Elimination of the State Treasurer’s office

Lincoln, Neb.-  On Friday February 5th, the Nebraska Legislature held a hearing to discuss the elimination of the State Treasurer’s office. Although I have chosen not to run for reelection, it is my belief the State Treasurer plays a constitutionally crucial role within Nebraska government. The Treasurer is solely accountable to the citizens of Nebraska and a check to the power of the Governor and the Legislature.

The Treasurer serves as the people’s fiduciary and as the states’ banker. In addition to managing the state’s banking relationships and vendor contracts, the State Treasurer partners with state and local government subdivisions to reduce their costs and to increase electronic efficiency.

In Nebraska, our constitution provides for a separation of financial responsibility between the executive branch offices. Requiring more than one financial officer of the state to complete a transaction is not only smart accounting practice, but also necessary in preventing fraud and abuse.

The State Treasurer also serves as the only elected representative on the Nebraska State Investment Council (NIC), which manages the investments of 30 different entities and the State’s Operating Investment Pool. This includes benefits for schools and the State Patrol, state and county retirement systems, and Nebraska Educations Savings plan systems, to name a few. Although the Treasurer is not a voting member, his presence provides an important level of oversight on behalf of Nebraska taxpayers. He is a representative of those who have elected him to serve on their behalf.

In an era when many state economies are floundering, Nebraska has managed to remain on solid ground. As your State Treasurer, I am committed to safeguarding Nebraska’s finances, all the while remaining accountable to you. Nebraskans deserve the right to elect an official who will demand transparency in government spending. What happens to your money is your business. In January of 2008, my office launched NebraskaSpending.gov, an accurate and comprehensive site designed to track where and how all of your taxes go to work. It is your tax receipt. And I, as an elected official, believe you deserve as much transparency as possible.

My office has become increasingly more efficient. We use innovative technology to work through concerns and solve problems. We are able to do more with less while tackling complex issues. Our commitment to transparency in government spending is the backbone of all decisions we make, and our dedication to efficiency has allowed us decrease our office budget by 11.88%.

In my three years as Treasurer we’ve added 56,127 new accounts to the College Savings Plan, adding to the Plan’s overall total of 176,150. We’ve accomplished a 10.66% participation rate in Nebraska: the highest in the United States. The State Disbursement Unit, which handles child support payments within the State, processes an average of 23 million dollars a month in child support, representing a 9.63% increase during the past three years. In the Unclaimed Property Division we have made great strides: returning 43 million dollars of unclaimed property, via 55,000 claims. This is more than any previous State Treasurer.

I take pride in my office’s accomplishments, as they directly benefit Nebraska. It is my belief that the elimination of the Treasurer’s office will not provide cost savings to the state.