Treasurer Kopp has been awarded numerous honors, ment and protection of state funds and property. In including the “Outstanding Service” award from this capacity, the treasurer selects and manages the Common Cause of Maryland, the Legislator of the depository facilities for state funds, issues or authorizes Year Award from the University of Maryland Young agents to issue payments of state funds, invests excess Alumni and the “Outstanding Legislator” award funds, safekeeps all state securities and investments from the Microenterprise Council of Maryland. and provides insurance protection against sudden and In 2010, she received the NAST Harlan E. Boyles/ unanticipated damage to state property or liability of Edward T. Alter Distinguished Service Award. In state employees. The state treasurer plans, prepares 2012, she received the NAST Jesse M. Unruh Award. and advertises State of Maryland general obligation bond issues, and through the Capital Debt Affordabil- ity Committee reviews the size and condition of state tax-supported debt and other debt of state units on a continuing basis.

42 National Association of State Treasurers About the Treasury Additional Activities

Administration (7 employees): The primary function The state treasurer serves as a member of the following of the administration division is to supply efficient daily boards, commissions, and foundations: Chair, Capital operational and support services to the state treasurer’s Debt Affordability Committee; Chair, Commission on office. The division comprises four units: budget man- State Debt; Board of Public Works; Maryland Agricul- agement and accounting, human resources, procurement tural Land Preservation Foundation; Board of State and office administration. Canvassers; Governor’s Salary Commission, Hall of Records Commission, Maryland Health and Higher Banking (14 employees): Manages the flow of all Educational Facilities Authority; Procurement Advisory receipts and disbursements of state funds, electronic Council, Board of Revenue Estimates, Maryland Small funds transfer file maintenance, and account reconcili- Business Development Financing Authority and ation duties. The treasurer reconciles all bank accounts. Maryland State Employees Surety Bond Committee; Debt Management (3 employees): Coordinates capital Board of Trustees, Maryland Teachers and State debt management, general obligation bond sales and Employees Supplemental Retirement Plans; Chair, capital lease lines. Prepares the state’s official statement, College Savings Plans of Maryland Board; Blue Ribbon receives bids, and arranges settlement, delivery of bonds Commission to Study Retiree Health-Care Funding and tracking of the proceeds for general obligation Options and Board of Advisors, Institute of Human bonds. Virology, University of Maryland School of Medicine; Chair, Board of Trustees, State Retirement and Pension Insurance (13 employees): Administers the state’s System (investment committee, administrative insurance program which comprises both commercial committee; audit committee and corporate gover- insurance and self-insurance. Procures commercial nance committee; vice-chair, 2002–07); Task Force to insurance policies to cover catastrophic property and Study the Procurement of Health, Education, and liability losses, administers self-insurance fund and Social Services by State Agencies, 2010; Public adjusts and pays insurance claims. Employees’ and Retirees’ Benefit Sustainability Investment (2 employees): Manages the investment Commission, 2010–; Joint Legislative and Executive of cash and operating funds of state agencies. Manages Commission on Oversight of Public-Private Partner- the investment of general obligation bond proceeds ships, 2010–. Team member, Financial Education and directs the short- and long-term investments of a College Access and Success Grant Project, State number of trustee accounts under state agency revenue Department of Education, 2010–. bond indentures. This division also monitors the local government investment pool and its investment policy. Information Technology (7 employees): Provides fully automated data processing capabilities in support of daily operations of the treasurer’s office. Handles equipment management, training, technical assistance and services to all divisions, including local area network- ing, Internet access, email, application development, software evaluation and data communications. Processes payments for several agencies statewide. Executive (7 employees): Provides direct support to the treasurer including policy advice in the execution of the wide range of constitutional duties. Acts as staff for the many boards and commissions that the treasurer chairs, and, as such, prepares analytical information for presentation, drafts recommendations, summarizes discussions and prepares final reports. Also coordinates and leads the operations of all agency activities. The agency internal auditor is a member of the executive staff. Legal Division (4 employees): Provides advice and counsel to the treasurer, works on tax-exempt financing, supervises the defense of the state in tort claims suits and assists the treasurer’s staff.

State Treasury Profiles 43 Massachusetts Treasurer and Receiver General Steven Grossman

The State House, Room 227 Boston, MA 02133 Tel: 617-367-6900 Fax: 617-248-0372 Email: [email protected] Website: www.mass.gov/treasury Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2011 Next Election Year: 2014 Salary: $130,261.58

Key Staff

James A. MacDonald, First Deputy Treasurer 617-367-6900 [email protected] Kathryn R. Burton, Chief of Staff Biographical Sketch 617-367-6900 [email protected] Born Feb. 17, 1946, in Newton, Mass. Currently resides in Newton. Wife’s name: Barbara; three Al Gordon, Assistant Treasurer, Director of Policy sons. AB, Princeton University; MBA, Harvard 617-367-6900 Business School. [email protected] Before taking office as treasurer in January 2011, Sarah V.R. Levis, Director of Scheduling and Advance Steven Grossman spent more than 35 years as 617-367-6900 CEO of Grossman Marketing Group in Somerville, [email protected] Mass., a 100-year-old, fourth-generation family business. The former Chairman of the Massachu- Office of the Treasurer setts Democratic Party and former Democratic and Receiver General National Committee Chairman, Treasurer Grossman has been a leading figure in numerous charitable Total Number of Employees: 217 (treasury only); organizations. approximately 700 including affiliated agencies Size of Treasury Annual Budget: $9,200,000 Size of Portfolio Managed by Treasury: $100,000,000,000 The treasury is responsible for managing the state’s daily cash flows and state-issued debt. The treasurer’s office administers the state employees’ retirement system and the Unclaimed Property Division, and oversees independent agencies including the Massachusetts School Building Authority, Alcoholic Beverages Control Commission, Massachusetts State Lottery Commission and the Massachusetts Pension Reserves Investment Management Board.

44 National Association of State Treasurers About the Office Financial Education (2 employees): The Financial Education Department seeks to promote fiscal literacy to the citizens of Administration (59 employees): Administration and Finance Massachusetts, particularly to underserved groups such as oversees the fiscal and administrative activities of the treasury, women, children, veterans and minorities. The collaborative including managing budget procedures, operating trusts and nature of these programs is a strong example of effective capital budgets. Computer services supplies information technology partnerships between the public sector and business entities. support to the treasury. The legal department acts as in-house Massachusetts State Board of Retirement (57 employees): counsel to the treasurer and all treasury departments. The executive The State Retirement Board administers the retirement benefits of staff provides constituent service and support for the treasurer. the Massachusetts State Employees’ Retirement System (“MSERS”). The human resources department works to ensure a professional The MSERS consists of more than 86,500 active members, and and business environment fostering high morale and employee 53,000 retirees or beneficiaries. As of January 2011, the MSERS had retention. The treasury’s internal auditor independently evaluates more than $19.3 billion in assets. The board is comprised of five the adequacy of the treasury’s internal controls. members, of which the treasurer is chair. Alcoholic Beverages Control Commission (28 employees): Massachusetts Water Pollution Abatement Trust (9 employees): The Alcoholic Beverages Control Commission (ABCC) has oversight The Massachusetts Water Pollution Abatement Trust provides over all aspects of the alcohol industry in Massachusetts. This subsidized loans to communities, local governmental units and includes manufacturing, importing, exporting, storing, transporting eligible private water suppliers through the Commonwealth’s and selling alcoholic beverages within Massachusetts. In addition, State Revolving Fund Loan Program as part of the state’s ongoing the ABCC has final approval over every alcoholic beverage license effort to improve water quality throughout the commonwealth. in the commonwealth. The SMART Plan (2 employees): The SMART plan is the com Asian American Commission (1 employee): The goal of the monwealth’s $5.1 billion deferred compensation plan, which Asian American Commission is to recognize and highlight the vital was established in 1976 as a public employee benefit program. contributions of Asian Americans to the social, cultural, economic and political life of the commonwealth; to identify and address the needs and challenges facing the residents of Asian ancestry; Other Agencies and to promote the well-being of this dynamic and diverse community and thereby, advance the interests of all persons who call Pension Reserves Investment Management Board Massachusetts home. (24 employees): The nine-member PRIM Board, of which the Veterans’ Bonus Division (3 employees): The Veterans’ Bonus treasurer is chair, manages the Pension Reserves Investment Trust Division is part of the Community and Veterans’ Services Depart- (PRIT) Fund, a pooled fund which invests the assets of the Massa- ment in Treasurer Grossman’s administration. We are proud to chusetts State Teachers’ and Employees’ Retirement Systems, and provide bonus payments for veterans, service members and their the assets of county, authority, district and municipal retirement families for qualified service in the United States Armed Services. systems that choose to invest in the fund. The Treasury administers the World War II Bonus, Korean Bonus, Massachusetts School Building Authority (50 employees): The Vietnam Bonus and the Welcome Home Bonus. All bonus pay- Massachusetts School Building Authority is an independent public ments are subject to applicants meeting eligibility requirements. authority of which Treasurer Grossman serves as chairman. Funded The Welcome Home Bonus is for veterans who are engaged in or by a dedicated penny of the state’s sales tax, the MSBA provides have completed qualified active service since Sept. 11, 2001. reimbursements to cities, towns and regional school districts to Unclaimed Property (38 employees): Protects the unclaimed build and renovate eligible public K–12 facilities throughout the assets belonging to the citizens of the commonwealth. Under state commonwealth. unclaimed property laws, most financial assets that have been Massachusetts State Lottery (420 employees): The Massachusetts inactive for three years are reported to the division. Twice a year, State Lottery provides local aid for all 351 cities and towns in the new names of property owners are added to the database of state. Treasurer Grossman chairs the Lottery Commission. previously unclaimed accounts and are listed in newspapers across the state. Cash Management (13 employees): Responsible for managing Additional Activities the commonwealth’s daily cash flows, which total over $46 billion The state treasurer sits as chairman on the following boards and a year. Responsibilities include managing the states’ banking commissions: the Commonwealth Covenant Fund, The Lottery needs, quarterly local aid payments of $1.2 billion to municipalities, Commission, the Massachusetts School Building Authority, the management of $8.4 billion short-term investment pool for the Pension Reserves Investment Management Board, the State Retire- commonwealth’s working capital and the regular reconciliation ment Board, and the Water Pollution Abatement Trust Board of of state agency bank accounts. Trustees. Commonwealth Covenant Fund (1 employee): The Commonwealth Covenant Fund is an innovative program that provides accessible The treasurer also serves as a member on the following boards and tuition loan repayments to undergraduate students who attend commissions: the Board of Bank Incorporation, Boxers’ Fund Board, public universities or colleges in Massachusetts and stay to pursue the Catastrophic Illness in Children Relief Fund Commission, the careers in the science, technology, engineering and math fields. Health Care Security Trust, the Comptrollers Advisory Board, the Financial Advisory Board, the Municipal Finances Oversight Board, Debt Management (8 employees): Responsible for managing the the Massachusetts School Building Advisory Board, the Teachers’ commonwealth’s short-term and long-term borrowing needs. Short- Retirement Board, Massachusetts Technology Development Cor- term borrowing is done through the sale of revenues anticipation poration and the Water Infrastructure Finance Commission/WPAT. notes and commercial paper (approximately $2 billion per year); long-term borrowing is done through the sale of commonwealth The treasurer administers a “Welcome Home” Bonus program bonds (approximately $2 billion per year). for veterans of the armed services. The program provides bonus payments for veterans, service members, and their families for qualified service in the United States.

State Treasury Profiles 45 Michigan State Treasurer Andy Dillon

430 W. Allegan St. Lansing, MI 48922 Tel: 517-373-3223 Fax: 517-335-1785 Email: [email protected] Website: www.michigan.gov/treasury Selection Method: Appointed by the Governor Term Length: Pleasure of the Governor Term Limit: Pleasure of the Governor Served: Since January 2011 Next Election Year: Not Applicable Salary: $174,204

Key Staff

Mary MacDowell, Chief Deputy Treasurer 517-373-3223 [email protected] Amy Hichez, Executive Assistant 517-373-3223 Biographical Sketch [email protected] Wife’s name: Carol; four children. Bachelor’s degree, Terry Stanton, Director of Communications accounting; J.D., University of Notre Dame. 517-335-2167 [email protected] Andy Dillon was appointed Michigan’s 44th State Treasurer by Gov.Rick Snyder. Prior to being Office of the Treasurer appointed Treasurer, Dillon served three terms in the Michigan House of Representatives, where he Total Number of Employees: 1,562 (Includes Lottery was elected by his colleagues to serve as Speaker and Gaming Control) of the House during his final two terms. Treasury Only Employees: 1,267 Prior to achieving elected office, Treasurer Dillon Size of Treasury Annual (Operating) Budget: served as the managing director of Wynnchurch $265,996,600 Capital, vice president of GE Capital, and worked Size of Portfolio Managed by Treasury: $62 Billion as a financial analyst at WR Grace. In addition, Treasurer Dillon practiced law for seven years. The treasurer acts as principal economic advisor to the governor on tax and fiscal policy issues. The office oversees the administration of the state’s tax system, all state government banking functions, regulation and oversight of local government financial operations and investment management of the state’s pension system. The state treasurer serves as sole investment fiduciary to the judges, public school employees, state employees and state police retirement funds. The state treasurer also serves as treasurer of the retirement funds, as well as more than 400 other state funds.

46 National Association of State Treasurers About the Treasury Local Government Services (69 employees): This bureau oversees local and state assessed property tax Bureau of Investments (75 employees): Performs all administration, various tax exemptions, tax reversion, investment functions on behalf of the state treasurer approves local borrowing, reviews the certified audits for four state defined benefit retirement funds with of local units, audits tax increment financing plans and assets of $50.5 billion and 530,837 members, retirees industrial facilities taxes, advises and supervises finan- and beneficiaries. Also responsible for investing state cially troubled local units, conducts financial audits of operating, trust and agency funds with assets of $11.5 local units and provides staff services for the State Tax billion. Commission. Chief Deputy Treasurer (1,262 employees): The chief deputy treasurer oversees all operations within Additional Activities the Department of Treasury, including deputy treasurers for Tax Administration, Investments, Local The State Treasurer acts as principal advisor to the Government, State Finance Authority and Financial governor on tax and fiscal policy issues. The Trea- and Administrative Services. The chief deputy treasurer is the chairperson of the Michigan Education surer also oversees the Office of Communications. Trust and the Michigan Finance Authority. He serves as sole investment fiduciary to the judges, public Tax Administration (854 employees): Responsible school employees, state employees and state police for administering, collecting, refunding, auditing retirement funds. The State Treasurer also serves as and enforcing State of Michigan tax laws, including treasurer of the retirement systems, the Legislative income, sales, use, corporate income tax, motor fuel, Retirement System and the Mackinac Bridge Author- real estate transfer and 37 other miscellaneous taxes. ity. The State Treasurer is a member of the following The Tax Processing Bureau processes all tax types boards, commissions, and task forces: Local Emergency and handles all levels of taxpayer inquiries; the Tax Financial Assistance Loan Board, Michigan Early Stage Compliance Bureau administers all audit and discovery Venture Investment Corporation, Michigan Economic functions; the Bureau of Tax Policy coordinates the Development Corporation Corporate Board, Michigan development of tax policy; the Office of Tax Imple- Economic Growth Authority, Michigan Judges/State mentation manages implementation of new taxes Employees/State Police Retirement Boards, Michigan and conversion of legacy tax processing systems into State Housing Development Authority, Michigan an integrated system; and the Office of Revenue and Strategic Fund and the State Administrative Board. Tax Analysis is responsible for all revenue projections, including the revenue impact of various proposals and changes in economic conditions. State and Authority Finance (100 employees): This office oversees all state and authority bonding programs within the department, coordinates the issuance of state and authority bonds and notes, oversees statewide cash management and assists with managing the State’s Common Cash Fund. It also acts as the liaison between the federal government and state departments that are required to comply with the Cash Management Improvement Act for drawing federal funds. It performs fiscal oversight responsibilities for various bond issues and public finance programs, administers the School Bond Loan Program, the Michigan Finance Authority, the Michigan Education Trust Program and the Michigan Education Savings Program. It manages outstanding portfolios of loans and bond trusts made under federal and state higher education loan programs, operation of the Michigan Guaranty Agency and administers 13 student scholarship and grant programs that provide Michigan residents with access to higher education opportunities.

State Treasury Profiles 47 Minnesota Commissioner of Management & Budget Jim Schowalter

400 Centennial Bldg. 658 Cedar St. St. Paul, MN 55155 Tel: 651-201-8011 Fax: 651-797-1300 Email: [email protected] Website: www.mmb.state.mn.us Selection Method: Appointed by the Governor Term Length: Pleasure of the Governor Term Limit: Pleasure of the Governor Served: Since January 2011 Next Election Year: Not Applicable Salary: $108,000

Key Staff

Kristin Hanson, Assistant Commissioner of the Treasury Division 651-201-8030 [email protected] Biographical Sketch Cynthia Farrel, Director 651-201-8098 Born in Monroe, Wis. Currently resides in St. Paul. Wife’s name: Stephanie, two children. Bachelor’s Michi Eichinger, Assistant Director degree, economics, Macalester College; M.P.P., 651-201-8097 Kennedy School of Government, Harvard University. [email protected] Prior to his appointment, Commissioner Schow- Marcia Hansen, Executive Assistant alter served as deputy commissioner and state 651-201-8024 budget director. Before coming to Minnesota, [email protected] he worked as regional economist at the Boston regional office of the U.S. Department of Housing Office of the Treasury Division and Urban Development and as budget officer at the U.S. Office of Management and Budget. Total Number of Employees: 13 Size of Treasury Annual Budget: $1,200,000 The treasury division is responsible for cash management, the state’s Internet payment system, issuance of state general obligation bonds and certain revenue bonds, selection of state depositories, gross receipts and disbursement accounting, redemption of state warrants, safekeeping of bank and brokerage collateral management and administration of capital leasing programs and administration of debt service. The treasury division notifies the State Board of Investment of funds available for investment and handles all banking and brokerage transactions for the board.

48 National Association of State Treasurers About the Office Additional Activities

Administration (3 employees): Responsible for gen- The Commissioner of Minnesota Management and eral administrative functions of the treasury division. Budget is on the following boards: Investment Advisory Committee, Minnesota State Retirement Board, Banking (5 employees): Coordinates all monies Agriculture and Economic Development Board, Rural paid through the state treasury. The state treasurer Finance Authority, Workers’ Compensation Reinsurance accounts for daily deposits of all state receipts in Association, Public Facilities Authority and the Public more than 350 bank accounts before consolidating Facilities Authority Transportation Committee. cash in the appropriate state depository bank for subsequent investment. All accounts are examined daily and drawn down to prescribed levels, with the excess funds being made available to the State Board of Investment. The treasury division redeems and reconciles and provides payments to banks for all warrants issued and provides reports concerning the status of all paid warrants. Also, the treasury division is responsible for the settlement of the state’s electronic financial transactions, such as direct deposit payments and wire transfers. In addition, the division is responsible for administering credit card processes which are used throughout state government. Bond Management (3 employees): Issues general obligation and revenue bonds, manages capital leasing programs, selects state depositories, disburses and maintains records for Minnesota bonded indebt- edness. The securities unit maintains inventory and services all state and investment fund securities.

Other Programs

Data Processing (1 employee): Provides data processing services, IT system administration, detailed financial reports and support services for state treasury operations.

State Treasury Profiles 49 Mississippi State Treasurer Lynn Fitch

P.O. Box 138 Jackson, MS 39205-0138 Tel: 601-359-3600 Fax: 601-576-4495 Email: [email protected] Website: www.treasurerlynnfitch.com Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2012 Next Election Year: 2015 Salary: $90,000

Key Staff

Laura Jackson, Deputy Treasurer, External Affairs 601-359-3600 [email protected] Jesse Graham, Deputy Treasurer, Internal Affairs Biographical Sketch 601-359-3600 [email protected] Lynn Fitch was sworn in as Mississippi’s 54th Treasurer on Jan. 5, 2012 as the first Republican Office of the State Treasurer woman to hold that office, and as only the second female in Mississippi history. Total Number of Employees: 39 A native of Marshall County, Treasurer Fitch was Size of Treasury Annual Budget: FY 2013 $4.7 million raised in Holly Springs. She attended the University Size of Portfolio Managed by Treasury: of Mississippi in Oxford, where she earned both a $3,319,521,423.59 (as of 6-30-12) bachelor’s of business administration and a Juris The Mississippi State Treasurer operates the state’s Doctorate in five short years. After graduating at largest banking system, managing over $9 billion in the age of 23, Fitch began practicing law as a Special annual revenues, with Treasurer Lynn Fitch serving Assistant Attorney General with the Mississippi as the state’s Chief Financial Officer. The Office of the Attorney General’s Office, representing financial State Treasurer is responsible for the issuance of state and economic development state agencies. debt, the timely payment of principal and interest Treasurer Fitch believes strongly in ideas of limited on the state’s bond and note obligations and for the and efficient government and has spent much of receiving, disbursing and investing of state funds. The her professional life working hard to ensure tax- State Treasurer also acts as custodian of the state’s payer dollars are used in an effective and transparent unclaimed property, processes and pays all warrants manner. Treasurer Fitch had a goal to start working issued by the state in payment of its obligations and on day one, to make Mississippi a more financially administers the Mississippi Prepaid Affordable College stable environment and she has kept that promise. Tuition Program and the Mississippi Affordable College Another major goal she is currently working toward Savings Program. is to implement financial literacy for our children. Developing the financial education of our children creates a much stronger and better skilled work- force, which in turn prepares them for the jobs of tomorrow. In 2009, Treasurer Fitch was selected by Gov.Haley Barbour to serve as Executive Director of the Mis- sissippi State Personnel Board (MSPB). Prior to her continued on next page

50 National Association of State Treasurers time as MSPB, Fitch served as Deputy Executive College Savings (5 employees): Administers both Director of External Affairs at the Mississippi College Savings Mississippi 529 plans which include Department of Employment Security. She has also the Mississippi Prepaid Affordable College Tuition been a bond lawyer in private practice, with a (MPACT) program and the Mississippi Affordable focus on general and municipal bonds. Treasurer College Savings (MACS) program. Fitch served as counsel for the Mississippi House Investment and Cash Management (5 employees): of Representatives, Ways and Means Committee Oversees, manages and invests all funds of the state, and Local and Private Legislation Committee. including various state agency funds and trust funds. Treasurer Fitch has three passions of life; her faith, Unclaimed Property (7 employees): Administers the her family and giving back to others. She has been Unclaimed Property Act which includes collecting and recognized for her philanthropic and charitable posting forgotten funds (cash, checks and stocks) from contributions across the state. holders (financial institutions and other companies that Treasurer Fitch has also been recognized for her are holders of money) and then attempting to locate professionalism and leadership abilities. She was the rightful owners. named one of the 50 Leading Businesswomen in Finance and Accounting Division (7 employees): Mississippi and was selected for the inaugural class Maintains accounting records for approximately 75 of Leadership in Law by the Mississippi Business treasury funds, Mississippi Agency Accounting Policies Journal. She was recently selected as the Outstand- and Procedures, and disbursement of diversions. The ing Woman Lawyer of 2012 and recognized by the division is also responsible for the development of the Mississippi Bar as a Woman Trailblazer. She attended Treasurer’s budget request and purchasing of office Harvard’s Business School of Management and supplies and equipment. Leadership Development Program. She has been active in several professional associations including Information Technology (5 employees): The Infor- the National Association of State Treasurers and mation Technology Division supports all divisions of the Mississippi Bar Association. She currently serves the agency and interfaces with other agencies and banks on the Board of Goodwill Industries, the American as required. This department also supports the computer Red Cross and is president of the Juvenile Diabetes resources necessary to accomplish the mission of the Research Foundation in Jackson. Office of the State Treasurer. Treasurer Fitch has three children and one grandson. Additional Activities

The Mississippi State Treasurer currently serves as chairman of the Investment Committee and as a member About the Treasury of the Board of Directors of the Public Employees’ Retire- ment System (PERS) of Mississippi and the Mississippi Executive and Administration (5 employees): Windstorm Underwriting Association. The Treasurer also Responsible for administration and support services serves as Chairman of the Board of Directors of College for all divisions including warrant payment and Savings Plans of Mississippi and the Mississippi Health reconciliation, technology infrastructure, verification Care Trust Fund. of the receipt of funds transmitted daily to the Office of the State Treasurer from the Department of Finance and Administration and the daily reconciliation of the cash balance in the State Treasury. This division is also responsible for the preparation of the Trea- surer’s Statement of Condition and preparation of the monthly payroll. Bond and Collateral Management (5 employees): Responsible for the management of general obligation and revenue bonds issued by the state. Oversees the collateralization process for all institutions approved as a public depository in the Statewide Public Funds Collateral Program.

State Treasury Profiles 51 Missouri State Treasurer Clint Zweifel

Rm. 229, State Capitol P.O. Box 210 Jefferson City, MO 65102 Tel: 573-751-2411 Fax: 573-751-9443 Website: www.treasurer.mo.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2009 Salary: $107,746.32

Key Staff

Angie Heffner Robyn, Deputy State Treasurer 573-751-8533 [email protected] Sarah Swoboda, Legal Counsel 573-751-4910 Biographical Sketch [email protected] Born Nov. 3, 1973, in St. Louis and raised in nearby Meghan Lewis, Communication Coordinator Florissant, Mo. Currently resides in Columbia. Wife’s 573-526-6024 name: Janice; two children. B.A., political science; [email protected] M.B.A., University of Missouri—St. Louis. Democrat. Debbie Schertzer, Executive Assistant Treasurer Zweifel was sworn in as Missouri’s 45th 573-751-2411 State Treasurer on Jan. 12, 2009. Treasurer Zweifel [email protected] became Missouri’s youngest State Treasurer in more than a century. He was re-elected for his second and Office of the Treasurer final term as treasurer in November 2012.

Total Number of Employees: 50 Upon taking office, Treasurer Zweifel focused on Size of Treasurer’s Annual Budget: $2,711,068 creating and retaining Missouri jobs and reinvest- Size of Portfolio Managed by Treasurer: ing in communities by championing his 2009 jobs $3,600,000,000 and economic development legislative package. In 2010, Treasurer Zweifel successfully passed Missouri State Treasurer Clint Zweifel is the state’s chief legislation that protects military medals found in financial officer. Treasurer Zweifel manages Missouri’s unclaimed property ensuring that they are never annual state revenues, directs the state’s banking sold. He also implemented online claim filing and services and manages the state’s investment portfolio. email notifications for individuals with unclaimed Treasurer Zweifel safeguards more than $700 million in property in Missouri. In 2011, Treasurer Zweifel unclaimed property that has been turned over to the announced a new contract for MOST 529 saving state by banks, businesses, insurance companies and Missourians more than $23 million. government agencies, and tries to locate the owners. Treasurer Zweifel also serves on the management Prior to serving as State Treasurer, Zweifel rep- boards of a number of public entities. Treasurer Zweifel resented the 78th District in the Missouri House oversees MOST—Missouri’s 529 College Savings Plan. of Representatives for six years, first winning election in 2002.

52 National Association of State Treasurers About the Treasury of safe deposit boxes that have been abandoned. It also can include uncollected insurance policy proceeds, Administration: Administrative staff are responsible for government refunds, utility deposits and wages from drafting and reviewing proposed legislation affecting past jobs. the state’s finances and programs managed by Treasurer Zweifel, conducting policy analysis, providing outreach Other Programs to constituents and responding to constituent inquiries, media relations and marketing the Missouri Linked Treasurer Zweifel is responsible for the reissuance and Deposit Program, MOST—Missouri’s 529 College Savings replacement of checks, which he issues. Plan and other programs to businesses, community groups, financial institutions and citizens in Missouri. Additional Activities Banking: As Missouri’s CFO, Treasurer Zweifel authorizes all payments and balances all accounts. While his office Treasurer Zweifel serves on the management boards is not a bank itself, to protect taxpayers’ money, Treasurer of four public entities and plays an important role in Zweifel maintains a separate accounting system to ensuring that their funds are managed and invested provide a check and balance on the state accounting in a responsible manner. These boards are: Missouri system and distribute investment earnings to the proper Housing Development Commission, which uses funds. Treasurer Zweifel contracts with Missouri banks resources to provide quality affordable housing for to process the state’s receipts and disbursements, handle Missourians; Missouri State Employees’ Retirement money and security transfers, report on the state’s System, which manages retirement funds for more accounts, balance and payment activities and provide than 56,000 state employees and retirees; the Board related banking services. Bidding for banking services of Fund Commissioners, which issues, redeems and contracts is open to all Missouri banks. cancels state general obligation bonds and other debt; and the Missouri Higher Education Savings Board, which Investments: Treasurer Zweifel has an average of oversees MOST—Missouri’s 529 College Savings Plan. $3.6 billion invested daily, earning millions of dollars Treasurer Zweifel also serves on the Missouri Cultural in interest income each year for Missouri taxpayers. Trust Board. He determines the amount of state funds not needed for current operating expenses and invests those funds in interest-bearing time deposits in Missouri banks, U.S. Treasury and federal agency securities, repurchase agreements, banker’s acceptances and top-rated commercial paper. Safety is Treasurer Zweifel’s number one priority in the investment of the public’s funds. Missouri Linked Deposit Program: Treasurer Zweifel administers the state’s $720 million Missouri Linked Deposit Program. Under this program, Treasurer Zweifel helps Missouri lenders provide low-interest loans for qualified borrowers under the agricultural, job creation, small business or other authorized categories. MOST—Missouri’s 529 College Savings Plan: Treasurer Zweifel administers MOST—Missouri’s 529 College Savings Plan. The state offers both a direct plan, which is available to all individuals, and an advisor plan, which is available to investors via a broker. Unclaimed Property: Treasurer Zweifel administers $700 million in unclaimed property belonging to 4.3 million account owners. State law requires financial institutions, insurance companies, public agencies and other business entities to turn over assets to Treasurer Zweifel’s office that belong to a customer, client, employee or other owner if there have been no documented transactions or contact with the owner for five or more years. Most unclaimed property consists of cash from bank accounts, stocks, bonds and contents

State Treasury Profiles 53 Nebraska State Treasurer Don Stenberg

State Capitol, Suite 2005 Lincoln, NE 68509 Tel: 402-471-2455 Fax: 402-471-4390 Email: [email protected] Website: www.treasurer.org Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2011 Next Election Year: 2014 Salary: $85,000

Key Staff

Jason Walters, Deputy Treasurer [email protected] Meaghan Aguirre, Assistant Treasurer, Director of Unclaimed Property Biographical Sketch [email protected] Rachel Biar, Assistant Treasurer, A native of Tekamah, Neb., Treasurer Stenberg Director of College Savings Plan and Long-Term Care now resides in Gretna, Neb. Wife’s name: Sue; [email protected] four children and nine grandchildren. Bachelor’s degree, University of Nebraska; MBA, Harvard Charles Luginbill, Assistant Treasurer, Business School; JD, Harvard Law School. Director of Information Technology Republican. [email protected] Treasurer Stenberg practiced law in Lincoln, Neb., Charlotte Scott, Assistant Treasurer, until 1979 when he was named legal counsel for Director of Treasury Management the Governor of Nebraska. He later served as director [email protected] of the Governor’s Policy Research Office, Assistant Troy Reiners, Assistant Treasurer, to the Governor and director of the Department Director of Nebraska Child Support Payment Center of Administrative Services. He served as Attorney [email protected] General from 1991 to 2003. He was the first Nebraska Attorney General in more than 40 years to argue a Marilyn Marino, Administrative Assistant case before the U.S. Supreme Court. [email protected] Treasurer Stenberg is a founding member of the Jana Langemach, Executive Assistant Republican Attorneys General Association and is and Director of Communications a member of the Washington Legal Foundation [email protected] Policy Advisory Board.

Office of the Treasurer

Total Number of Employees: 46 Size of Treasury Annual Budget: $4,774,488 The Nebraska State Treasurer is responsible for treasury functions, unclaimed property, the Nebraska Educational Savings Plan Trust, Nebraska Long-Term Care Savings Plan and the centralized receipt and disbursement of all child support payments. The treasurer also serves as treasurer for the University of Nebraska and Nebraska State Colleges and as an ex-officio non-voting member of the Nebraska Investment Council. 54 National Association of State Treasurers About the Treasury Additional Activities

Administration (10 employees): In addition to the The Nebraska State Treasurer serves as a member treasurer and deputy treasurer, the administrative staff of the Nebraska Investment Council, the State Board of consists of administrative and executive assistants and Canvassers, the State Records Board, the Invest Nebraska the IT staff. Board, the Convention Center Financing Assistance Board, and the Child Support Advisory Commission. Treasury Management (8 employees): Maintains The treasurer is the program trustee for the Nebraska 45 demand deposit accounts generally located in the Educational Savings Plan Trust and administers the vicinity of state facilities collecting funds around the Mutual Finance Organization Program that provides state. Duties include cash forecasting, bank account financing for fire districts. analysis and reconciliation as well as statistical reporting. The treasurer is responsible for posting of accounting documents for recording of all state receipts. The treasurer’s office reconciles all bank records to state accounting records. The treasurer determines a net cash position daily and informs the Nebraska Investment Council of excess funds available for investment. The treasurer has custodial responsibility for all investments of state funds. The department also bids and manages the following statewide contracts: credit card, ACH, ATM, fleet card, stored-value card (branded pre-paid cards), purchasing card and Internet Bill Payment Consolidation Services. Treasury staff members complete required statutory transfers and manage the Mutual Finance Organization rural fire district assistance program. College Savings (1 employee): The treasurer is responsible for administration of the Nebraska Educational Savings Plan Trust. Unclaimed Property (6 employees): The treasurer administers Nebraska’s Unclaimed Property Act, which mandates the collection, safeguard and return of unclaimed property to its rightful owners.

Other Programs

Child Support (21 employees): The treasurer is responsible for a statewide, centralized, high-speed image lockbox processing center for the collection and disbursement of child support and related court-ordered payments to comply with the federal mandate. Long-Term Care Savings Plan: The treasurer admin isters the Long-Term Care Savings Plan.

State Treasury Profiles 55 Nevada State Treasurer Kate Marshall

Capitol Building 101 N. Carson St., #4 Carson City, NV 89701 Tel: 775-684-5600 Fax: 775-684-5623 Email: [email protected] Website: www.nevadatreasurer.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2007 Reelected: 2010 Salary: $102,898

Key Staff

Mark Mathers , Chief Deputy Treasurer 775-684-5757 Steve George, Chief of Staff Biographical Sketch 775-684-5666 Born July 22, 1959 in San Francisco. Currently resides Sandy Dombrowski, Executive Assistant in Reno with her two children. B.A., political science 775-684-7109 and English, University of California Berkeley; J.D., University of California Berkeley, Boalt Hall School Office of the Treasurer of Law. Democrat.

Total Number of Employees: 44 Prior to being elected state treasurer, Kate Marshall Size of Treasury Annual Budget: $7,500,000 was an attorney in private practice representing Size of Portfolio Managed by Treasury: clients before federal and state agencies in the $2,900,000,000 areas of antitrust and competitive market analysis. Prior to that, Treasurer Marshall worked at the U.S. The Nevada State Treasurer receives, inventories Department of Justice, Antitrust Division, where she and safeguards all monies of the state and disburses was an antitrust lawyer specializing in financial all public money under warrants drawn upon the markets, telecommunications and computer mar- treasury. The treasurer is responsible for issuance of kets analysis. Treasurer Marshall used this experience any obligation authorized on behalf and in the name to establish an Antitrust Division for the Nevada of the state (with few exceptions), and serves as the Attorney General, where she served as Senior primary representative of the state in matters related Deputy Attorney General. In this role, Treasurer thereto. The treasurer establishes and operates invest- Marshall led a team of attorneys, financial experts ment programs for all available state funds, which and administrators to streamline and modernize include, but are not limited to: the General Investment Nevada’s antitrust statutes. Portfolio, Local Government Investment Pool, Prepaid Tuition Program, Nevada College Savings Plans and the Treasurer Marshall has also served in the Peace Permanent School Fund. The treasurer also administers Corps, teaching English and commerce in the rural the state’s unclaimed property program. outback of Kenya.

56 National Association of State Treasurers About the Treasury Additional Activities

Administration (4 employees): Responsible for budget Additional responsibilities of the state treasurer include: preparation and analysis, audit responses, personnel member of the Board of Finance; chairman and president administration and support services. of the Nevada Real Property Corporation; member of the Executive Branch Audit Committee; administrator Bond Management (2 employees): Responsible for of the Municipal Bond Bank, the Fund for a Healthy bond programs including issues, payment of debt and Nevada; ex-officio state disbursing officer for the federal records maintenance. government; and chairman of the Board of Trustees of Cash Management (11 employees): Duties include the College Savings Plans of Nevada and of the Nevada forecasting, bank account analysis and reconciliation Capital Investment Corporation. and statistical reporting. College Savings (9 employees): Administers the Prepaid Tuition, Millennium Scholarship and Nevada College Savings programs. Investment (4 employees): Responsible for evaluating, purchasing, recording and reconciliation of investment activities. Unclaimed Property (12 employees): Responsible for ensuring that all businesses and government entities report and remit unclaimed or abandoned property with the purpose of reuniting lawful owners or heirs with their property.

Other Programs

Web Design, Database Management (2 employees): Develop and maintain the treasurer’s web pages and sites, databases and computers.

State Treasury Profiles 57 New Hampshire State Treasurer Catherine A. Provencher

25 Capitol St., Rm. 121 Concord, NH 03301-6399 Tel: 603-271-2621 Fax: 603-271-3922 Email: [email protected] Website: www.nh.gov/treasury/ Selection Method: Constitutional— Elected by the Legislature Term Length: Two Years Term Limit: None Served: Since January 2007 Next Election Year: 2012 Salary: $104,364

Key Staff

Rachel Miller, Chief Deputy Treasurer 603-271-2621 Bill Dwyer, Deputy Treasurer 603-271-2621 Biographical Sketch Born Aug. 25, 1963 in Concord, Mass. Currently Office of the Treasurer resides in Merrimack. Husband’s name: Gary; two children. B.S., accountancy, Bentley College; Total Number of Employees: 22 M.B.A., Southern New Hampshire University. Size of Treasury Annual Budget: $176 million Size of Portfolio Managed by Treasury: $500 million Treasurer Catherine Provencher serves as the Council of State Governments appointee to the The state treasurer is responsible for cash manage- Governmental Accounting Standards Advisory ment, including general operating accounts and trust Council (GASAC). She recently served as the Eastern funds, vendor/payroll disbursement processing, debt Regional Vice President of the National Association management, including contingent debt, abandoned of State Treasurers (NAST), the executive committee property administration and the state’s college savings of the College Savings Plans Network and chaired plans. NAST’s Banking, Cash Management & Short-term Investments Committee. She is a member in good standing of the American Institute of Certified Public Accountants. Before being elected state treasurer, Provencher was employed by the New Hampshire Office of Legislative Budget since 1985. She served as the Office’s Director of Audits from 1997 through 2006. Treasurer Provencher was chairwoman of the New England Governmental Audit Forum and participated through the National Audit Forum as a member of a Strategic Planning Knowledge Sharing Group. In 2006, Treasurer Provencher was awarded the Caroline Gross Fellowship for Persons Active in New Hampshire Public Service attending Harvard University’s Program for Senior Executives in State and Local Government.

58 National Association of State Treasurers About the Treasury Additional Activities

Administration (7 employees): Responsible for gen- The state treasurer serves as a member of the following: eral management, legislation, department policy and New Hampshire Retirement System, College Tuition personnel. In addition, the office is responsible for the Savings Plan Advisory Commission, New Hampshire formation of department operating budgets and review Municipal Bond Bank, Board of Trust Company Incorpo- of daily operating expenses and revenues. Additional ration, Cannon Mountain Advisory Commission, Deferred duties include computer systems administration, systems Compensation Commission, Nuclear Decommissioning design and support for internal network and interface Finance Committee, New Hampshire Business Finance with state’s mainframe. Authority, Public Deposit Investment Pool, School Building Authority, and the Japanese Charitable Fund. Banking (6 employees): Duties include account The treasurer is administrator of the Seabrook Nuclear reconciliation, approval of accounting documents for Decommissioning Trust and sole trustee of the 529 recording of all state cash receipts and processing College Savings Plan. daily vendor and payroll disbursements. Treasurer Provencher is actively involved in volunteer Bond Management (2 employees): Responsible for work in her hometown and serves on several local bond management functions and issuing all state debt. non-profit boards within the state. Additional duties include analyzing debt levels and coordination of independent agencies’ borrowing activity. Cash Management (1 employee): Oversight of daily funding of operating accounts. Analyzes cash flow requirements and invests surplus funds. College Savings (1 employee): Serves as permanent secretary and member of the College Tuition Savings Plan Advisory Commission and acts as sole trustee of the state’s two 529 plans. The commission developed and oversees the administration of the UNIQUE Invest- ing Plan and the Fidelity Advisor 529 Plan. Unclaimed Property (5 employees): Administration of abandoned property holder reporting and claims processing activity.

State Treasury Profiles 59 New Jersey State Treasurer Andrew Sidamon-Eristoff

Department of the Treasury P.O. Box 002 Trenton, NJ 08625-0002 Tel: 609-292-6748 Fax: 609-984-3888 Website: www.state.nj.us/treasury Selection Method: Appointed by the Governor Term Length: Pleasure of the Governor Term Limit: Pleasure of the Governor Served: Since January 2010 Salary: $141,000

Key Staff

Robert Romano, Deputy State Treasurer 609-984-2512 David Ridolfino, Associate Deputy State Treasurer 609-633-8185 Jim Leonard, Chief of Staff 609-633-6607 Biographical Sketch William Quinn, Communications Director Treasurer Sidamon-Eristoff currently resides in 609-633-6565 Princeton. Married; three children. Bachelor’s degree, Princeton University; J.D., Georgetown University. Sharon Alessi, Executive Assistant 609-984-3955 Treasurer Sidamon-Eristoff was confirmed by the State Senate and sworn in as State Treasurer on Feb. 22, 2010. He served as Acting State Treasurer Office of the Treasurer beginning Jan. 19, 2010, soon after Gov. Chris Christie announced his nomination. Total Number of Employees: 3,259 Size of Treasury Annual Budget: $459.4 million Treasurer Sidamon-Eristoff has been a leader in Size of Portfolio Managed by Treasury: $71.7 billion public sector budget, revenue and tax system administration. From 2003 to 2006, he served as The Department of the Treasury administers the state Commissioner of the New York State Department budget and plays a leading role in the daily opera- of Taxation and Finance, the nation’s second largest tion of New Jersey State government. The treasurer is state revenue administration. From 1999 to 2002, supported by 3,259 employees who work in two dozen he was New York City Commissioner of Finance. divisions and offices to deliver on four core mission He was elected three times to the New York City areas: revenue collection and generation, asset man- Council, as a Republican representing Manhat- agement, service to the public and local governments tan, where he served from 1993 to 1999. He also and statewide support services. The Office of the State served as a legislative counsel in the New York State Treasurer ensures the integration of the department’s Senate. Prior to entering public service, Treasurer various responsibilities, which range from taxation, the Sidamon-Eristoff was an associate at the law firm of state lottery, public finance, all of state purchasing and Webster and Sheffield, specializing in federal and state building management as well as the administra- state income tax planning and compliance. tion and investment of all pension and health benefits Between the end of 2006 and the end of 2008, he plans and assets. performed a series of short-term consulting assign- ments for Chemonics International, an international development consulting firm, then executing a Business Climate Reform Project in the Republic of Georgia for the U.S. Agency for International Development.

60 National Association of State Treasurers About the Treasury Office of Management and Budget (138 employees): Plans for the most beneficial use of fiscal resources to Capitol Post Office (27 employees): Provides postal meet the needs of the citizens of New Jersey within services to all state departments. the policy framework set by the governor in the immediate budget year. Assures financial responsibility and Central Motor Pool (90 employees): Operates and accountability and provides current, relevant financial oversees the maintenance and repair facilities servicing information for management and the public. state-owned motor vehicles and has legal ownership of all state vehicles and prescribes rules and regulations Pensions and Benefits (291 employees): Manages aimed at promoting efficient and effective use of the the state pension system and administers all employee fleet. benefit accounts. Construction Management Services (35 employees): Public Finance (5 employees): The Office of Public Procures and administers all architectural, engineering Finance oversees the issuance of debt. This office is the design and construction services for new facilities, as prime agency for all debt issuance and management well as the renovation and rehabilitation of existing as well as credit considerations affecting New Jersey facilities. in the capital markets. Additionally, this office has re sponsibility for the timely and accurate tracking and Contract Compliance and Equal Opportunity in reporting of all state debt issuance and ensuring the Public Contracts (18 employees): Monitors all public timely payment of debt service. contracts awarded by state, county and local government agencies in New Jersey to ensure contractors, Print Shop (20 employees): Provides centralized subcontractors and businesses afford equal employment printing services to state agencies. opportunity in performance of their contracts for Property Management Services (152 employees): minorities and women. Provides for the central management of the rental and Distribution Center (52 employees): Maintains a lease of real property, disposal of surplus state real centralized warehouse and distribution center to per- property and purchase of real property, and effective mit bulk purchases for all state departments. Performs management of employee housing. product testing and inspections and supervises the Purchase and Property (91 employees): Serves as disposition of state surplus property. the state’s central procurement agency through the Employee Relations (9 employees): Conducts bidding and contracting of contracts valued at roughly negotiations with unions and other representatives of $1.75 billion annually. state employees and provides assistance to agencies Revenue (345 employees): Oversees and coordinates concerning employee relations activities. collection and processing of revenues arising from state Garden State Preservation Trust (1 employee): taxation, motor vehicle licensing and regulation and Coordinates New Jersey’s land and historic preservation environmental protection laws and regulations. Provides goals and programs. revenue collection through integrated receipts processing and aggressive management of public accounts Investment (65 employees): Manages investment of receivable. New Jersey’s Pension Fund, which ranks among the nation’s top private and public pension funds, with Risk Management (49 employees): Operates to reduce assets of $66.8 billion on June 30, 2010. Also manages the adverse impact of catastrophic pure loss on state other separate investment funds; with the largest operations and budgets through a combination of risk being the state’s Cash Management Fund and the management and loss prevention techniques. Supplemental Annuity Collective Trust Fund, a 403(b) State Lottery (125 employees): Develops and markets plan. The Pension Fund serves seven public retirement a variety of entertaining and appealing lottery game systems and provides benefits for more than 780,000 products and promotions to consumers through a current and future retirees. 6,100-member retailer network in order to maximize Management and Administration (209 employees): revenue generation to support education and Develops and exercises policy control over agency institutions. program planning and management, fiscal admin- Taxation Services and Administration istration, personnel management and technology (1,413 employees): Administers the tax laws of management. Provides administrative support to the the state so that all properly due taxes are collected. governor’s office, public advocate and other agencies. Unclaimed property manages the collection and distribution of unclaimed property in New Jersey.

State Treasury Profiles 61 New Mexico State Treasurer James B. Lewis

P.O. Box 5135 Santa Fe, NM 87505 Tel: 505-955-1120 Fax: 505-955-1195 Email: [email protected] Website: www.stonm.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since December 2006 Next Election Year: 2014 Salary: $85,000

Key Staff

Marilyn Hill, Deputy State Treasurer 505-955-1123 [email protected] Alfredo Santistevan, Special Assistant to the Treasurer Biographical Sketch 505-955-1142 [email protected] Born Nov. 30, 1947, in Roswell, N.M. Currently resides in Albuquerque. Four Children. B.S./B.A., Business Cindy Cordova, Legal Counsel/Public Information Officer Administration, National College of Business; B.S., 505-955-1153 Education, Bishop College; M.A., Public Administration, [email protected] University of New Mexico; Real Estate Broker’s License, State of New Mexico; Chief of Staff Certificate, Duke Office of the Treasurer University; Minority Leadership Certificate, University of Virginia. Total Number of Employees: 40 James Lewis is the 29th treasurer of the State of Size of Treasury Annual Budget: $3,700,000 New Mexico. He had previously served as the 24th Size of Portfolio Managed by Treasury: treasurer from 1985 to 1991. He is the first and only $3,500,000,000 African-American appointed, and then twice elected to statewide office in New Mexico. The two general functions performed by the State Trea- surer’s Office include managing banking services for Prior to his election in 2006, Treasurer Lewis served the state and investing short-term funds. Funds invested as Chief Administrative Officer and Chief Operating include the state’s general fund, state bond funds, debt Officer for the City of Albuquerque. He held the service and a local government investment pool. position of Chief of Staff for Gov. Bruce King; Director/ Assistant Secretary for the U.S. Department of Energy; and Director of the Oil, Gas and Mineral Division of the New Mexico Commission of Public Lands. Treasurer Lewis was twice elected Bernalillo County Treasurer prior to his appointment and election to state office. Treasurer Lewis is a former Toll Fellow and a graduate of Leadership New Mexico. In 2008, Treasurer Lewis was named one of New Mexico’s 100 Influential Power Brokers by the New Mexico Business Weekly and he was honored for his public service by the Albuquerque chapter of the Links, Inc. He is an inductee into the New Mexico African-American Hall of Fame and the NAACP Hall of Fame.

62 National Association of State Treasurers About the Treasury Additional Activities

Administration: The executive office is responsible The treasurer serves as a voting member of the State for overall policy, planning and organizational man- Board of Finance, State Investment Council, Public agement. The executive office staff is appointed by Employees Retirement Association Board and the Treasurer Lewis to: provide leadership in carrying out Educational Retirement Board. The treasurer also serves treasury functions; ensure compliance with internal on the boards of the New Mexico Mortgage Finance policies and procedures; provide legal counsel to the Authority, New Mexico Educational Assistance Founda- Office of the Treasurer; promote community awareness tion, New Mexico Retiree Health Care Authority, New via media relations, marketing, and public records Mexico Small Business Investment Corporation, the initiatives; and enhance internal and external customer New Mexico Martin Luther King, Jr. Commission, Capitol service. Buildings Planning Commission and the Renewable Energy Transmission Authority. Budget and Finance: Manages budget preparation, accounting, procurement, contract administration, accounts payable and records management and coordinates the annual financial audit. Operations: Oversees information technology, human resources and facilities management. The operations division provides cyber security, telecommunications services, disaster recovery planning, payroll processing, training, policy and procedure development and benefits administration. Cash Management: Reviews, monitors and analyzes state agency funds, reconciles deposits, forecasts cash availability, performs transaction research and verifi cation, processes returned items, conducts depository training, monitors fraudulent warrant activity and audits accounts. Investment: Manages the portfolios of the state’s general fund, bond proceeds investment pool and the local government investment pool. The division is also responsible for investment accounting, managing the Linked Deposit Program and making statutorily authorized investments. Local Government Services: The Local Government Investment Pool is a AAAm S&P rated fund which invests short-term funds for all local public bodies offering competitive yields and low management fees. This is a part of the investment division.

State Treasury Profiles 63 New York State Treasurer & Deputy Commissioner Aida M. Brewer

NYS Department of Taxation and Finance Division of Treasury P.O. Box 22119 Albany, NY 12201-2119 Tel: 518-474-4250 Fax: 518-435-2978 Email: [email protected] Selection Method: Appointed by Commissioner of Taxation and Finance Term Length: Pleasure of the Governor/Commissioner Term Limit: Pleasure of the Governor/Commissioner Served: Since February 2002 Next Election Year: Not Applicable

Key Staff

Mary Jo Chase, Director—Accounting Operations 518-474-4250 Karen O’Sullivan, Manager—Banking Relationships 518-474-4250 Biographical Sketch MaryBeth Horowitz, Manager—Investments and Born March 27, 1955 in Mechanicville, N.Y. Currently Cash Management resides in Castleton, N.Y. Graduated from Green 518-474-4250 Mountain College and LeMoyne College. Married Marcia Agnew, Administrative Assistant with three children. 518-474-4250 Treasurer Brewer is the first woman treasurer in New York State’s history. Prior to being appointed Office of the Treasurer state treasurer, Aida Brewer served as deputy treasurer for nearly two years. Before becoming Total Number of Employees: 38 deputy treasurer, Treasurer Brewer held positions Size of Treasury Annual Budget: with the treasury as an investment officer and Size of Portfolio Managed by Treasury: assistant investment officer. $4,000,000,000 Treasurer Brewer attended the National Institute The Division of the Treasury provides financial services as for Public Finance at Northwestern University the fiscal agent for various New York state public author- and completed the Department of Taxation and ities and also acts as the joint custodian of New York’s Finance’s Administration Training Program and general checking account. The division provides financial Mentor/Protégé Program. She also was a banking services to programs such as Excelsior Linked Deposit officer for Key Bank after completing the bank’s Program, International Fuel Tax Agreement, Energy Smart management training program. Treasurer Brewer Program and the Star Local Property Rebate Program. has served as a Trustee of Green Mountain College. The division was instrumental in distributing over $71,000,000 from the World Trade Center Relief Fund. Treasurer Brewer has served as treasurer of the northeast region of NAST and as chair of the NAST Banking and Cash Management Committee.

64 National Association of State Treasurers About the Office Additional Activities

Administration (5 employees): Manages administrative The treasurer serves on the boards of the New York State responsibilities of division. Duties include executive man- Housing Finance Agency and Affordable Housing Cor- agement, human resources, budgeting, procurement, poration; the fiscal agent of NYS public authorities; and records management, payroll, administrative support, joint custodian of the state’s general checking account, technology support and special projects administration. as a designee of the Commissioner of Taxation and Finance. The treasurer is also a member of the executive Banking (17 employees): Reconciles bank accounts of leadership committee in the New York State Department various public authorities, maintains collateral for state of Taxation and Finance. deposits, and prepares dual-control general ledgers for accounts with the state comptroller. Responsible for stop payments and re-issuance of unemployment benefits, income tax, the state’s vendor payments and payroll. Annually, notifies uncashed state check holders of avail ability of funds prior to its deposit into the state’s Office of Unclaimed Funds. Cash Management (3 employees): Responsible for maintaining daily cash position, investment management compliance and banking relations. Investments (2 employees): Maintains the investment of cash and operating funds of 14 public authorities. Accounts are invested according to statutory parameters with rates determined by competitive bids. Revenue (3 employees): Prepares revenue for deposit into the state’s various bank accounts and allocates funds to cost centers. Prepares a daily reconciliation of deposited funds into the state’s general checking account. Warrants (8 employees): Responsible for processing warrants, authorizing the issuance of these payments and for distributing all payments to vendors, state agencies or public authorities.

State Treasury Profiles 65 North Carolina State Treasurer Janet Cowell

325 N. Salisbury Street Raleigh, NC 27603-1385 Tel: 919-508-5158 Fax: 919-508-5167 Email: [email protected] Website: www.nctreasurer.com Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2009 Next Election Year: 2016 Salary: $124,676

Key Staff

Melissa Waller, Chief of Staff 919-807-3146 [email protected] Stephanie L. Scott, Administrative Assistant Biographical Sketch 919-508-5158 [email protected] Currently resides in Raleigh. Bachelor’s degree, M.B.A., University of Pennsylvania. Department of the State Treasurer Prior to serving as state treasurer, Janet Cowell was a member of the North Carolina Senate, Total Number of Employees: 408 where she worked on protecting pensions, higher Size of Treasury Annual Budget: $239,567,508 teacher pay and making education more afford- Size of Portfolio Managed by Treasury: able. Treasurer Cowell began her career in public $75,000,000,000 service on the Raleigh City Council. She previously The North Carolina State Treasurer serves as the state’s worked as a financial analyst with HSBC Bank and banker and chief investment officer. The department Lehman Brothers before making her home in provides fiscal assistance and expertise to local gov- North Carolina. ernmental units by assisting them in the sale of local government debt obligations and in maintaining good budgeting, accounting, reporting and other fiscal procedures. The department administers the public employee retirement systems for more than 800,000 North Carolinians, as well as the 401K and 457 plans for public employees. It also administers NC Cash, the unclaimed property database that holds nearly $400 million.

66 National Association of State Treasurers About the Department Other Programs

Administration (21 employees): Includes executive Bank Account Reconciliation (4 employees): administration, personnel/human resources and Reconciles bank statements for all agencies and banks. departmental support services. Supplemental Retirement Plans (2 employees): Banking (11 employees): Responsible for processing Responsible for the administration of 401K and 457 of paid warrants. plans for active employees. Debt Management (16 employees): Duties include management of local bond authorization, sale and Additional Activities debt service, as well as refinancing and debt management related to state bonds. The treasurer serves on the Council of State, State Board of Education, Board of Community Colleges, Budget: (16 employees): Handles budget preparation, Capital Planning Commission and North Carolina maintenance and reporting, purchasing, accounts Housing Partnership. The treasurer serves as chairman payable, accounts receivable and payroll. and presiding officer of the Local Government Commis- Cash Management: (4 employees): Manages bank sion, Teachers’ and State Employees’ Retirement System, accounts, investment income, ACH payments and wire Local Governmental Employees’ Retirement System, transfers. Firemen’s and Rescue Squad Workers’ Pension Fund, North Carolina Capital Facilities Finance Agency, North Information Technology (48 employees): Charged Carolina Solid Waste Management Capital Projects with providing all the technology needs of the Financing Agency and the State Banking Commission. Department of State Treasurer including: computer In addition, the department itself has numerous advisory applications, desktop support, network support, boards including the Local Government Commission, security, telecommunications and business continuity. the North Carolina Capital Facilities Finance Agency, Investment (28 employees): Responsible for the the Board of Trustees Governing the State and Local investment of all portfolio funds, including short-term Retirement Systems and the Board of Trustees Govern- and long-term funds. Invests in statutorily allowed ing the North Carolina Public Employee Deferred vehicles including fixed income, stocks, real estate Compensation Plan. and alternatives (venture capital, hedge funds, private equity). Local Government Services (20 employees): Provides technical assistance to local governments on fiscal matters. Retirement Systems/Pensions (163 employees): Responsible for the administration of seven retirement systems and five employee benefit funds, for both retirees and active employees. Unclaimed Property (29 employees): Collects and finds rightful owners of escheated and abandoned property; includes an audit staff of nine. State Health Plan (46 Employees): provides for the executive-level oversight of the health care benefits, programs and expenditures made available to active and retired teachers, state employees and their eligible dependents.

State Treasury Profiles 67 North Dakota State Treasurer Kelly Schmidt

600 East Boulevard State Capitol Bismarck, ND 58505-0600 Tel: 701-328-2643 Fax: 701-328-3002 Email: [email protected] Website: www.nd.gov/ndtreas Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2005 Next Election Year: 2016 Salary: $96,000

Key Staff

Jeb Oehlke, Deputy State Treasurer 701-328-2643 [email protected] Biographical Sketch Lisa MacPherson, Administrative Assistant 701-328-2643 Schmidt was elected North Dakota’s 33rd State [email protected] Treasurer in 2004, re-elected in 2008, 2012. Treasurer Schmidt has been committed to an administration Office of the Treasurer focused on modernization, accuracy and transpar ency. She believes strongly in ideas of limited and Total Number of Employees: 7 efficient government and has spent her tenure as Size of Treasury Annual Budget: $1.8 million (biennial) Treasurer working to ensure taxpayer dollars are Size of Portfolio Managed by Treasury: $4.0 billion used in an efficient and effective manner. The Office of State Treasurer is responsible for the cash She has improved the technological infrastructure management and accounting of the general fund, as through the implementation of computer technol- well as various trust funds. The State Treasurer’s Office ogy and training. The Tax Distribution/Outstanding provides ongoing investment services for state agen- Check system has increased accuracy and produc- cies. Investment services are provided for the general tivity. She has worked to provide analysis, data and fund, special funds and various trust funds. The state explanation to the public and assist legislators in treasurer is responsible for the collection of various achieving their goals as efficiently as possible, while revenues as well as the tax distributions to over 500 limiting the cost to the taxpayer and maximizing political subdivisions. the potential for investment revenue. As State Treasurer, Schmidt serves as a member of the North Dakota State Investment Board, the Teachers Fund for Retirement Board (TFFR), State Board of Tax Equalization, North Dakota State Historical Society, and the North Dakota Board of University and School Lands. Treasurer Schmidt was elected and served as Pres- ident of the National Association of State Treasurers (NAST) in 2011. In addition to her role as President, Schmidt also secured North Dakota as the host state for the 2011 NAST Annual Conference. She

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68 National Association of State Treasurers is past Chair of the National Association of State Treasurer’s (NAST) Foundation which oversees the educational activities of the foundation. She is a past member of the Board of Directors for the National Jump$tart Coalition and the American Savings Education Council. She is a founding member of the North Dakota Jump$tart Coalition. In 2009, the Council of State Governments named her a “Toll Fellow” for her achievement and service to state government. Kelly and her husband, Chuck, have four sons and one grandson.

About the Treasury

Administration (3 employees): Responsible for receipt and deposit income for all state agencies, reconciles state accounts and supervises office staff. Budget (2 employees): Prepares state treasurer’s budget and monitors spending. Cash Management & Investment (3 employees): Responsible for investment and management of state general and special fund monies. Local Government Services (3 employees): Provides data and auditing to and for local political subdivisions. Banking (7 employees): North Dakota has the only state-owned bank in the nation. The state treasurer is required by law to place all general fund dollars at the Bank of North Dakota.

Additional Activities

The state treasurer serves as a member of the North Dakota State Investment Board, the Teachers’ Fund for Retirement Board, the North Dakota Board of Tax Equalization, North Dakota State Historical Society, North Dakota State Canvassing Board and the North Dakota Board of University and School Lands.

State Treasury Profiles 69 Ohio Treasurer of State Josh Mandel

30 E. Broad St., 9th Fl. Columbus, OH 43215 Tel: 614-466-2160 Fax: 614-644-7313 Email: [email protected] Website: www.ohiotreasurer.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Successive Terms Served: Since January 2011 Next Election Year: 2014 Salary: $109,985.92

Key Staff

Bill Bishilany, Deputy State Treasurer [email protected] Seth Metcalf, General Counsel and Chief Financial Officer Biographical Sketch [email protected] Bachelor’s degree, Ohio State University; J.D., Case Jennifer Day, Chief Operating Officer Western Reserve University; Investment Decisions & [email protected] Behavioral Finance program, Harvard University. Angela Hawkins, Director of Communications Josh Mandel was sworn in as the 48th State Treasurer and Community Education of Ohio on Jan. 10, 2011. Mandel is a Marine intelligence [email protected] veteran who served two tours in Iraq and two terms as State Representative from Lyndhurst, representing the 17th Ohio House District. Office of the Treasurer In the Ohio House of Representatives, Treasurer Total Number of Employees: 126 Mandel served as the ranking member of the Financial Size of Treasury Annual Budget: Institutions, Real Estate and Securities Committee, and dealt with issues concerning banks, investment Approximately $41 Million firms, pension funds and other financial matters. As a Size of Investment Portfolio Managed by Treasury: member of the House Insurance Committee, he Approximately $12.1 Billion participated in the reconstruction of investment The Ohio Treasurer of State is a constitutional office holder oversight for the multibillion-dollar Bureau of Workers’ responsible for collecting, protecting and investing state Compensation investment fund. Treasurer Mandel funds using sound fiscal policy. Serving as the state’s banker was named legislative “Watchdog of the Treasury” by and chief investment officer, the treasurer oversees an office the United Conservatives of Ohio. of approximately 126 employees. The powers and duties of In 2003, Treasurer Mandel served as City Councilman the treasurer include, but are not limited to, managing the in Lyndhurst, Ohio, where he introduced and led the state’s investment portfolios, issuing Ohio debt, acting as fight for the first municipal property tax rollback in the safekeeping agent for the assets of the state pension Lyndhurst history. funds and serving as custodian of over $187 billion of public money. The treasurer oversees the operations of the State Inspired by a strong sense of duty to country, Treasurer Treasury Asset Reserve of Ohio (STAR Ohio) investment Mandel enlisted in the U.S. Marine Corps Reserves in pool to ensure that public agencies have access to a high 2000, where he graduated first in his class from Marine quality, secure and diverse portfolio of investment options. Corps Boot Camp and first in his class fromM arine Corps Through statutory authority, the treasurer works closely Intelligence School. His Marine Corps career spanned with local public funds managers, small businesses, farmers, eight years, including two tours in Anbar Province, local governments and banks to encourage an environment Iraq, as an Intelligence Specialist. During both tours for economic growth and stability through linked deposit he was awarded the Navy & Marine Corps Achievement reduced rate loans and other programs. Additionally, the Medal for “superior performance of his duties.” office advances public and personal financial education for all Ohioans.

70 National Association of State Treasurers About the Treasury Regional Representatives: Regional representatives serve as the treasury’s first line of contact for all local The following is a list of the departments at the Ohio entities in a specific geographical region. Regional rep- treasury: Accounting, Administration and Policy, Com- resentatives promote the office’s linked deposit and munications and Community Education, Center for education programs, as well as communicate policy Public Investment Management, Debt Management, decisions and successes in office. Representatives build Economic Development, Human Resources and Fiscal strong relationships with local officeholders, business Services, Information Technology, Internal Audit, owners, civic leaders and constituents. Investments, Legal, Public Affairs, Regional Represen- Revenue Management: Responsible for the collecting, tatives, Revenue Management and Trust. A few of processing and payment of state revenue, expanding these departments are highlighted below. the state’s use of electronic payments, and providing Administration and Policy: Manages all Ohio cash management services to state agencies. The de- treasury operations and directs all office-wide policies partment includes the Cashiers Division, E-Payment as they relate to the treasurer’s staff. The department Division and Lockbox Revenue Division. also provides administrative support for the treasurer. Trust: The Trust Department is comprised of two Communications and Community Education: divisions: The compliance division and the trust Coordinates internal and external communications operations division. The compliance division oversees involving the treasurer’s goals, services, initiatives and the safekeeping of investments for various funds, accomplishments. Provides access to financial literacy including but not limited to state pension funds, the programs to help Ohio citizens make more informed Bureau of Workers’ Compensation and the Ohio decisions about personal finances. Responsible for Tuition Trust Authority. The trust operations division is various educational programs including programs responsible for collecting all principal and income, designed to provide money management education ensuring the custodial bank’s records are in agreement to all citizens. with the treasurer’s investment accounting system and reviewing custody fee invoices to ensure accuracy. This Debt Management: Provides industry best-practice division is also responsible for safekeeping securities for debt management services over two primary functional various state agencies and for ensuring sufficient and disciplines: debt issuance and debt administration. eligible collateral is pledged by all state depositories. Economic Development: Manages the Ohio Treasury linked deposit programs. Pursuant to statutory Additional Activities authorization, the State Treasurer’s Office invests up to 12% of the state’s portfolio in special projects that The treasurer serves as chair of the State Board of encourage an environment for economic growth and Deposit and is a member of the following entities: support the operations of Ohio’s farmers. Agricultural Financing Commission, Financial Planning Investments: Manages three of the state’s multibillion- and Supervision Commission, Ohio Mine Subsidence dollar investment portfolios. These portfolios include Board, Ohio Student Tuition Recovery Authority and the State of Ohio Regular Account (including the Petroleum Underground Storage Tank Release Com- General Revenue Fund), the Ohio Lottery Deferred pensation Board. The treasurer makes appointments Prizes Trust Fund and STAR Ohio. The Investment to governing boards of the following entities: School Department staff is responsible for developing Employees Retirement System, Ohio Police and Fire strategies designed to maintain target levels of safety, Pension Fund, State Teachers Retirement System, Ohio liquidity and return as directed by the Treasurer’s Highway Patrol Retirement System and the Public Investment Policy. Employees Retirement System. Legal: Responsible for all legal research, contract negotiations and handling of all legal matters for the treasurer’s office. Public Affairs: Represents the interests of the Ohio Treasury before the legislature. They provide public testimony on bills that impact the treasury’s operation and programs. The division of constituent affairs responds to constituent and agency inquiries, as well as provides assistance and services to Ohioans who have questions or issues on any topic.

State Treasury Profiles 71 Oklahoma State Treasurer Ken Miller

Rm. 217, State Capitol Bldg. 2300 N. Lincoln Oklahoma City, OK 73105 Tel: 405-521-3191 Fax: 405-521-4994 Email: [email protected] Website: www.treasurer.ok.gov Selection Method: Constitutional— Elected by the People Term Length: Four years Term Limit: Eight years Served: Since January 2011 Next Election Year: 2014 Salary: $114,713

Key Staff

Susan Nicewander, Chief Deputy State Treasurer for Operations 405-522-4214 [email protected] Biographical Sketch Regina Birchum, Deputy Treasurer for Policy Dr. Ken Miller is the 18th state treasurer of Oklahoma, and Chief of Staff serving since Jan. 10, 2011. He was elected with 405-521-4504 almost 67 percent of the vote in the 2010 General [email protected] Election. Tim Allen, Deputy Treasurer for Communications As the state’s chief financial officer, Miller protects and Program Administration and manages more than $22 billion of taxpayer 405-522-4212 money deposited each year, safeguards the financial [email protected] health of the state and promotes responsible fiscal policy. He serves as chair or member on numerous Jayne Harrington, Executive Assistant and boards and commissions including the State Pension Office Manager Oversight Commission, the Oklahoma College 405-521-4512 Savings Plan Board of Trustees, the Tobacco Settle- [email protected] ment Endowment Trust Fund Board of Investors and the State Board of Equalization, which certifies Office of the Treasurer funds available for the state budget.

Total Number of Employees: 48 Miller holds a Ph.D. from the University of Oklahoma, Size of Treasury Annual Budget: $8,825,000 a M.B.A. from Pepperdine University and a bachelor’s Size of Portfolio Managed by Treasury: degree in economics and finance from Lipscomb $5,500,000,000 University. His fields of specialization are applied public economics and public finance effects on The Oklahoma State Treasurer invests surplus funds economic growth. In addition to his duties as state and performs agency directed investments of funds treasurer, Miller is a tenured economics professor for agencies, colleges and universities. The treasurer’s at Oklahoma Christian University, where he teaches office processes state disbursements and deposits, at the graduate and undergraduate levels and collateralization of state funds on deposit, serves as has been honored with the “Who’s Who Among paying agent on certain state obligations and manages American Teachers” award and the Merrick Foun- the state’s agricultural, small business and rural and dation Award for Excellence in Teaching Free affordable housing linked deposit loan programs. The Enterprise. office is also responsible for administration of the state’s unclaimed property program and staffing the Boards of Investors of the Tobacco Settlement Endowment continued on next page Trust Fund.

72 National Association of State Treasurers Miller served six years in the Oklahoma House of Cash Management, Investments and Accounting Representatives, where he had 225 bills signed into (11 employees): Manages general fund and agency law and led efforts to modernize state government fund portfolios of approximately $3.9 billion and $1.7 and enhance transparency and accountability. billion, respectively, monitors collateralization of state Miller served his last three years in the House as funds on deposit and administers linked deposit loan Chair of the Appropriations and Budget Committee, programs. Includes back office operations such as cash where he guided Oklahoma through the largest management, bond management and agency-directed spending cuts in state history while maintaining investments. the delivery of core government services. Unclaimed Property (17 employees): Employees Miller took his reputation as a reformer and com- recoup unclaimed property and reunite rightful own- mon-sense fiscal conservative to the treasury where ers with the property. he continued to reduce waste and inefficiency by eliminating leased office space and consolidating Other Programs the agency into one location in the State Capitol Building, cutting the agency’s operating budget Linked Deposit (0.5 employee): Operates agricultural, and staff while increasing service delivery and small business and rural and affordable housing linked output. deposit programs. Miller’s fiscal policy experience in both the exec Tobacco Settlement (1.5 employees): Provides staff utive and legislative branches, combined with his support to Board of Investors that manages and invests credentials in economics and finance, led him to state’s tobacco settlement trust fund. become an influential voice on major initiatives in areas of taxation, budget and incentives. Additional Activities Prior to his election to the State Legislature, Miller served in the administration of Gov.Frank Keating The treasurer serves as chairman of the Oklahoma Col- as chairman of the Legislative Compensation Board lege Savings Plan Board of Trustees, Oklahoma Pension where he established a 10-year freeze on legislative Oversight Commission and Tobacco Settlement Board salaries that remains in effect today. of Investors. He also is a member of the State Board of Equalization and the Oklahoma Capital Improvement Miller began his professional career in banking at Authority. First American National Bank before joining Medi- Fax-EDS, where he served as financial operations manager.

About the Treasury

Administration (7.5 employees): Manages the administration of the office including policy development, legislation, budget, internal audit and personnel. Banking (9 employees): Responsible for cashier operation. Daily processing includes state warrants, deposits, EFT for payments and receipts and master credit card contract processing. Bond Management (0.5 employee): Duties include investing idle proceeds and, with select issues, perform paying agent services and bond interest and bond sinking funds are managed. College Savings (1 employee): Treasurer serves as the Chairman of the Board of Trustees of the Oklahoma College Savings Plan.

State Treasury Profiles 73 Oregon State Treasurer Ted Wheeler

159 State Capitol 900 Court Street NE Salem, OR 97301 Tel: 503-378-4329 Fax: 503-373-7051 Email: [email protected] Website: www.ost.state.or.us Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since March 11, 2010 Next Election Year: 2016 Salary: $72,000

Key Staff

Tom Rinehart, Chief of Staff 503-378-4329 [email protected] Biographical Sketch Penney Ryan, Director of Executive Services 503-378-4329 Born Aug. 31, 1962, in Portland, Ore. Currently resides in Portland with his wife and daughter. B.A., economics, Stanford University; M.B.A., Columbia University; M.P.P., Office of the Treasurer John F. Kennedy School of Government at Harvard University. Democrat. Total Number of Employees: 86 A former manager at an investment firm and then the Size of State Treasurer’s Annual Budget: $16,839,879 elected chief executive of Multnomah County, Wheeler Size of Portfolio Managed by State Treasurer’s Office: was appointed Treasurer in March 2010. He was then $73 billion elected in the November 2010 general election. The state treasurer is one of Oregon’s three constitu- Since entering office, Wheeler has directed several efforts to help make the state treasury a more efficient operational officers and is the state’s financial leader. The tion, a more responsible investor and also more relevant treasurer serves as the chief financial officer, prudently to Oregonians, including leading efforts to draft new managing and investing more than $73 billion of economic development strategies for the state. He has taxpayers’ and pensioners’ money and trusts. The proposed a permanent fund to help fund higher educa- treasurer issues all state bonds and is responsible for tion and job training. more than $135 billion in central banking transactions Wheeler has increased transparency of treasury data, for state agencies. The treasurer also administers the pushed for money-saving technology changes, strength- state’s 529 college savings network. ened investment travel rules and safeguards, authorized securities fraud lawsuits against firms that misled investors and announced a revamped 529 college savings plan with lower costs and more options for families. He launched a new consumer financial protection website, GuardYourMoney.org. He also is committed to helping Oregon families become more financially secure, to be a careful steward of state debt, to make smart investments to benefit the state and public trust fund beneficiaries and to advocate for reforms that will put the state on a more stable financial footing— which will improve Oregon’s important credit rating. His family has deep Oregon roots. The town of Wheeler, located on Nehalem Bay on the Oregon coast, is named after his great-grandfather.

74 National Association of State Treasurers About the Treasury Additional Activities

Executive (21 employees): Coordinates policy The state treasurer or a treasury designee chairs or development, strategic planning, legislative initia- serves on: State Land Board, Oregon Investment tives, communications, internal auditing and human Council, Oregon 529 College Savings Board, Oregon resource functions. Growth Account Board, Oregon Board of Education, Oregon Short-Term Fund Board, Private Activity Bond College Savings (2 employees): The state treasurer Committee, State Debt Policy Advisory Commission, administers the Oregon 529 College Savings Network, Oregon State Bond Committee, Oregon Municipal which is comprised of three 529 college savings plans. Debt Advisory Commission and Oregon Facilities Finance (22 employees): The finance division is the Authority. central bank for all state agencies and is Oregon’s largest financial institution. The division manages more than 24.7 million financial transactions annually— including cash deposits, electronic fund transfers and check issuances—with more than $135 billion flowing in and out of the division each year. The division provides an automated banking system to state agencies to help manage these activities. The division also administers the $10 billion Oregon Short-Term Fund, a short-term investment vehicle for state agencies’ and local governments’ idle cash. Investment (19 employees): Manages a portfolio with a market value of more than $73 billion, including the Oregon Public Employees Retirement Fund, the State Accident Insurance Fund, the Oregon Short-Term Fund and numerous smaller funds such as the Com- mon School Fund and the Oregon Growth Account. Debt Management (7 employees): Provides central coordination for all state-issued debt, including more than $9 billion in general obligation and revenue bonds and certificates of participation. The division monitors local and national bond markets, as well as financial and economic trends that impact bond issuance structures and interest rates.

Other Programs

Information Services (15employees): Serves as the information technology management center for the Oregon State Treasury. The division designs, develops and maintains the technology infrastructure that supports the business operations of the office.I t provides the network, applications, telecommunications and information technology services to conduct business between the State Treasurer’s Office and state agencies, local governments, banks and other financial firms.

State Treasury Profiles 75 Pennsylvania State Treasurer Rob McCord

Rm. 129, Finance Bldg. Harrisburg, PA 17120 Tel: 717-787-2465 Fax: 717-783-9760 Email: [email protected] Website: www.patreasury.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Consecutive Terms Served: Since January 2009 Next Election Year: Re-elected on November 6, 2012 Salary: $155,797

Key Staff

John Lisko, Chief-of-staff 717-787-2465 [email protected] Michael F. Smith, Deputy Chief-of-staff Biographical Information 717-787-2465 [email protected] Born March 5, 1959. Currently resides in Mont- gomery County. Wife’s name: Leigh Jackson; two Marilyn Grace, Executive Assistant sons. Bachelor’s degree, economics and history, 717-787-2465 Harvard University; M.B.A., Wharton School, [email protected] University of Pennsylvania. Office of the Treasurer Prior to his election, Treasurer McCord co-founded the Eastern Technology Fund and served as Total Number of Employees: Approximately 400 cofounder and managing director of Pennsylvania Size of Treasury Annual Budget: Early Stage Partners—a family of venture funds Approximately $31.7 million (Fiscal year 2012–13) that invested in early-stage life-science and Size of Portfolio Managed by Treasury: information technology firms. From 1994 through Approximately $16.1 billion (as of 6/30/2012) 1998, McCord worked as a senior executive at Safeguard Scientifics, one of the first venture The powers and duties of the treasurer involve the receipt incubators of its kind, where he helped Safeguard and disbursement of funds by the commonwealth, as earn an annual return on capital of more than 50 well as the deposit, investment and safekeeping of percent per year. In addition to his work as a venture monies and securities belonging to the commonwealth. capitalist, from 1996 through 2007, Treasurer The treasurer serves as statutory custodian of the funds McCord led the Eastern Technology Council, a of virtually all state agencies, in which the treasurer is successful trade association that served hundreds responsible for monitoring and safeguarding money of fast-growing and innovative companies and and securities, collecting dividends and interest, thousands of entrepreneurs. executing securities transactions and handling daily settlements of trades. The Pennsylvania Treasury is Earlier in his career, Treasurer McCord worked on responsible for investing and making deposits of monies Capitol Hill for nearly a decade, where he special- belonging to most state agencies. Treasury disburses ized in budget and technology issues. He also monies to be paid out by commonwealth agencies, served as the CEO of the bipartisan Congressional only after auditing those payments. The treasurer is Institute for the Future, a think tank co-founded custodian of workers’ compensation funds, the state’s by former U.S. Senators Al Gore and John Heinz. 529 college savings program, and unclaimed property that has been escheated to the state.

76 National Association of State Treasurers About the Treasury Bureau of Internal Audits and Change Management: Internal consulting and auditing team that appraises Cash Management and Investments: Bureau directs, and streamlines Treasury work flows and processes, monitors and safeguards the state securities, bonds including evaluating internal controls, compliance with and other investments. It is responsible for the manage- statute and policy, safeguarding of assets and accuracy ment of monies flowing in and out of state depository of recorded and reported financial data. The bureau banks and investments of 150 state agencies, boards also is responsible for coordinating all external audits and funds. Also, the bureau invests all excess revenue performed on the department. on a daily basis using short-term instruments. The Bureau of Legislative Affairs: Liaison with the Penn- banking division also handles daily settlements and sylvania General Assembly and U.S. Congress. pre-audit of trades of three pension funds. Bureau of Support Services: Maintains the automo- College Savings: Tuition Account Program Bureau tive fleet, handles the mailing of six million documents administers the Pennsylvania 529 College Savings annually and responsible for purchasing and distribut- Program. The treasurer chairs the Tuition Account ing all supplies, equipment and services required by Program Advisory Board. Treasury. Short-Term Investment: Treasury’s INVEST program Bureau of Unemployment Compensation manages short-term investments of school districts, Disbursement: Annually processes and distributes municipalities, counties, municipal authorities, fire approximately 23 million unemployment compensa- companies, colleges, universities and public libraries. tion and state workers insurance fund payments (as of Unclaimed Property: The Pennsylvania Treasury June 30, 2012). Responsible for replacement of lost collects and safeguards unclaimed and abandoned and forged checks and the storage and maintenance property, while seeking the rightful owners. of unemployment compensation and state workers insurance fund checks. Other Programs Comptroller’s Office: Prepares the department’s budgets, processed over 69 million payments totaling Bureau of Communications: Keeps the public informed over $81 billion from July 2011 through June 2012, about important Treasury programs, policies and initia- oversees the reconciliation of state bank accounts and tives through the use of various communications media. maintains and reconciles all state funds, state and fed- Bureau of Contracts and Public Records: Maintains eral appropriations, executive authorizations and revenue and supports Pennsylvania’s Contracts e-Library, the codes established by the governor’s budget office. publicly accessible Internet-based database created in Legal Office: Represents the treasurer and the Penn- accordance with state Right-to-Know Law to provide sylvania Treasury in any legal matters that may arise. information about state contracts valued $5,000 or more. Board of Finance and Revenue: The board is com- Additional Activities posed of the treasurer as chairperson, the attorney general, the governor’s general counsel, the auditor The treasurer is the chairman of the Board of Finance general, the secretary of the commonwealth and the and Revenue, which selects banks to serve as state secretary of the department of revenue. The board is depositories; sets interest rates paid on commonwealth responsible for selecting depositories for state money, deposits; and hears and decides state tax appeals. The deciding state tax appeals and refunding state fuels treasurer is also an ex-officio member of the following: tax to exempt entities. Board of Commissioners of Public Grounds and Buildings; State Employees’ Retirement System Board; Bureau of Fiscal Review: Pre-audits all expenditure Public School Employees’ Retirement System Board; requests. Pennsylvania Municipal Retirement Board; State Public Bureau of Human Resources and Training: Personnel, School Building Authority; Pennsylvania Higher labor relations, training, affirmative action, recruitment Education Facilities Authority; Pennsylvania Housing and organizational development for all Treasury Finance Agency; Tuition Account Program Advisory employees. Board; State Workers’ Insurance Fund Board; Coal and Clay Mine Subsidence Insurance Board; Delaware River Bureau of Information Technology Solutions: Port Authority; Port Authority Transit Corporation; PA/ Provides information systems support to all Treasury NY Joint Interstate Bridge Commission; Pennsylvania functions. Community Development Bank Operational Commit- tee; and the Pennsylvania Gaming Control Board (non-voting member).

State Treasury Profiles 77 Rhode Island General Treasurer Gina M. Raimondo

Rm. 102 State House Providence, RI 02903 Tel: 401-222-2397 Fax: 401-222-6140 Email: [email protected] Website: www.treasury.ri.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2011 Next Election Year: 2014 Salary: $108,808

Key Staff

Joseph Pratt, Chief of Staff 401-222-2397 [email protected] Joy Fox, Deputy Chief of Staff—Communications Biographical Sketch 401-222-4705 [email protected] Rhode Island General Treasurer Gina M. Raimondo, born May 17, 1971, is a native of Smithfield, R.I. Mark Dingley, Chief Legal Counsel She is a graduate of Harvard University and Yale 401-222-2397 Law School, and was a Rhodes Scholar at Oxford [email protected] University. She resides in Providence with her Josh Brumberger, Deputy Treasurer— Policy and husband and two children. Elected in November Financial Empowerment 2010, Raimondo dedicated her first year in office 401-222-2397 to redesigning Rhode Island’s state-administered [email protected] public employee pension system. She worked for a decade as co-founder and general partner of Office of the Treasurer Point Judith Capital. Raimondo serves as vice chair of the Board of Directors of Crossroads Rhode Island, Total Number of Employees: 82 the state’s largest homeless services organization, Size of Treasury Annual Budget: $33 million where she played a key role in launching a new Size of Portfolio Managed by Treasury: $8 billion shelter for women. The general treasurer receives and disburses all state funds, issues general obligation notes and bonds, manages the investment of state funds and oversees the retirement system for state employees, teachers and some municipal employees. The treasurer is also responsible for the management of the Unclaimed Property Division, the Crime Victims Compensation Program, and the state sponsored 529 plan, College Bound fund.

78 National Association of State Treasurers About the Treasury Additional Activities

Administration: Responsible for the accounting and The General Treasurer serves as chair of the Employees’ reconciliation of all the state’s financial dealings, print- Retirement System of R.I. , the R.I. State Investment ing and distribution of state checks following approval Commission and R.I. Public Finance Management by the state controller. Board. She serves on the Clean Water Finance Agency, Rhode Island Housing and Mortgages Finance Cor- Cash Management: Responsible for the daily cash poration, Rhode Island Higher Education Assistance operations and the short-term investments for the Authority and Rhode Island Student Loan Authority. state general fund and other special funds. College Savings: Responsible for CollegeBound fund, the state’s college savings plan, in conjunction with the Rhode Island Higher Education Assistance Authority. The investments of the plan are monitored by the State Investment Commission, which the treasurer chairs. Investment: Provides investment and cash management services to state government and certain state agencies. Manages the state’s general obligation debt issues and the state’s pension fund. Retirement Systems/Pensions: The Employee Retirement System of Rhode Island provides retirement, disability, survivor and death benefits to state employees, public school teachers, judges, state police and municipal employees who are employed by participating municipalities. Unclaimed Property: Collects abandoned tangible and intangible property from businesses under Rhode Island’s unclaimed property laws and acts as custodian for that property. Crime Victim Compensation Program: Provides assistance to victims of violent crimes.

State Treasury Profiles 79 South Carolina State Treasurer Curtis M. Loftis Jr.

P.O. Box 11778 Columbus, SC 29211 Tel: 803-734-2016 Fax: 803-734-2690 Email: [email protected] Website: www.treasurer.sc.gov Selection Method: Constitutional— Elected by the People Term Length: Four years Term Limit: None Served: Since January 2011 Next Election Year: 2014 Salary: $92,007

Key Staff

Bill Leidinger, Chief of Staff 803-734-2016 [email protected] Dinah Raven, Deputy Treasurer Biographical Sketch 803-734-2016 [email protected] Born in Columbia. Currently resides in West Columbia. University of South Carolina. Amy Wright, Executive Assistant 803-734-2016 Curtis M. Loftis Jr.’s leadership and financial management skills were developed running a successful business before [email protected] entering public service. Treasurer Loftis has quickly changed the way government Office of the Treasurer does business. He is a pioneer in government transparency in South Carolina, having served as the director of trans- Total Number of Employees: 61 parency in the comptroller general’s office in 2008. Loftis Size of Treasury Annual Budget: $5,784,285 maintained the state’s “transparency” website and worked Size of Total Portfolio Managed by Treasury: to shed light on local and state government spending. $11,089,020,443.00 As treasurer, Loftis has raised the bar on transparency by The state treasurer is charged with management of putting his entire work calendar online, becoming the first and only elected official in the country to do so. Treasurer cash, issuance of debt and investment of all funds for Loftis also refuses a state-issued car, saving taxpayers money the state. The treasurer also manages all state bank- by driving his own car to and from work. ing activity, as well as administering the unclaimed property program and the state’s prepaid tuition and Treasurer Loftis began his public service career in 2007, serving as the director of the South Carolina Office on Aging. college savings plans. Treasurer Loftis is the “private banker” for South Carolina. He is responsible for the investment, cash management and safekeeping of the state’s general and restricted funds and the assets of the South Carolina Retirement Systems. Treasurer Loftis spent more than 20 years building a successful career in business before retiring from the day-to-day operations. In 2000, he founded and is the sole benefactor of the Saluda Charitable Foundation. The foundation focuses its giving on the education, nutrition and medical care of children, especially those with disabilities. Saluda Charitable has served more than 300,000 meals, built a church, renovated schools and hospitals and sponsored medical missions and food pantries.

80 National Association of State Treasurers About the Treasury Additional Activities

Treasury Management (16 employees): Receives The state treasurer along with the governor composes and disburses funds from all sources; distributes shared a portion of the five-member State Budget and Control revenue to local subdivisions. Manages and reconciles Board. The state treasurer is also the treasurer of the all bank accounts for the state, collects and transfers Tobacco Settlement Revenue Management Authority deferred compensation funds to the fund manager. and has an advisory role on the Deferred Compensation Commission. The treasurer serves as chairman of the Administration (19 employees): Responsible for State Board of Financial Institutions and is a member administrative support to state treasurer and the office of the State Investment Commission. including budget, planning and accounting, human resources management, payroll, procurement, IT support, legislative and constituent services, and internal audit. Bond Management (5 employees): Responsible for the issuance and maintenance of all state debt; maintains the state’s lease purchase fund; provides advice and counsel on other debt related issues. Cash Management (1 employee): Tracks the flow of cash revenues and expenditures, funding accounts as needed and reports balances to the investment division to take advantage of all current and anticipated deposits. College Savings (2 employees): Manages the state’s tuition prepayment and other 529 college savings plan. Investment (6 employees): Invests and manages state funds and fixed income portion of the state’s retirement portfolios. Responsible for all accounting and reporting on these funds. Local Government Services (1 employee): Respon- sible for investment of the state’s local government investment pool, receiving and transferring funds to local governments as needed. Unclaimed Property (11 employees): Maintains all files, processes all claims and receives all monies due to the state’s unclaimed property program.

State Treasury Profiles 81 South Dakota State Treasurer Richard L. Sattgast

500 E. Capitol Ave. Pierre, SD 57501-5070 Tel: 605-773-3378 Fax: 605-773-3115 Email: [email protected] Website: www.sdtreasurer.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since January 2011 Next Election Year: 2014

Key Staff

Rik Drewes, Deputy State Treasurer 605-773-3378 [email protected] Lee DeJabet, Unclaimed Property Administrator 605-773-3900 Biographical Sketch [email protected] First elected to state office in 2002, Rich Sattgast Sandy Tillman, Cash Manager has been proud to serve the people of South 605-773-4166 Dakota as their State Auditor and now as their [email protected] State Treasurer. Marianne Gabriel, Supervisor of Banking/ Finance Officer Treasurer Sattgast graduated from Spearfish High 605-773-5529 School and later earned his B.S. in Political Science [email protected] and Business Administration. Anissa Grambihler, Unclaimed Property He has served 25 years in both the active and Compliance Manager reserve armed forces. His military career includes 605-773-4768 service with the Occupation Force in Berlin in the [email protected] 1980s, Desert Storm in the 1990s and the National Guard and Reserves. Nancy Dulany, Administrative Assistant 605-773-3378 [email protected] Amy Kainz, Cashier 605-773-4168 [email protected] Shanna Brech, Unclaimed Property Specialist 605-773-2717 [email protected]

Office of the Treasurer

The state treasurer is the state’s chief banking official, serving as the receiver and custodian of all state funds. The office manages the state’s banking relationships and state fund transfers. Its primary responsibility is as the depositor of all state public funds. The office also administers the state’s unclaimed property program, oversees repayment of certain student grant and loan programs and supervises local bank accounts held by various state agencies. The office also directs all ACH and wire transfers. The treasurer is a member of the State Investment Council.

82 National Association of State Treasurers About the Treasury

Administration (1.5 employees): Responsible for the operation of the state treasurer’s office. Banking (2 employees): Oversees all public deposits and administers the state certificate of deposit program. Budget (.5 employee): Responsible for accounting and inventory management within the state treasury, including the treasury management and the unclaimed property divisions. Cash Management (1.5 employees): Provides the South Dakota Investment Office with the total daily funds available for investment, accounts for economic development loans and manages warrants and disbursements. Unclaimed Property (3.5 employees): Property held or due to another person that has been unclaimed for a certain length of time must be reported and remitted to the state treasurer. The division then works to return the property to the rightful owner.

Additional Activities

The state treasurer is a member of the State Board of Finance, the South Dakota Public Deposit Commission, the State Investment Council and the South Dakota Heritage Fund, the non-profit fundraising arm of the South Dakota Historical Society.

State Treasury Profiles 83 Tennessee David H. Lillard Jr. State Treasurer J.D., LL.M. in Taxation

1st Floor, State Capitol Nashville, TN 37243-0225 Tel: 615-741-2956 Fax: 615-253-1591 Email: [email protected] Website: www.tn.gov/treasury Selection Method: Constitutional Officer— Elected by the Legislature Term Length: Two Years Term Limit: None Served: Since January 2009; re-elected January 2011 and January 2013 Next Election Year: 2015 Salary: $187,452

Key Staff

Janice Cunningham, Chief of Staff 615-741-2956 [email protected] Joy Harris, Deputy Chief of Staff Biographical Sketch 615-532-9908 [email protected] Raised in Tennessee. Wife’s name: Patricia Newton; Steve Curry, CPA—inactive, CEBS, CCM, First Deputy Treasurer three children. B.A., J.D., University of Memphis; 615-532-8045 LL.M. in Taxation, University of Florida. Republican. [email protected] Before being elected treasurer by the Tennessee Rick Dubray, CPA, Second Deputy Treasurer 615-253-5764 General Assembly, David Lillard practiced law for [email protected] 28 years in the fields of finance law, health law and tax law, including representation in equity Bill Abney, J.D.; LL.M., Assistant Treasurer for Investments 615-532-1167 and debt securities offerings. He also practiced [email protected] municipal law, emphasizing the fields of economic Christy Allen, J.D., Assistant Treasurer for Legal, Compliance development and municipal finance. and Audit Treasurer Lillard was elected to serve as the Secre- 615-253-3853 [email protected] tary/Treasurer of NAST for 2013 and is a member of the NAST Executive Committee. He also serves Heather Sczepczenski, Executive Assistant to the Treasurer 615-741-2956 as Chairman of the State Debt Management [email protected] Network (SDMN) and is a member of several other NAST committees. Office of the Treasurer He served as Shelby County Election Commissioner 1993–2002. Treasurer Lillard served as Chairman Total Number of Employees: 217 of the Shelby County Board of Commissioners in Size of Treasury Annual Budget: $29,000,000 2007–2008, and as a Shelby County Commissioner Size of Portfolio Managed by Treasury: $48,066,000,000 from 2002 to 2009. Treasurer Lillard was president of the Tennessee County Commissioners Associa- Major responsibilities include accounting for the receipt and disbursement of public funds; investing available cash balances; tion 2006–2007. administering the Tennessee Consolidated Retirement System He is active in his community, serving organiza- and investing the pension fund assets; administering the Tennessee Financial Literacy Commission; operating the state’s tions including Christ United Methodist Church in Unclaimed Property Program; administering the State Employees Memphis and the Tennessee Intercollegiate State Deferred Compensation Program; operating the State Employees’ Legislature Foundation. Flexible Benefits Plan; administering the TNStars 529 College Savings Program; and administering the staff of the Division of Claims Administration and the Risk Management Division.

84 National Association of State Treasurers About the Treasury Division of Risk Management (4 employees): Responsible for maintaining adequate insurance against Administration (17 employees): Provides admin- damage or loss for all state owned property and for istrative services necessary to direct or support the providing a systematic program for the control and operations of the department including personnel, prevention of injuries and losses. legal and audit functions. Small and Minority-Owned Business Program Cash Management (3 employees): Responsible for (1 employee): SMOB provides a statewide platform the investment of state and local government funds in that fosters the growth and development of small and the Local Government Investment Pool; duties include minority-owned businesses in Tennessee. SMOB con- managing the funds under the investment guidelines sists of two components: loans and program services. established by the State Funding Board. Accounting Division (23 employees): Accounting College Savings (3 employees): Division is responsible maintains subsidiary and general ledger accounting for for administration of the TNSTARS 529 College Savings the various programs administered by the treasurer’s Program. The plan was started in 2012 and has low fees office; reconciles all state depository bank accounts; that are on par with the top-rated plans in the nation and prepares required financial statements. and has fifteen investment options including an age- Management Services (17 employees): Responsible based option. for the budget, purchasing and procurements, mainte- Investments (24 employees): Responsible for invest- nance of records, processing of mail and receipts, and ment of and protection of pension fund assets of the physical facilities management. Tennessee Consolidated Retirement System and other Information Systems (30 employees): Responsible assets, including the State Pool Investment Fund (SPIF) for maintenance and development of data processing and the Local Government Investment Pool (LGIP). services required to support various programs of the Retirement (58 employees): Administers the TCRS, department. which covers over 200,000 active state employees, Advisory Council for Worker’s Compensation public school teachers, public higher education (1 employee): Provides the information, research, and employees, and local government employees, as well as recommendations concerning worker’s compensation over 85,000 retirees. The division oversees the adminis- issues to the Tennessee General Assembly and the tration of the state’s Deferred Compensation Program, Treasury Department. the operation of the Optional Retirement Program for higher education employees, the Old Age and Survivors Insurance Program, and the Concord Project which will Additional Activities replace the existing operating system. The state treasurer is chair of the Advisory Council on Unclaimed Property (12 employees): Administers the Workers’ Compensation, Baccalaureate Education Sys- Uniform Disposition of Unclaimed Property Law. tem Trust Board with respect to the TNStars 529 College Financial Literacy Commission: Purpose is to serve Savings Program, Board of Claims, Board of Trustees of as a clearinghouse for information regarding financial the Tennessee Consolidated Retirement System, Chairs literacy resources in the state and to raise funds and to of Excellence Endowment Trust and Financial Literacy develop, manage, and implement plans and programs Commission. in order to promote financial literacy and college savings. In addition, the treasurer is a member of the Collateral Pool Board, State Board of Equalization, Council on Other Programs Pensions and Insurance, State Funding Board, Public Records Commission, Sick Leave Bank Board, State Division of Claims Administration (13 employees): Building Commission, State Capitol Commission, State Investigates and determines claims against the state for Insurance Committee, Tennessee State School Bond personal injuries and property damages resulting from Authority, Local Government Insurance Committee, work-connected accidents and negligence of state Local Education Insurance Committee and State Trust officers and employees. Also responsible for payment of Tennessee, Tennessee Higher Education Commission, of criminal injury compensation to residents of the Tennessee Housing Development Agency, Tennessee state who are innocent victims of crime. Local Development Authority, Tennessee Sports Hall of Fame, Tennessee Student Assistance Corporation, Claims Commission (9 employees): The Tennessee Tuition Guaranty Fund Board, Catastrophic Injuries Fund Claims Commission is an administrative tribunal created Commission, Industrial Finance Corporation Board, to adjudicate monetary claims against the state. There Tennessee Industrial Development Authority, Appeals is a commissioner located in each of the three parts of from Gift Tax Appraisals Board, and the Workers’ the state: west, middle, and east. Compensation Insurance Fund Board.

State Treasury Profiles 85 Texas Comptroller of Public Accounts Susan Combs

P.O. Box 13528 Austin, TX 78711-1440 Tel: 512-463-4444 Fax: 512-463-4965 Email: [email protected] Website: www.window.state.tx.us Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2007 Next Election Year: 2014 Salary: $150,000

Key Staff

Martin Hubert, Deputy Comptroller 512-463-4002 [email protected] Stephanie Alvarez, Assistant to the Comptroller Biographical Sketch 512-463-7749 [email protected] Born in San Antonio, TX. Currently resides in Austin. Husband’s name: Joe; three children. B.A., Religion Amy Comeaux, Manager of Scheduling and French, Vassar College; J.D., University of Texas 512-463-4271 School of Law. Republican. Lauren Willis, Communications Director Before being elected Comptroller, Combs served 512-936-2057 as the Texas Agriculture Commissioner. Elected in 1998 and again in 2002, Combs was the first woman Texas Comptroller to ever hold the office. From 1993 to 1997, Combs of Public Accounts served in the Texas House of Representatives. There she introduced and passed government account- Total Number of Employees: 2,859 ability reforms and protected Texas landowners by Total CPA Budget: $220,241,789 authoring and passing the state’s landmark private property rights legislation. Prior to her tenure in Comptroller Susan Combs is a strong fiscal conservative the Texas Legislature, Comptroller Combs was a committed to making state government work better Dallas assistant district attorney. for all Texans. As the state’s treasurer, check writer, tax collector and revenue estimator, Combs insists that taxpayer money be spent wisely and that the state’s spending is transparent to citizens. In addition, the Texas Comptroller’s Office awards and manages hundreds of statewide contracts on behalf of more than 200 state agencies and 1,900 local government CO-OP members.

86 National Association of State Treasurers About the Office Treasury Operations: Receives, funds disbursements, raises and remits money for investment. Our experi- Administration: Oversees the expedited processing enced team processes incoming receipts, outgoing of revenues into the treasury to ensure the security disbursements and allocates money for investments and availability of state monies. across thousands of transactions every day. The agency manages a portfolio of approximately $40,000,000,000. Banking: Serves as the primary bank operations area for Texas government. Unclaimed Property: Administers the Texas Unclaimed Property Program, which seeks to return abandoned Budget: Provides timely and accurate financial ser- property to its rightful owner. vices to the Legislature and state agencies, including forecasting, accounting and payroll processing. Cash Management: Serves as the custodian of the state’s cash and securities through cash flow forecasting for investment and Tax Revenue Anticipation Note issuance purposes. College Savings: Offers Texas families programs to assist with financing the future costs of higher education such as tuition, room and board and other qualified expenses. Fiscal Management: Balances the state’s books and ensures Texas payments. Local Government Services: Assists local governments in economic development, streamlining operations, managing public funds and complying with state laws. Procurement: Works to lower the price of goods and services for Texas government entities by leveraging state’s massive buying power when negotiating contracts, which has saved the state $100 million. State agency and local government purchasers can buy goods/ services through the online TxSmartBuy system. The procurement office also facilitates the use of Historically Underutilized Businesses in state procurement and provides information on the state’s procurement process to minority- and woman-owned businesses. Property Tax Assistance: Conducts the annual Property Value Study and Methods and Assistance Program reviews. Revenue: Processes all tax payments for the state, returns tax allocations to local jurisdictions and gener- ates taxpayer refunds. Revenue Estimating: Estimates revenue available for appropriation by the Texas Legislature. Tax Administration: Administers the state’s tax laws through audit and collection activities.

State Treasury Profiles 87 Utah State Treasurer Richard Ellis

State Capitol Complex 350 N. State Street, Suite C180 P.O. Box 142315 Salt Lake City, UT 84114-2315 Tel: 801-538-1042 Fax: 801-538-1465 Email: [email protected] Website: www.utah.gov/treasurer Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2009 Next Election Year: 2016 Salary: $104,405

Key Staff

David Damschen, Chief Deputy Treasurer 801-538-1042 Biographical Sketch Kathy Wilkey, Administrative Assistant 801-538-1042 Born Jan. 10, 1960 in Klamath Falls, Ore. Currently resides in West Jordan, UT. Wife’s name: Joyce; Office of the Treasurer six children, three grandchildren. B.S., finance, Brigham Young University; M.B.A., University of Total Number of Employees: 25.5 Utah. Republican. Size of Treasury Annual Budget: $2,871,800 Prior to being elected state treasurer, Richard Ellis Size of Portfolio Managed by Treasury: spent nine years as the chief deputy state treasurer. $11,700,000,000 Other state service includes three years as the The treasurer’s office is responsible for cash manage- director, Governor’s Office of Planning and Budget ment, banking, investment of short-term and trust funds, and executive director of the Department of management of the local government investment pool, Administrative Services. Before working at the bond issuance and unclaimed property administration. state he was the finance director for Draper, UT; The office acts as the depository for all state funds and assistant treasurer at Jordan Valley Water Conser- is responsible for all banking functions of the state. vancy District and an assistant vice president at Dougherty, Dawkins, Strand & Bigelow, a regional investment banking firm. Treasurer Ellis currently serves on the Municipal Securities Rulemaking Board. He was an adjunct faculty member at the Marriott School of Business, Brigham Young University, where he taught cash management and investments for the Romney Institute of Public Management. Treasurer Ellis is actively involved with the National Association of State Treasurers and National Association of State Auditors, Comptrollers and Treasurers. He previously participated with the National Association of State Budget Officers and National Association of State Chief Administrators while serving in his other state positions.

88 National Association of State Treasurers About the Treasury Additional Activities

Administration (3.5 employees): The treasurer and The state treasurer is a board member for the Utah chief deputy are responsible for office management. State Retirement System, Utah Housing Corporation, Other administrative functions include budgeting, Utah Permanent Community Impact Board, Utah personnel administration, coordination of legislative Disaster Relief Board, Private Activity Bond Review matters and accounting for office expenditures. Board, Utah Communications Agency Network, Utah Council for Financial and Economic Education, Utah Banking (1.5 employees): Contracts covering all Bonding Commission, State Building Ownership banking and safekeeping relationships are renegotiated Authority, Utah Charter School Finance Authority, periodically and banking relationships are constantly State Board of Canvassers, Utah Science, Technology monitored. Staff works with state agencies to implement and Research Authority, Utah Capital Investment new treasury technologies which increase efficiency Board, Water Development Coordinating Council, and lower banking costs. State Post-Retirement Benefit Trust Fund and the Bond Management (.75 employee): The treasurer is Elected Officials Post-Retirement Benefit Trust Fund. responsible for issuing all state debt. Bonds are sold by competitive or negotiated sale as appropriate. The treasurer is also responsible for all charter school conduit financings issued through the State Charter School Finance Authority. Cash Management (1.5 employees): Daily cash activity is monitored and related bank charges are carefully reviewed. Staff records all cash entries, records all general fund and pool investments and reconciles bank accounts. Investment (2.0 employees): The treasurer’s office invests excess state funds and manages a local government investment pool. The office also administers Permanent State School and Institutional Trust Lands investments and performs all investment accounting. Local Government Services (1.75 employees): The treasurer’s office invests funds of cities, counties, school districts and other public entities within a local government investment pool and in accordance with statutory requirements. The treasurer’s office also works in close partnership with The Utah Money Man- agement Council and other state agencies to oversee public deposits and investments to ensure the safety of public funds in Utah according to provisions of the state’s Money Management Act and the Rules of the Money Management Council. The treasurer serves as executive secretary to the council and, by statute, also furnishes the council with staff. Unclaimed Property (14 employees): Extensive efforts are made to locate the owners of all unclaimed property received by the treasurer’s office. All claims by legitimate owners or their heirs are paid from current receipts. The remainder after the payment of claims is used to support state schools. Warrants (.5 employee): Warrant clearing accounts and an array of electronic means of disbursement are used for payments made by the state for goods or services rendered. The treasurer pays warrants as they are presented by the state’s disbursement bank(s).

State Treasury Profiles 89 Vermont State Treasurer Beth Pearce

109 State Street, 4th floor Montpelier, VT 05609-6200 Tel: 802-828-1452 Fax: 802-828-2772 Email: [email protected] Website: www.VermontTreasurer.gov Selection Method: Constitutional— Elected by the People Term Length: Two Years Term Limit: None Served: Since January 2011 Next Election Year: 2014 Salary: $95,000

Key Staff

Stephen Wisloski, Deputy Treasurer 802-828-1452 stephen.wisloski@@state.vt.us JP Isabelle, Executive Assistant Biographical Sketch 802-828-1451 [email protected] Beth Pearce was appointed Vermont State Treasurer in January 2011, and won election to another two-year term in November 2012. The appointment, by Gov. Peter Office of the Treasurer Shumlin, followed the resignation of former Treasurer Jeb Spaulding who stepped down to assume the role Total Number of Employees: 34 of secretary of administration. Size of Treasury Annual Budget: $3,800,000 Treasurer Pearce has more than 30 years experience in Size of portfolio: $4,000,000,000 government finance at both the state and local levels. The treasurer’s office is responsible for accounting for She served as Vermont’s Deputy Treasurer for more than the receipt and disbursement of all public funds, short- seven years before assuming her current role as treasurer. As deputy treasurer, she was responsible for a full range and long-term debt management, investment of state of operations including retirement administration of the funds, administration of three retirement systems and three state-wide systems for state employees, teachers pension funds, administration of the state’s unclaimed and municipal employees. She also was responsible for property program, improving the financial literacy of unclaimed property, accounting, budget, debt and capital Vermonters and advising state policymakers on fiscal financing, cash management, investment of short-term and economic issues. funds in state custody and risk management. Prior to joining the Vermont State Treasurer’s Office, she served as deputy treasurer for cash management at the Massachusetts State Treasurer’s Office from 1999–2003; deputy comptroller for the town of Greenburgh, NY.; and as the accounting manager and financial operations manager for the town of West Hartford, Conn. In addition, she has served as a fiscal officer with the Massachusetts Department of Social Services and as a project director for the Massachusetts Executive Office ofH uman Services. Treasurer Pearce has a B.A. from the University of New Hampshire. She has prepared financial reports that have received the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association. She resides in Barre, Vt.

90 National Association of State Treasurers About the Treasury Additional Activities

Administration (5 employees): The administrative The state treasurer serves on the following boards and group provides daily operational support and sets entities: Capital Debt Affordability Advisory Committee, the policies and long-term agenda for the office of Educational and Health Buildings Finance Agency, the treasurer. Specific responsibilities include person- Municipal Equipment Loan Fund, State Infrastructure nel and performance management, legislative and Bank Board, Vermont Economic Development Authority, regulatory coordination, budget and policy develop- Vermont Housing Finance Agency, Vermont Indepen- ment and compliance, strategic planning and policy dent School Financing Authority, Vermont Municipal development, contract compliance, financial literacy Bond Bank, Vermont Municipal Employees’ Retirement and oversight of the operations of all of the divisions System, Vermont State Employees’ Retirement System, of the office. Vermont State Teachers’ Retirement System, Vermont Rehabilitation Corporation, Vermont Student Assistance Treasury Operations (7 employees): This division is Corporation and the Private Activity Bond Advisory responsible for all internal financial support services, Committee. maintaining banking relationships, reconciling bank accounts, preparing financial statements, maintaining accounting records and processing all payroll, vendor and welfare checks. Investment Services (2 employees): This division manages long- and short-term investments of state funds, serves as the treasurer’s liaison with investment managers for all three retirement systems, manages the state’s long-term debt program and provides advice to the state treasurer on economic and fiscal issues. Retirement Services (13 employees): This division is responsible for the administration of the state’s three retirement systems—Vermont State Employees’ Retirement System, Vermont State Teachers’ Retire- ment System, Municipal Employees’ Retirement System—and developing retirement policy. It also administers the state’s deferred compensation and defined contribution plans. Unclaimed Property (4 employees): This division administers the state’s unclaimed property program, uniting Vermonters with their lost financial property. It tracks, collects and audits transfers from the holders of unclaimed property and undertakes a variety of efforts to publicize the names of owners of unclaimed property in an attempt to reunite them with their property.

Other Programs

Technology Services (3 employees): This division supports all information technology aspects of the treasurer’s office.

State Treasury Profiles 91 Virginia Treasurer Manju S. Ganeriwala

P.O. Box 1879 Richmond, VA 23218 Tel: 804-225-3131 Fax: 804-786-0833 Email: [email protected] Website: www.trs.virginia.gov/ Selection Method: Appointed by Governor Term Length: Pleasure of the Governor Term Limit: Pleasure of the Governor Served: Since January 2009 Next Election Year: Not Applicable Salary: $157,249

Key Staff

Robert S. Young, Deputy State Treasurer 804-225-2391 [email protected] Michael R. Tutor, Executive Assistant 804-371-6011 Biographical Sketch [email protected] Born Jan. 24, 1956 in Akola, India. Currently Office of the Treasurer resides in Henrico County. Husband’s name: Suri; two children. Bachelor of Commerce, University Total Number of Employees: 121 authorized of Bombay; M.B.A., University of Texas at Austin. Size of Treasury Annual Budget: $19,417,233 Treasurer Manju Ganeriwala was appointed State Size of Portfolio Managed by Treasury: Treasurer by Gov. Timothy M. Kaine, effective Jan. 1, $8,300,000,000 2009, and reappointed by Gov. Robert F. McDonnell The Treasurer reports directly to the Virginia Secre- in July 2010. Prior to her appointment, Treasurer tary of Finance, which is a cabinet position reporting Ganeriwala was Deputy Secretary of Finance, serving directly to the governor. The primary responsibilities as a key advisor to the governor on all financial of the treasurer are to receive, maintain custody and matters of the commonwealth, including the crafting disburse all funds collected by the state, arrange for of the biennial state budget, issuing debt, retaining and manage the short- and long-term financing needs Virginia’s “AAA” general obligation bond rating of the commonwealth, invest state monies, maintain and maintaining the commonwealth’s status as one cash management and banking services, administer of the best financially managed states. Treasurer unclaimed property and escheat laws and administer Ganeriwala’s public service also includes her the commonwealth’s insurance programs. leadership roles with the Virginia Department of Medical Assistance Services where she served as chief financial officer for six years, and the Virginia Department of Planning and Budget, where she served as budget advisor on policy and fiscal issues for 13 years. Her experience also includes strategic planning and long-range forecasting for the East Ohio Gas Company in Cleveland. Treasurer Ganeriwala is the current president of the National Association of State Treasurers. In addition to serving on numerous state boards, she is a member of the Board of Directors of the Richmond YWCA, and a member of the Asset Liability Committee for the Virginia Credit Union.

92 National Association of State Treasurers About the Treasury Unclaimed Property (41 employees): Responsible for the administration of two major types of abandoned Administration (20 employees): General manage- property programs: personal property and real prop- ment is responsible for the day-to-day management, erty. Unclaimed Property is responsible for identifying staffing, planning, oversight and direction of Treasury. abandoned personal property through audits and Responsibilities include strategic planning, performance compliance reviews, administering the funds under management, staffing and personnel development the commonwealth’s control, and using its best efforts and management, development and execution of to return the property to its owner. The Division of agency budget, legislative coordination, development Unclaimed Property promotes compliance with the of agency policies, procedures, goals and objectives, Uniform Disposition of Unclaimed Property Act and development and promulgation of agency regulations, Escheats Generally Statute, thereby enabling the development and maintenance of information systems return of unclaimed property to the rightful owners services, development of agency internal controls, and the return of abandoned real property to an active procurement of agency goods and services, facilities tax status within the state. management, telecommunications and internal Risk Management (13 employees): Protects Virginia’s auditing of agency functions and programs. state government and other public entities from Operations (21 employees): The Operations Division financial loss caused by legal liability, loss to property, provides centralized services to the commonwealth’s fidelity and other hazards. This is done through the agencies and institutions for the following functions: establishment and administration of specialized statewide check processing and distribution; stop risk management plans authorized by statute and payments and forgeries; bank reconciliation of all Trea- approved by the governor. surer of Virginia bank accounts; investment accounting for the general account of the commonwealth and Other Programs numerous trust and bond funds; and trust accounting for most of the commonwealth’s debt issuances and State Non-Arbitrage Program: Virginia administers several of its authorities and the Literary Fund. The an externally managed program available to state and division also provides support services to the Treasury local governments for the investment management and the Treasury Board for accounting and budgeting. of bond proceeds and arbitrage rebate calculation Debt Management (10 employees): Responsible for services. At the end of 2012, assets under management the issuance and management of debt for the common- in this program were $3.0 billion. wealth, including debt of the Virginia Public Building Securities for Public Deposit Program: Treasury Authority, Virginia College Building Authority and the is responsible for the administration and monitor- Virginia Public School Authority. The division provides ing of the state’s program to secure Virginia public staff support to the Treasury Board and the Debt deposits and ensure that state and local deposits are Capacity Advisory Committee, monitors outstanding adequately collateralized by securities pledged by tax-supported debt for reporting and analysis purposes, financial institutions holding Virginia public deposits. and advises on the financing of state, or state-supported The Treasurer is also custodian for securities pledged capital projects. The division coordinates activities as collateral by insurance companies authorized to relating to maintaining the commonwealth’s triple-A conduct business in Virginia. general obligation bond ratings. Cash Management and Investments (10 employees): Additional Activities Responsible for the investment of state funds, the management of the Local Government Investment The Virginia State Treasurer serves on the following Pool Program and the administration of banking and boards and authorities, the first six being staffed by cash management services. The goal of the division is the Department of the Treasury: Commonwealth of to manage state and local government funds by maxi- Virginia Treasury Board (Chair); Debt Capacity Advisory mizing investment earnings within levels of prudence Committee; Virginia College Building Authority; Vir- established by statute and Treasury Board guidelines, ginia Public Building Authority; Virginia Public School to work with state agencies/institutions and financial Authority; Tobacco Settlement Financing Corporation; institutions to improve cash management and ensure Virginia College Savings Plan; Virginia Housing Devel- the highest quality of service to the commonwealth at opment Authority; Virginia Port Authority; Virginia competitive costs. Total funds under management at Resources Authority and the Virginia Small Business the end of 2012 exceeded $8.3 billion. Financing Authority.

State Treasury Profiles 93 Washington State Treasurer James L. McIntire

P.O. Box 40200 Olympia, WA 98504-0200 Tel: 360-902-9001 Fax: 360-902-9044 Website: www.tre.wa.gov Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2009 Next Election Year: 2016 Salary: $116,950

Key Staff

Wolfgang Opitz, Assistant Treasurer 360-902-9002, [email protected] Shad Pruitt, Deputy Treasurer of Administration 360-902-8904, [email protected] Ellen Evans, Deputy Treasurer of Debt Biographical Sketch 360-902-9007, [email protected] Born 1953 in Bluffton, OH. Married, five children. Doug Extine, Deputy Treasurer of Investment B.A., Macalester College; M.P.P. University of Mich- 360-902-9012, [email protected] igan; Ph.D., economics, University of Washington. Chris McGann, Communications Director Treasurer McIntire was elected as Washington’s 360-902-9033, [email protected] 22nd State Treasurer in 2008. Upon taking office, the failure of a small bank sparked concerns about Andrew Smith, Executive Assistant the safety and security of state and local public 360-902-9023, [email protected] deposits in banks throughout the state. Swift and effective reforms initiated by McIntire preserved Office of the Treasurer secure access to banking services for local and state governments. Though 19 banks holding Total Number of Employees: 65 public deposits have failed since 2009, none of Size of Treasury Annual Budget: $7,500,000 the public money they held was lost or placed at Size of Portfolio Managed by Treasury: risk of loss. New safeguards continue to protect $12,300,000,000 all public deposits in the 79 banks that serve state The treasurer’s office is responsible for investing the and local government in Washington. treasury portfolio, including the Local Government In 2011, McIntire prepared the state’s first ever debt Investment Pool. The treasurer is chairman of the State affordability study to provide a comprehensive tool Finance Committee, which oversees management of for managing the state’s debt. To help taxpayers more than $18.4 billion in bond debt. In 2011, Treasurer get the lowest possible costs on financing for cap- James McIntire was elected chairman of the State Invest- ital construction, transportation and infrastructure ment Board, which manages more than $87 billion in projects, McIntire brought in a private sector state pension, insurance, and other permanent funds. manager to re-engineer the way the Treasurer’s Treasurer McIntire also serves as chairman of the Public Office issues bonds. These reforms infused greater Deposit Protection Commission and is co-chairman of competition and market pressure in the process, the Democratic State Treasurers and the immediate past allowing the office to capture $1.3 billion in savings president of the Western State Treasurer’s Association. through refinancing outstanding debt and lower Treasurer McIntire is also a member of the State Housing than expected interest rates on new issues. Finance Commission, the Guaranteed Education Tuition Board and the Economic Development Finance Authority. continued on next page

94 National Association of State Treasurers Prior to his election, Treasurer McIntire was a Local Government Services: The Local Government successful business economist for Navigant Con- Investment Pool allows local governments to participate sulting Inc. He began his political career working in a pooled investment program. The Local Option in the U.S. Senate for Hubert Humphrey, and served Capital Asset Lending program, a part of the treasurer’s as a policy advisor to congressional committee lease/purchase program, offers economies of scale by chairmen and Washington governors. He has chaired pooling the debt financing for equipment and real statewide boards for economic development and estate purchases of local governments and political nonprofit housing. subdivisions. As a five-term state representative, Treasurer Warrants: Maintains records of all warrants that bear McIntire provided leadership on several financial the signature of the state treasurer. committees. He sponsored the first state law making identity theft a crime, a constitutionally protected, “Rainy Day Account,” performance audits, priorities of government budgeting and the new Citizen Commission for Performance Measurement of Tax Preferences. During a budget shortfall, McIntire helped to re-enact the estate tax and raise cigarette taxes to pay for schools and children’s health care. Treasurer McIntire founded and directed a fiscal policy center and taught economics for 25 years at the University of Washington.

About the Treasury

Administration: The administrative group works with the treasurer to set the long-term agenda for the state treasury. Work groups include legal counsel, legislative affairs, communications, human resources, budget and clerical support. Banking: Provides for the safety and security of public funds on deposit in qualified public depositaries. Debt Management: Offers financing recommendations to the treasurer, who is chair of the State Finance Com- mittee, on all aspects of debt finance and compliance. The division oversees all state borrowing, including state bond sales and state and local equipment and real estate transactions. It manages fiscal agency contracts and the master financing contract for lease purchases. Budget: Directs the development of the agency budget and monitors expenditures verses allotments. Cash Management: Manages the flow of money into the state’s accounts and the timely payment of money to state and local government, vendors, beneficiaries, claimants and employees. College Savings: The treasurer is one of five members of the board that oversees the Guaranteed Education Tuition (GET) program. Investment: Invests the state’s short-term cash reserves and invests liquidity portfolio for local governments.

State Treasury Profiles 95 West Virginia State Treasurer John D. Perdue

Suite 145-E, State Capitol 1900 Kanawha Blvd., E. Charleston, WV 25305 Tel: 304-558-5000 Fax: 304-558-4097 Email: [email protected] Website: www.wvtreasury.com Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 1997 Next Election Year: 2016 Salary: $95,000

Key Staff

Danny Ellis, Assistant State Treasurer 304-558-5000, [email protected] Monika Berry, Senior Executive Assistant Biographical Sketch 304-558-5000, [email protected] Born June 22, 1950 in Boone County, WVa. Currently Office of the Treasurer resides in Cross Lanes, Kanawha County. Wife’s name: Robin; two children. B.S., Agriculture, West Total Number of Employees: 134 Virginia University. Democrat. Size of Treasury Annual Budget: $5.8 million Treasurer John Perdue started his public career in Size of Portfolio Managed by Treasury: $4.3 billion 1973 in the West Virginia Department of Agricul- The West Virginia State Treasurer’s Office provides for ture, later becoming assistant commissioner. Prior the cash management operations of state government. to his election as a constitutional officer, Treasurer Additional responsibilities include management of the Perdue was senior executive assistant for Gov. state’s short-term investment pools; receipt of all moneys Gaston Caperton and served as chief legislative for which the state is responsible; deposits in state liaison. Currently, Treasurer Perdue is the chairman depository financial institutions; receipt of all payable of the West Virginia University College of Agri- warrants and issuance of all payments by check or culture and Forestry Visiting Committee and he electronic funds transfer; operation of the state’s imprest serves on the West Virginia Board of Trustees of fund system; management of all state lottery receipts; the Leukemia Society for America and the Cedar preparation of quarterly debt position reports and the Lakes Foundation. annual debt advisory report; and files and retains all paid checks and bonds issued by the state. The Treasurer collects and remits a number of funds, including court security funds, crime victim’s compensation funds, litter control funds, probation fees, regional jail and prison authority fees and timbering operations enforcement funds. The office also disburses coal, oil and gas severance taxes, liquor taxes, wine taxes and the fire and casualty insurance premium taxes to local government sub divisions. The Treasurer also administers the state’s two college savings plans and chairs the College Prepaid Tuition and Savings Program Board of Trustees; administers the Uniform Unclaimed Property Act; manages the state’s supplemental 457 retirement program, Retirement Plus and chairs the Board of Treasury Investments.

96 National Association of State Treasurers About the Treasury Check Processing (2 employees): All warrants issued by the state auditor must be approved and payment Administration (40 employees): Directs the policy made on a bank account of the state treasurer. A daily and provides daily operational support for the treasurer’s file of checks issued is provided to the disbursement office. bank and daily reconciliation of the account is performed for cash management purposes. Banking (8 employees): All funds due the state must be deposited into bank accounts of the treasurer’s office Other Programs (2 employees): A pre-tax 457 deferred within 24 hours of receipt and posted to the state’s compensation supplemental retirement plan designed accounting system. Those funds must be disbursed from for state and local government employees, known as a bank account of the treasurer. Currently, the office WV Retirement Plus. maintains 79 bank accounts at various locations around Financial Education (1 employee): Encompasses Bank the state. The treasurer must reconcile all bank accounts. at School, NetWorth, Women & Money Conferences, Bond Management (1 employee): Develops and Get-A-Life, and other programs for high school students publishes a quarterly and annual report that provides and adults. a complete and accurate picture of the state’s debt. Internal Auditing (2 employees): Answers solely to Responsible for making recommendations concerning the treasurer and is responsible for conducting audits the state’s ability to meet its current and projected of every function within the treasurer’s office. future debt service, report on the state’s ability to incur new debt while maintaining favorable debt ratios and maintaining and improving the state’s credit rating. Additional Activities This division also makes debt service payments for various bond issues. The West Virginia State Treasurer is a member of the Investment Management Board, Board of Public Works, Cash Management (11 employees): Maintains records Lending and Credit Rate Board, Hospital Finance of all funds received by the state and all disbursed from Authority, Board of the School Fund, Council of Finance the treasury. Develops cash flow analysis to better assist and Administration, Municipal Bond Commission, the investment of state funds. Housing Development Fund, Agricultural Land Protec- College Savings (5 employees): Administers the tion Authority Board of Trustees, Consolidated Public SMART529 college savings and prepaid tuition plans. Retirement Board, Higher Education Student Financial Aid Advisory Board, Enterprise Resource Planning Board, Investment (10 employees): The Board of Treasury Special Reclamation Fund Advisory Council (Dept. of Investments manages $4.3 billion of state and political Environmental Protection) and Tobacco Settlement subdivision operating funds in short-term invest- Finance Authority. ments. The Participating Account Division tracks the investment of various state, local government and other fiduciary funds. Local Government Services (20 employees): Four satellite offices around the state allow community access to the treasurer’s office. Representatives work in each region to locate the owners of Unclaimed Property, educate public employees on the benefits of WV Retirement Plus, raise awareness about SMART529 and promote personal financial education opportunities offered by the treasurer’s office. Revenue (12 employees): Provides various methods to assist agencies with the collections of revenues. These methods include ACH, wire transfers, lockbox operations and credit card collections. Unclaimed Property (20 employees): Collects all unclaimed property belonging to the residents of the state and returns that property to its rightful owners.

State Treasury Profiles 97 Wisconsin State Treasurer Kurt Schuller

One S. Pinckney Street P.O. Box 7871 Madison, WI 53707-7871 Tel: 608-266-1714 Fax: 608-266-2647 Email: [email protected] Website: www. wismissingmoney.com Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: None Served: Since January 2011 Next Election Year: 2014 Salary: $68,556

Key Staff

Scott Feldt, Deputy Treasurer 608-266-7982 [email protected] Biographical Sketch Mary Celentani, Administrator of Unclaimed Property 608-267-2208 Born June 21, 1955 in Milwaukee, Wis. Currently [email protected] resides in Eden. Associates Degree, Management and Communications, Concordia University- Wesley Stefonek, Manager, Stocks and Securities Mequon. Republican. 608-266-9837 [email protected] Before taking office, Treasurer Kurt Schuller spent several years in the restaurant industry, serving Shannon Churchill, Holder Reporting first as a chef before moving into management 608-264-6997 and eventually ownership. Between 1996 and [email protected] 2005, Treasurer Schuller owned and managed Cynthia Kaump, Director of Communications Wolfendale’s, an award winning restaurant in Sus- 608-266-5757 sex. Following the sale, he returned to restaurant [email protected] management and worked with two national chains. Treasurer Schuller is a former member of the Office of the Treasurer Wisconsin Restaurant Association and served as Director of the Board of Stewardship at St. James Total Number of Employees: 15 Lutheran Church in Milwaukee. He is a member Size of Treasury Annual Budget: $7,400,000 of the Republican Party of Fond du Lac County and the Wisconsin Chapter of Americans for Prosperity.

98 National Association of State Treasurers About the Treasury

Administration (2 employees): Performs general administrative and audit functions for the treasurer’s office. Unclaimed Property (8 employees): Receives and maintains custody and records for all property received under the provisions of the Uniform Unclaimed Property Act and general escheat laws. Reviews, and if necessary, audits business and corporate records to assure compliance with unclaimed property statutes. Organizes unclaimed property online auctions by selecting items, getting appraisals, photographing and uploading pictures to the website and monitoring bids.

Additional Activities

The state treasurer serves as the treasurer of the State Investment Board and the Wisconsin Retirement System. Also, he is a member of the Board of Commissioners of Public Lands and the State Depository Selection Board. The treasurer also serves on the Board of Directors of the Wisconsin Insurance Security Fund and the Council on State-Local Relations.

State Treasury Profiles 99 Wyoming State Treasurer Mark Gordon

200 W. 24th St. Cheyenne, WY 82002 Tel: 307-777-7408 Fax: 307-777-5411 Email: [email protected] Website: www.treasurer.state.wy.us Selection Method: Constitutional— Elected by the People Term Length: Four Years Term Limit: Two Terms Served: Since Oct. 31, 2012 (Appointed by the governor to fill the last two years of former State Treasurer Joe Meyer’s term) Next Election Year: 2014 Salary: $92,000

Key Staff

Sharon Garland, Deputy State Treasurer 307-777-7475 [email protected] Biographical Sketch Kathy Ramsey, Executive Assistant Born March 14, 1957 in New York City, but grew 307-777-7408 up on the family ranch west of Kaycee, Wyo. [email protected] Currently resides in Cheyenne. Wife name: Jennie; two daughters and two sons. BA, history, Middle- Office of the Treasurer bury College. Treasurer Gordon was sworn in as Wyoming’s Total Number of Employees: 25 31st State Treasurer on Nov. 1, 2012, following his Size of Treasury Annual Budget: Approximately appointment by Wyoming’s Governor Matt Mead $67,000,000 to complete the term of the late Joe Meyer. Size of Portfolio Managed by Treasury: $16,000,000,000 A rancher from Buffalo, Wyo., Treasurer Gordon’s experience reaches to agriculture, mineral devel- The state treasurer oversees the management and opment, tourism, finance, recreation and politics. investment of all non-pension funds of the state. This Prior to his appointment, Treasurer Gordon served includes seven fund types: the Permanent Wyoming on the board of directors of the Federal Reserve Mineral Trust Fund; Permanent Land Funds; Hathaway Bank of Kansas City. He also chaired and served Scholarship Endowment Fund; Excellence in Higher on numerous other state and local boards. He has Education Endowment Fund; Workers’ Compensation had agricultural operations in several Wyoming Fund; Tobacco Settlement Fund; and the State Agency counties and has owned and operated businesses Pool. The treasurer’s office is also responsible for daily there as well. His home ranch received the 2009 deposits of incoming revenue from state agencies, Excellence in Range Stewardship award from the redeeming state warrants, reconciling all transactions Society for Range Management. in the state’s checking accounts, accounting for the receipt and disbursement of state and federal funds, management of the state’s cash resources including developing information to forecast cash needs of the state and projecting investment income for the Consensus Revenue Estimating Group. The treasurer also serves as administrator of the unclaimed property program.

100 National Association of State Treasurers About the Treasury

Administration (9 employees): Responsible for the overall management of the office. The functions of the administration section include support services, accounting, budget management, legal services, information technology services, revenue distribution and bond management. Investments and Banking (9 employees): This section’s primary duty is for the investment and cash management of all non-pension state funds. This section reconciles and deposits daily receipts from state agencies, is responsible for the redemption and processing of state warrants and for reconciling funds held by custodial banks. It is also responsible for the deposit of funds in savings and loans and banks of the state, all matters going before the Board of Deposits and for monitoring of pledged collateral. Unclaimed Property (7 employees): The treasurer is the administrator of all aspects of the state’s unclaimed property program by holding unclaimed property for the rightful owners and making diligent efforts to locate the rightful owners.

Additional Activities

The state treasurer serves on the following boards and commissions: State Loan and Investment Board, Board of Land Commissioners, State Building Commission, Wyoming Community Development Authority, Board of Deposits, State Canvassing Board, Wyoming Retire- ment System Board of Directors, and the Financial Advisory Council.

State Treasury Profiles 101 Appendices

Treasury Contact Information...... 103

State Treasurers, 1976–Present...... 107

NAST Staff Members...... 113

CSG Information...... 114 Treasury Contact Information

Alabama Colorado Georgia Hon. Young J. Boozer III Hon. Walker Stapleton Hon. Steve McCoy State Treasurer State Treasurer State Treasurer State Capitol 200 E. Colfax Ave., Room 140 200 Piedmont Avenue, SE 600 Dexter Ave., S-106 Denver, CO 80203 Suite 1204 West Tower Montgomery, AL 36104 Tel: 303-866-2441 Atlanta, GA 30334-5527 Tel: 334-242-7501 Fax: 303-866-2123 Tel: 404-657-4203 Fax: 334-242-7592 Email: Fax: 404-656-9048 Email: young.boozer@treasury. [email protected] Email: [email protected] alabama.gov Connecticut Hawaii Alaska Hon. Denise L. Nappier Hon. Kalbert K. Young Hon. Angela Rodell State Treasurer Director of Budget and Finance Deputy Commissioner of Revenue 55 Elm Street P.O. Box 150 P.O. Box 110400 Hartford, CT 06106 Honolulu, HI 96810 Juneau, AK 99811-0400 Tel: 860-702-3010 Tel: 808-586-1518 Tel: 907-465-3669 Fax: 860-702-3043 Fax: 808-586-1976 Fax: 907-465-2389 Email: [email protected] Email: HI.BudgetandFinance@ Email: [email protected] hawaii.gov Delaware Arizona Idaho Hon. Chip Flowers Jr., Esq. Hon. Doug Ducey State Treasurer Hon. Ron G. Crane State Treasurer 820 Silver Lake Boulevard, State Treasurer 1700 West Washington Street Suite 100 P.O. Box 83720 Phoenix, AZ 85007 Dover, DE 19904 Boise, ID 83720-0091 Tel: 602-542-7800 Tel: 302-672-6700 Tel: 208-334-3200 Fax: 602-542-7176 Fax: 302-739-5635 Fax: 208-332-2959 Email: [email protected] Email: [email protected] Email: [email protected]

Arkansas District of Columbia Illinois Hon. Martha Ann Shoffner Hon. Jeffrey Barnette Hon. Dan Rutherford State Treasurer Deputy CFO and Treasurer State Treasurer 220 State Capitol Office of the Chief Financial Officer Illinois State Capitol Building, Little Rock, AR 72201 Office of Finance and Treasury Room 219 Tel: 501-682-5888 1101 4th Street, SW, Suite 850 Springfield, IL 62706 Fax: 501-682-3842 Washington, DC 20024 Tel: 217-782-2211 Email: [email protected] Tel: 202-727-6288 Fax: 217-785-2777 Fax: 202-727-6963 Email: Email: [email protected] [email protected] California

Hon. Bill Lockyer Florida Indiana State Treasurer 915 Capital Mall, Room 110 Hon. Jeff Atwater Hon. Richard E. Mourdock Sacramento, CA 95814 Chief Fiinancial Officer Treasurer of State Tel: 916-653-2995 200 East Gaines Street 200 W. Washington, St., #242 Fax: 916-653-3125 Tallahassee, FL 32399-0301 Indianapolis, IN 46204 Email: [email protected] Tel: 850-413-2806 Tel: 317-232-6386 Fax: 850-413-2950 Fax: 317-233-1780 Email: Email: [email protected] [email protected]

State Treasury Profiles 103 Treasury Contact Information continued

Iowa Maryland Mississippi Hon. Michael L. Fitzgerald Hon. Nancy K. Kopp Hon. Lynn Fitch State Treasurer State Treasurer State Treasurer Capitol Building State of Maryland Treasurer’s Office P.O. Box 138 Des Moines, IA 50319 80 Calvert St. Jackson, MS 39205-0138 Tel: 515-281-5368 Annapolis, MD 21401 Tel: 601-359-3600 Fax: 515-281-7562 Tel: 410-260-7160 Fax: 601-576-4495 Email: [email protected] Fax: 410-260-6056 Email: [email protected] Email: [email protected] Kansas Missouri

Hon. Ron Estes Massachusetts Hon. Clint Zweifel State Treasurer State Treasurer 900 SW Jackson, Suite 201 Hon. Steven Grossman Rm. 229, State Capitol Topeka, KS 66612-1235 Treasurer and Receiver General P.O. Box 210 Tel: 785-296-3171 The State House, Room 227 Jefferson City, MO 65102 Fax: 785-296-7950 Boston, MA 02133 Tel: 573-751-2411 Tel: 617-367-6900 Fax: 573-751-9443 Fax: 617-248-0372 Kentucky Email: [email protected] Montana Hon. Todd Hollenbach State Treasurer Michigan Hon. Janet R. Kelly 1050 US HWY 127 South Director, Department of Frankfort, KY 40601 Hon. Andy Dillon Administration Tel: 502-564-4722 State Treasurer P.O. Box 200101 Fax: 502-564-6545 430 W. Allegan St. Helena, MT 59620-0101 Lansing, MI 48922 Tel: 406-444-3033 Tel: 517-373-3223 Email: [email protected] Louisiana Fax: 517-335-1785 Email: [email protected] Hon. John Neely Kennedy Nebraska State Treasurer P.O. Box 44154 Minnesota Hon. Don Stenberg Baton Rouge, LA 70804-4154 State Treasurer Tel: 225-342-0010 Hon. Jim Schowalter State Capitol, Suite 2005 Fax: 225-342-0046 Commissioner of Minnesota Lincoln, NE 68509 Email: Management & Budget Tel: 402-471-2455 [email protected] 400 Centennial Bldg. Fax: 402-471-4390 658 Cedar St. Email: St. Paul, MN 55155 [email protected] Maine Tel: 651-201-8011 Fax: 651-797-1300 Hon. Neria R. Douglass Nevada State Treasurer Email: 39 State House Station [email protected] Hon. Kate Marshall Augusta, ME 04333 State Treasurer Tel: 207-624-7477 Capitol Building Fax: 207-287-2367 101 N. Carson St., #4 Email: [email protected] Carson City, NV 89701 Tel: 775-684-5600 Fax: 775-684-5623 Email: StateTreasurer@Nevada Treasurer.gov

104 National Association of State Treasurers Treasury Contact Information continued

New Hampshire North Carolina Oregon Hon. Catherine A. Hon. Janet Cowell Hon. Ted Wheeler Provencher State Treasurer State Treasurer State Treasurer 325 N. Salisbury Street 159 State Capitol 25 Capitol St., Rm. 121 Raleigh, NC 27603-1385 900 Court Street NE Concord, NH 03301-6399 Tel: 919-508-5158 Salem, OR 97301 Tel: 603-271-2621 Fax: 919-508-5167 Tel: 503-378-4329 Fax: 603-271-3922 Email: Fax: 503-373-7051 Email: [email protected] Email: [email protected] [email protected] North Dakota New Jersey Pennsylvania Hon. Kelly Schmidt Hon. Andrew State Treasurer Hon. Robert McCord Sidamon-Eristoff 600 East Boulevard State Treasurer State Treasurer State Capitol Rm. 129, Finance Bldg. Department of the Treasury Bismarck, ND 58505-0600 Harrisburg, PA 17120 P.O. Box 002 Tel: 701-328-2643 Tel: 717-787-2465 Trenton, NJ 08625-0002 Fax: 701-328-3002 Fax: 717-783-9760 Tel: 609-292-6748 Email: [email protected] Email: [email protected] Fax: 609-984-3888 Ohio Rhode Island New Mexico Hon. Josh Mandel Hon. Gina M. Raimondo Hon. James B. Lewis Treasurer of State General Treasurer State Treasurer 30 E. Broad St., 9th Fl. Rm. 102 State House P.O. Box 5135 Columbus, OH 43215 Providence, RI 02903 Santa Fe, NM 87505 Tel: 614-466-2160 Tel: 401-222-2397 Tel: 505-955-1120 Fax: 614-644-7313 Fax: 401-222-6140 Fax: 505-955-1195 Email: [email protected] Email: Email: [email protected] [email protected] Oklahoma New York South Carolina Hon. Ken Miller Hon. Aida M. Brewer State Treasurer Hon. Curtis M. Loftis Jr. State Treasurer & Rm. 217, State Capitol Bldg. State Treasurer Deputy Commissioner 2300 N. Lincoln P.O. Box 11778 NYS Department of Taxation Oklahoma City, OK 73105 Columbus, SC 29211 & Finance Tel: 405-521-3191 Tel: 803-734-2016 Division of Treasury Fax: 405-521-4994 Fax: 803-734-2690 P.O. Box 22119 Email: [email protected] Email: [email protected] Albany, NY 12201-2119 Tel: 518-474-4250 Fax: 518-435-2978 South Dakota Email: [email protected] Hon. Richard L. Sattgast State Treasurer 500 E. Capitol Ave. Pierre, SD 57501-5070 Tel: 605-773-3378 Fax: 605-773-3115 Email: [email protected]

State Treasury Profiles 105 Treasury Contact Information continued

Tennessee Virginia Wyoming Hon. David H. Lillard Jr. Hon. Manju S. Ganeriwala Hon. Mark Gordon State Treasurer Treasurer of Virginia State Treasurer 1st Floor, State Capitol P.O. Box 1879 200 W. 24th St. Nashville, TN 37243-0225 Richmond, VA 23218 Cheyenne, WY 82002 Tel: 615-741-2956 Tel: 804-225-3131 Tel: 307-777-7408 Fax: 615-253-1591 Fax: 804-786-0833 Fax: 307-777-5411 Email: [email protected] Email: manju.ganeriwala@ Email: [email protected] trs.virginia.gov Texas Washington Hon. Susan Combs Texas Comptroller of Public Hon. James L. McIntire Accounts State Treasurer P.O. Box 13528 P.O. Box 40200 Austin, TX 78711-1440 Olympia, WA 98504-0200 Tel: 512-463-4444 Tel: 360-902-9001 Fax: 512-463-4965 Fax: 360-902-9044 Email: [email protected] West Virginia

Utah Hon. John D. Perdue State Treasurer Hon. Richard Ellis Suite 145-E, State Capitol State Treasurer 1900 Kanawha Blvd., E. State Capitol Complex Charleston, WV 25305 350 N. State Street, Suite C180 Tel: 304-558-5000 P.O. Box 142315 Fax: 304-558-4097 Salt Lake City, UT 84114-2315 Email: [email protected] Tel: 801-538-1042 Fax: 801-538-1465 Email: [email protected] Wisconsin Hon. Kurt Schuller Vermont State Treasurer One S. Pinckney Street Hon. Beth Pearce P.O. Box 7871 State Treasurer Madison, WI 53707-7871 109 State Street, 4th floor Tel: 608-266-1714 Montpelier, VT 05609-6200 Fax: 608-266-2647 Tel: 802-828-1452 Email: [email protected] Fax: 802-828-2772 Email: [email protected]

106 National Association of State Treasurers State Treasurers, 1976–Present

Note: This list includes state treasurers for every year since NAST’s founding in 1976.

Alabama California Young J. Boozer III 2011–present Bill Lockyer 2007–present Kay Ivey 2003–2011 Philip Angelides 1999–2007 Lucy Baxley 1995–2002 Matthew Fong 1995–1999 George Wallace Jr. 1987–1995 Kathleen Brown 1991–1995 Annie Laurie Gunter 1978–1986 Thomas W. Hayes 1989–1991 Melba Till Allen 1977 Elizabeth Whitney 1987–1989 Jesse M. Unruh 1975–1987 Alaska Ivy Baker Priest 1967–1975 Angela Rodell 2011–present Jerry Burnett 2008–2011 Colorado Brian C. Andrews 2007–2008 Walker Stapleton 2011–present Tom Boutin 2003–2007 Cary Kennedy 2007–2011 Neil Slotnick 2000–2003 Mike Coffman 1999–2007 Ross A. Kinney 1995–2000 Bill Owens 1995–1998 William M. Howe 1995 Gail Schoettler 1987–1994 Brian C. Andrews 1992–1995 Roy R. Romer 1978–1986 Darrel Rexwinkel 1991–1992 Sam Brown 1977 Milton Barker 1983–1991 Connecticut Arizona Denise L. Nappier 1999–present Doug Ducey 2011–present Paul Silvester 1997–1998 Dean Martin 2007–2011 Christopher B. Burnham 1995–1997 Elliot Hibbs 2006 Joseph M. Suggs Jr. 1993–1994 David Petersen 2003–2006 Francisco L. Borges 1987–1993 Carol Springer 1999–2002 Henry E. Parker 1978–1986 Tony West 1991–1998 Robert Berdon 1973–1976 Ray Rottas 1983–1991 Clark R. Dierks 1978–1983 Delaware Bartlett Fleming 1973–1978 Chip Flowers 2011–present Velda Jones-Potter 2009–2011 Arkansas Jack Markell 1999–2009 Martha Shoffner 2007–present Janet Rzewnicki 1983–1998 Gus Wingfield 2003–2007 Thomas R. Carper 1978–1982 Jimmie Lou Fisher 1981–2002 Mary Jornlin 1973–1977 Nancy J. Hall 1973–1980

State Treasury Profiles 107 State Treasurers, 1976–Present continued

District of Columbia Illinois Jeffrey Barnette 2012–present Dan Rutherford 2011–present Lasana Mack 2005–2012 Alexi Giannoulias 2007–2011 Anthony Calhoun 2001–2005 Judy Baar Topinka 1995–2007 William Hall 1999–2001 Patrick Quinn 1991–1994 Thomas Huestis 1996–1999 Jerry Cosentino 1987–1990 Maria K. Day-Marshall 1991–1996 James Donnewald 1983–1986 Sophia Green 1988–1991 Jerry Cosentino 1979–1982 Donald Smith 1977–1978 Florida Alan J. Dixon 1973–1977 Jeff Atwater 2011–present Alex Sink 2007–2011 Indiana Charles T. Gallagher III 1989–1994, 2001–2007 Richard Mourdock 2007–present William Nelson 1995–2001 Tim Berry 1999–2007 William D. Gunter Jr. 1977–1988 Joyce Brinkman 1995–1999 Thomas D. O’Malley 1973–1977 Marjorie H. O’Laughlin 1987–1995 Julian L. Ridlen 1979–1987 Georgia Jack L. New 1973–1979 Steve McCoy 2011–present Thomas D. Hills 2010–2011 Iowa W. Daniel Ebersole 1997–2010 Michael L. Fitzgerald 1983–present Steven McCoy 1992–1997 Maurice E. Baringer 1969–1982 Claude Vickers 1982–1992 Richard E. Millsaps Sr. 1978–1982 Kansas William H. Burson 1973–1978 Ron Estes 2011–present Dennis McKinney 2009–2011 Hawaii Lynn Jenkins 2003–2009 Kalbert K. Young 2011–present Tim Shallenburger 1999–2002 Georgina K. Kawamura 2002–2011 Clyde Graber 1997–1998 Stanley Shiraki 2002 Sally Thompson 1991–1997 Neal Miyahira 1999–2002 Joan Finney 1975–1990 Earl Anzai 1995–1999 Yukio Takemoto 1987–1994 Kentucky Jensen S.L. Hee 1980–1986 Todd Hollenbach 2008–present Jonathan Miller 2000–2008 Idaho John Kennedy Hamilton 1996–1999 Ron G. Crane 1999–present Robert Meade 1988–1991 Lydia Justice Edwards 1987–1998 Frances Jones Mills 1976–1979, 1984–1987, Marjorie Ruth Moon 1962–1986 1992–1995 Drexell Davis 1972–1975, 1980–1983

108 National Association of State Treasurers State Treasurers, 1976–Present continued

Louisiana Minnesota John Kennedy 2000–present Jim Schowalter 2011–present Ken Duncan 1996–1999 Tom Hanson 2006–2011 Mary Landrieu 1988–1995 Peggy Ingison 2005–2006 Thomas D. Burbank Jr. 1987 Dan McElroy 2003–2005 Mary Evelyn Parker 1969–1986 Carol Johnson 1999–2002 Michael A. McGrath 1987–1998 Maine Robert Mattson 1983–1986 Neria Douglass 2013–present Jim Lord 1975–1983 Bruce L. Poliquin 2011–2012 David Lemoine 2004–2011 Mississippi Dale McCormick 1997–2004 Lynn Fitch 2012–present Samuel Shapiro 1981–1996 Tate Reeves 2004–2012 Jerrold B. Speers 1978–1980 Peyton Prospere 2003–2004 Marshall Bennett 1988–2003 Maryland Bill Cole 1980–1987 Nancy Kopp 2002–present Edwin Lloyd Pittman 1977–1980 Richard Dixon 1996–2002 Brad Dye 1973–1977 Lucille Maurer 1987–1996 William S. James 1977–1986 Missouri Clint Zweifel 2009–present Massachusetts Sarah Steelman 2005–2009 Steven Grossman 2011–present Nancy Farmer 2001–2005 Timothy P. Cahill 2003–2011 Bob Holden 1993–2001 Shannon O’Brien 1999–2002 Wendell Bailey 1985–1992 Joseph D. Malone 1991–1998 Mel Carnahan 1975–1984 Robert Q. Crane 1964–1990 Montana Michigan Janet Kelly 2004–present Andy Dillon 2011–present Scott Darkenwald 2001–2004 Robert Kleine 2006–2011 Barbara Ranf 2001 Jay Rising 2003–2006 Lois Menzies 1993–2001 Douglas B. Roberts 2001–2002 Robert L. Marks 1991–1992 Mark Murray 1999–2001 David Ashley 1989–1990 Douglas B. Roberts 1991–1998 Ellen Feaver 1984–1988 Robert Bowman 1983–1990 Morris L. Brusett 1983 Loren E. Monroe 1978–1982 Vera Freseman 1977–1983 Hollis G. Connors 1973–1977

State Treasury Profiles 109 State Treasurers, 1976–Present continued

Nebraska New Mexico Don Stenberg 2011–present James B. Lewis 2006–present Shane Osborn 2007–2011 Douglas M. Brown 2005–2006 Ron Ross 2003–2007 Robert Vigil 2003–2005 Lorelee Byrd 2001–2003 Michael Montoya 1995–2002 David Heineman 1995–2001 David King 1991–1994 Dawn Rockey 1991–1994 James B. Lewis 1985–1990 Kay Orr 1982–1986 Earl E. Hartley 1983–1985 Frank Marsh 1975–1981, 1987–1990 Alan Hartke 1979–1982 Edward M. Murphy (d.) 1975–1978 Nevada Jesse D. Kornegay 1969–1970, 1970–1974 Kate Marshall 2007–present Brian Krolicki 1999–2007 New York Robert L. Seale 1991–1998 Aida Brewer 2002–present Kenneth Santor 1987–1990 George Gasser 1997–2002 Patricia Cafferata 1982–1986 James S. Cappiello 1989–1997 Stanton B. Colton 1977–1981 Barbara Andrus 1987–1989 Mike Mirabelli 1972–1976 Barry M. Bresler 1986–1987 Eugene Sunshine 1982–1986 New Hampshire Robert Bouchard 1977–1982 Catherine Provencher 2007–present Michael Ablowich 2002–2007 North Carolina Georgie Thomas 1984–2002 Janet Cowell 2009–present Robert W. Flanders 1964–1984 Richard Moore 2001–2009 Harlan Boyles (d.) 1977–2001 New Jersey Edwin Gill (d.) 1972–1976 Andrew P. Sidamon-Eristoff 2010–present R. David Rousseau 2008–2010 North Dakota Bradley Abelow 2006–2007 Kelly L. Schmidt 2005–present John McCormac 2002–2006 Kathi Gilmore 1993–2005 Peter Lawrance 2001–2002 Robert Hanson 1985–1992 Roland Machold 1999–2000 John Steven Lesmeister 1981–1984 James A. DiEleuterio Jr. 1997–1999 Walter Christensen (d.) 1965–1968, 1973–1979 Brian Clymer 1994–1997 Samuel F. Crane 1992–1994 Douglas C. Berman 1990–1992 Feather O’Connor 1986–1990 Michael M. Horn 1984–1986 Kenneth Biederman 1982–1984 Clifford A. Goldman 1977–1982

110 National Association of State Treasurers State Treasurers, 1976–Present continued

Ohio Rhode Island Josh Mandel 2011–present Gina M. Raimondo 2011–present Kevin L. Boyce 2009–2011 Frank T. Caprio 2007–2011 Richard Cordray 2007–2009 Paul Tavares 1999–2007 Jennette Bradley 2004–2007 Nancy Mayer 1993–1998 Joseph Deters 1999–2004 Roger Begin 1985–1989 J. Kenneth Blackwell 1994–1998 Anthony Solomon 1978–1984, 1989–1992 Mary Ellen Withrow 1983–1994 Raymond H. Hawksley 1973–1976 Gertrude W. Donahey 1971–1980 South Carolina Oklahoma Curtis M. Loftis Jr. 2011–present Ken Miller 2011–present Converse A. Chellis III 2007–2011 Scott Meacham 2005–2011 Thomas Ravenel 2007 Robert Butkin 1995–2005 Grady Patterson 1973–1994, 1999–2007 Claudette Henry 1991–1994 Richard Eckstrom 1995–1998 Edward Ellis 1987–1990 Leo Winters 1973–1986 South Dakota Richard L. Sattgast 2011–present Oregon Vernon L. Larson 2003–2011 Ted Wheeler 2010–present Richard Butler 1995–2002 Ben Westlund 2009–2010 G. Homer Harding 1991–1995 Randall Edwards 2001–2009 Janis Kelley 1990–1991 Jim Hill 1993–2001 David Volk 1973–1990 Tony Meeker 1987–1992 Bill Rutherford 1984–1986 Tennessee Clay Myers 1977–1984 David H. Lillard Jr. 2009–present James A. Redden 1973–1977 Dale Sims 2003–2009 Steve Adams 1987–2003 Pennsylvania Harlan Mathews 1974–1986 Rob McCord 2009–present Robin Wiessmann 2007–2009 Texas Robert P. Casey Jr. 2005–2007 Susan Combs 2007–present Barbara Hafer 1987–2005 Carole Keeton Strayhorn 1999–2007 Catherine Baker Knoll 1989–1997 John Sharp 1996–1998 G. Davis Greene Jr. 1987–1989 Martha Whitehead 1993–1996 R. Budd Dwyer 1981–1987 Kay Bailey Hutchison 1991–1993 Robert E. Casey 1977–1981 Ann W. Richards 1983–1990 Grace M. Sloan 1973–1977 Warren G. Harding 1978–1982 Jesse James 1973–1977

State Treasury Profiles 111 State Treasurers, 1976–Present continued

Utah Wisconsin Richard K. Ellis 2009–present Kurt Schuller 2011–present Edward Alter 1981–2009 Dawn Marie Sass 2007–2011 Linn C. Baker 1965–1968, 1977–1981 Jack Voight 1995–2007 David L. Duncan 1973–1977 Cathy Zeuske 1991–1994 Charles P. Smith 1971–1990 Vermont Beth Pearce 2011–present Wyoming Jeb Spaulding 2003–2011 Mark Gordon 2012–present Jim Douglas 1995–2002 Joseph B. Meyer 2007–2012 Paul W. Ruse 1989–1994 Cynthia Lummis 1999–2007 Stella Sims 1987–1989 Stan Smith 1983–1998 Shirley Wittler 1979–1982 Virginia Edwin Witzenberger 1977–1978 Manju Ganeriwala 2009–present James Griffith 1973–1977 J. Braxton Powell 2006–2008 Jody Wagner 2002–2006 Mary Morris 1999–2001 Susan Dewey 1996–1999 Ronald Tillett 1993–1996 Eddie N. Moore Jr. 1990–1993 Alice Handy 1988–1990 William Clay Wiley 1986–1988 C.J. “Burr” Boehm 1981–1986 Robert C. Watts Jr. 1974–1981

Washington James L. McIntire 2009–present Michael J. Murphy 1997–2009 Daniel Grimm 1989–1996 Robert S. O’Brien 1965–1988

West Virginia John D. Perdue 1997–present Larrie Bailey 1976–1984, 1990–1996 Thomas Loehr 1989–1990 James Manchin 1984–1989 John H. Kelly 1960–1975

112 National Association of State Treasurers NAST Staff Members

Executive Director Jonathan Lawniczak...... 859-244-8175

Director of Federal Relations Peter Barrett...... 202-624-8592

Office Manager Wanda Birch...... 859-244-8175

Communications Director Lisa Cleveland...... 859-244-8151

Membership Services Manager Kore Donnelly...... 859-244-8173

Meeting and Marketing Director Adnée Hamilton...... 859-244-8174

Associate Director Chris Hunter...... 859-244-8177

NAUPA Association Director David Milby...... 859-244-8150

State Treasury Profiles 113 CSG Information

NAST is an affiliate of The Council of State Governments, which represents state officials from the executive, legislative and judiciary branches. CSG conducts research and gathers information on state programs and trends. NAST members can take advantage of CSG resources, which include:

The Book of the States: A reference tool of choice for more than half a century, providing information, answers and comparisons for all 56 U.S. states and territories.

Capitol Ideas Magazine: Published six times a year, Capitol Ideas offers insights into the hot topics facing policymakers today and innovations from other states in an easily digested format.

State Directories: The most comprehensive set of state directories published, this collection includes the names and contact information for key state government officials.

Capitol Research: Policy briefs that examine the ways key issues are impacting the states, how the issues are evolving, and how the states can respond—now and in the future.

Knowledge Center: An interactive website that serves as a one-stop shop for more than 600 tagged and indexed policy reports, blogs and other policy items. State government officials can browse by topic and most importantly, quickly find what they’re looking for. Visit the Knowledge Center at www.knowledgecenter.csg.org.

CSG also welcomes state treasurers’ participation in its conferences and policy committees. For more information on specific opportunities, contact the ASTN staff.

www.csg.org

114 National Association of State Treasurers