Ellis: Implementing Best Practices

Richard implemented and has been a part of many new innovations in the State Treasurer’s office over the past 11 years. Below are some of the things he has done to increase customer service and efficiency at the state level.

 

 

Cash Management:

• Piloted a remote capture product (scanning deposits and transmitting a file to the bank) on Capitol Hill to evaluate its benefits and costs prior to making it available to all state agencies.
• Increased the number of payment options available to citizens doing business with the state with the implementation of credit/debit card acceptance by state agencies. This provides greater convenience to citizens and opened the way for online services.
• Activated the State’s unique Routing Transit Number (RTN) with the Federal Reserve Bank to increase the efficiency of clearing state issued warrants/checks.
• Implemented a contract for ACH transactions so more payments, like tax refunds, could be paid electronically.

Investments:

• Part of a team that earned over $2.3 billion of investment income over the past 10 years. Each dollar of investment income reduces the amount of taxes and fees that citizens must pay.
• Participated in the development of the Investment Policy and strategy for investing the State Permanent and Institutional Trust Land funds. These were the first state funds to include stocks as a legal investment for public moneys. This strategic decision has added $200 million to the value of the portfolio in the past 11 years.
• Helped with the passage of legislation and constitutional changes establishing and broadening the investment authority for trust land funds, tobacco settlement funds and Other Post Employment Benefit (OPEB) funds, including public school districts.
• Implemented a new online system allowing local governments to request deposits and withdrawals from their Public Treasurer’s Investment Fund accounts 24/7.
• Developed the Investment Policy for the Public Treasurers Investment Fund and monitors compliance on a daily basis.

Debt Issuance:

• Participated in the development of the state’s first tax exempt commercial paper program to finance highway construction. The result was a savings of over $1.0 million in interest expense and legal arbitrage earnings in excess of $8.0 million.
• Implemented the process and tracking procedures for the School Bond Guaranty Program which guaranties the debt of local school districts and provides them with the State’s AAA bond rating. To date, over $3.0 billion of bonds have been issued by the school districts saving them millions of dollars.
• In compliance with HB318 from the 2007 General Session of the Legislature, coordinated the creation of the application process and procedures allowing charter schools to use the State Charter School Finance Authority to access the tax exempt capital markets to fund building acquisition and construction.
• Presented the state's budget and financial position to Moody's, Standard & Poors and Fitch rating agencies to maintain the state's AAA bond rating. Understanding the rating process saves the State of Utah millions of dollars annually.