Ellis: Experience & Expertise in Practice

Richard has spent his career (22 years) in public finance and treasury management. In 1996, Ed Alter appointed him Chief Deputy State Treasurer to oversee the day-to-day operations of the office. Richard was involved in implementing several new services in the state. Among his achievements was the use of credit and debit cards for the payment of services received from the state. This opened the way for providing many state services online, such as renewing vehicle registrations. He also implemented an online system to allow public treasurers to deposit and withdraw money from the Public Treasurer’s Investment Fund, improving the efficiency of operations within the office.

Richard was also part of the team that developed the State’s Tax Exempt Commercial Paper program for funding highways. This innovative funding mechanism earned the State millions of dollars in legal arbitrage earnings as well as saved millions of dollars in interest expense.

Governor Olene Walker appointed Richard as Director of the Governor’s Office of Planning and Budget in November 2003. He continued in this role when Governor Huntsman took office in January 2005. As budget director, Richard came to understand all the financial intricacies of the state. In November 2006, he returned to the Treasurer’s office as the Chief Deputy.

Before joining the state, Richard spent time in the private sector with the investment banking firm of Dougherty, Dawkins, Strand & Bigelow doing municipal finance and bonding. He also has experience at the local government level having served as Finance Director/Treasurer for Draper City, and as Assistant Treasurer for the Jordan Valley Water Conservancy District.

Since 2006, Richard has taught a class in Cash Management and Investments at the Marriott School of Business, Brigham Young University. He shares his expertise and experience with second year graduate students seeking a Master in Public Administration degree.

Never before has a candidate for State Treasurer understood the needs and operations of the state like Richard Ellis does.

The following is a summary of his experience and expertise:

Experience:

• Eight years as Chief Deputy State Treasurer
• Ten years as a Treasurer and Finance Director at Draper City and Jordan Valley Water Conservancy District
• Hands on experience making investment decisions for a $12.0 billion investment portfolio of Utah taxpayer money
• Issued over $3.5 billion of bonds to finance infrastructure in the state
• Implemented “best practices” in cash management and use of best technology in state agencies
• Presented the state's financial case to the bond rating agencies to maintain the states AAA rating
• Served key financial roles in the Cabinet of Governors Huntsman and Walker

Expertise:

• MBA from the University of Utah
• BS in Business/Finance from Brigham Young University
• Adjunct Faculty at the Marriott School of Business, Brigham Young University teaching Cash Management and Investments
• Certificate from the National Institute of Public Finance, Kellogg School of Management, Northwestern University

Featured speaker at:

• National Association of State Treasurers 2007 Treasury Management Conference–Financing Public Infrastructure
• 2007 Northwest Public Finance Conference sponsored by the Pier Conference Group–Financing Public Infrastructure/Public Private Partnerships
• Utah Public Treasurers Academy – University of Utah–Investing Public Funds
• Utah Association of Public Treasurers Annual Conference–Cash Management