What do you consider the role of the city treasurer?
The city treasurer is the investment manager for city investment
dollars -- primarily taxpayer dollars. In these six years, more than
$111 million of interest earnings have been returned to the city
coffers. Yes, interest earnings from city investments come back to
the people in the form of city services. Money earned to hire police
officers, firefighters and help balance the general fund. Money
earned that helps fund capital improvement programs throughout the
city.
In six years, city dollars have grown from $283 million with
interest earnings and additional revenues to $550 million, without
losing one dollar of principal.
I mention size because size of city investment dollars matters.
The larger the balances, the more experience you look for in an
investment manager. It's no different than finding a contractor to
build your dream house. You want someone who's done it before. You
don't want to give your money to someone who will be learning "on the
job," as he builds your house.
The same with a city treasurer. You want someone you can trust,
someone who has the "hands-on" experience that matches the size of
your city dollars. And I am that candidate that has that experience.
The city treasurer wears another hat, banker for the city,
managing the banking relationship. The office pays city checks, and
reconciles the bank statements. Revenues collected from the various
departments is balanced, then made bank -- ready for deposit.
Operationally, the office was automated, and we use all available
cash-management services to improve efficiency and effectiveness.
And, we've added our reports and the city investment policy on the
city website.
What is your investment experience, and what is your vision for
the city's investment strategy?
Current city treasurer. My 34-year banking experience has been
invaluable. Safety and liquidity first, then yield. Maintain
conservative strategy. Managing to marketplace; not trying to beat
marketplace.
What are the most important issues facing the city treasurer's
office?
No issues, just continued challenges in the marketplace.
