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Treasurer’s Office Receives Third “Clean” Annual Audit in Three Years
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8/8/2012

Treasurer Mandel Reduces Expenses to Generate an Additional $1.6 Million Surplus while Achieving Efficiencies Across the Office

COLUMBUS – State Treasurer Josh Mandel released the Fiscal Year 2012 Annual Report today, which details ways the office was able to generate a $1.6 million surplus in the fiscal year that just ended, and highlights other efficiencies and accomplishments. 

“We have been extremely focused on tightening the belt of government and reducing spending in the Treasurer’s office, which has allowed us to reduce operating expenses and generate a $1.6 million surplus in the fiscal year that just ended.  This surplus is in addition to the $400,000 surplus we achieved from the budget that we inherited upon taking office, and brings the total surplus generated in the Ohio Treasurer’s office over the last 18 months to $2 million,” said Treasurer Mandel.  “We have reduced payroll, slashed expenses, and found ways to save millions by increasing efficiencies in bond programs and maximizing investments in our liquidity portfolio.  We have also launched an innovative new program to help increase investment earnings for local governments, while increasing Ohio credit ratings.”

This report follows the Fiscal Year 2011 and Calendar Year 2011 Top-Bottom Review reports released by Treasurer Mandel, and continues to build on and outline many of the ways that the office has been able to streamline and improve operations to achieve savings for Ohio taxpayers.  Some highlights of the current report include that fact that the office was able to:

  • Generate a $1.6 million surplus in Fiscal Year 2012;
  • Reduce budgeted payroll by more than $944,000;
  • Achieve an 11% reduction in operating expenses;
  • Lock in two percent interest rates on economic refundings in four bond programs to save the state $7.9 million in debt service;
  • Launch a new local government investment program, STAR Plus, to help school districts, libraries, cities, and other local entities triple their yield on investments, increasing earnings from 8 to 25 basis points;
  • Receive an upgrade from Standard & Poor’s on the Ohio Enterprise Bond Fund to ‘AA+’ from ‘AA-’, their first ratings increase of this fund since 2003; and,
  • Increase the Treasurer’s Liquidity Portfolio by $2.5 billion since taking office.

View the full Fiscal Year 2012 Annual Report at www.OhioTreasurer.gov.

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Office Of Debt Mgmt

The Office of Debt Management plays an important role in the operation of state government: it oversees the borrowing of funds to assure it is completed in an efficient manner.
    

SaveNOW

SaveNOW, a program offered by the State Treasurer through our linked deposit authority, offers a 3% bonus interest on savings accounts for Ohio citizens.
    

Smart Money Choices

A free personal financial-planning conference series for all Ohioans presented by State Treasurer Josh Mandel, and supported by a variety of statewide and regional partners.
    

Top-Bottom Review 2011

Review Outlines Steps to Improve Operations, Safeguard Investments, Leverage Technology, Increase Transparency and Modernize Banking Practices
    

e-Funds Transfer

Electronic Funds Transfers makes tax payments easy. Entities that have received a notice from the Ohio Department of Taxation can register for electronic payment via the website.
    

Veteran's Preference

Veteran’s Preference provides veterans with priority to be accepted into the GrowNOW and Ag-LINK linked-deposit programs.
    

GrowNOW

A partnership between eligible banks and the Ohio Treasury, enables small business owners to receive a 3% interest rate reduction on small business loans for two years with the opportunity for renewal
    

Renew & Rebuild Ohio

Small business owners, farmers and homeowners are eligible to receive financial assistance to rebuild and recover following an emergency.
    

Ag-LINK

A program for farms to receive an interest rate reduction on new or existing loans or lines of credit up to $150,000. Applications are accepted on an annual basis from January through March.
    

CPIM

The Center for Public Investment Management (CPIM) provides continuing education to Ohio’s public funds managers and their oversight authorities.
    

CPIM Conference: Bowling

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Akron

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Dayton

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Columbus

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

ECO-Link

A partnership between the State Treasurer and participating banks that provides a 3% interest rate reduction for 5 or 7 years on bank loans when completing energy-efficient upgrades to your home.