Tuesday, February 17, 2015

Fitch announces re-election bid

Treasurer Lynn Fitch issued the following press release:

State Treasurer Lynn Fitch to Run on Record of Accomplishment

Mississippi State Treasurer Lynn Fitch today announced her candidacy for reelection.

“I am excited and eager to begin my campaign based on a record of fiscal conservatism and accomplishments,” stated Treasurer Fitch. “It has been an honor to serve our state, and I am proud of my record as State Treasurer.”

Early in Treasurer Fitch’s term, her office refinanced state debt and saved Mississippi taxpayers $33 Million. “Just this week, we will close on another state bond sale that includes a refinancing deal that will save taxpayers another $36.3 million,” Fitch added.  “Those savings—over $69 million now—reflect a consistent effort to manage our long-term debt proactively based on a career spent in public finance.  That approach also led to preparation of the state’s first Debt Affordability Study.” 

During Treasurer Fitch’s term, over $38 million has been returned to Mississippians through the Unclaimed Property division.  Under Fitch’s leadership, the office has cut the claims backlog from over 1500 to fewer than 200 pending claims.

“We are also changing Mississippi’s financial culture through the Treasurer’s Education About Money (TEAM) initiative.  Mississippi ranks as the least financially capable state, and I decided to do something about it.  Improving our financial literacy will strengthen our workforce, our economy, and our state bond rating.”  TEAM is in its second semester of implementation, with metrics showing more than 18,000 high school students in over 100 high schools participating in personal finance lessons.

Beginning October 1, 2014, the College Savings Plans of Mississippi Board of Directors, which Treasurer Fitch chairs, reopened the Mississippi Prepaid Affordable College Tuition (MPACT) Program.  Enrollment in the program was deferred in 2012 until an evaluation of the program could be conducted. New MPACT contracts will be offered with certain program adjustments aimed at preventing future funding shortfalls, making the program cost-neutral to taxpayers.  “The decisions I make affect the long-term fiscal health of the state, and I will continue to make fiscally conservative decisions on behalf of Mississippians.”


Anonymous said...

I am glad if she reduced overall expenses by refinancing bonds but I am concerned about what happened in Birmingham when they went bankrupt. Does anyone know if Mississippi's refinancing situation is similar to Birmingham's?

Anonymous said...

I believe the interest rate got so low that many of the higher interest bonds were much better being refinanced. Not sure though.

Anonymous said...

it don't take a rocket scientist to refinance bonds when interest rates go down.

Anonymous said...

@ 11:14.....there is zero correlation between the State of MS bond deal & the Jefferson County, AL bond deal that you reference. If memory serves, Jefferson County was brought down by an interest rate swap & unscrupulous bond dealers/ investment banks and a group of local politicians that no idea what they were doing.

Kingfish said...

Jefferson County gambled with Interest Rate Swaps. No municipal or county government should play with those little poison pills.

that is completely different from a straightforward bond refinance that takes advantage of fixed lower rates.

Anonymous said...

thanks - I didn't think she had done anything foolish like Jefferson County did - didn't the City of Jackson pursue an interest-rate swap at one point?

Kingfish said...

They did under Frank. I managed to kill it. It was a really bad deal. Everyone was getting rich on that one.

Anonymous said...

this was not rocket science, nor was it anything risky. Just a simple refinancing of existing bonds at a lower rate. Bond brokers are always finding these kinda situations and bringing them to borrowers and the borrowers generally take them up on the deal.

Frankly, its been done several times over the past decade while interest rates were dropping and continuing to stay at low rates. Glad the state bond commission (of which LF is one of three members) decided to do this. But hard to give all the credit to anyone.

Gabby Hays said...

She was really cute riding in the buckboard with Cindy Hyde-Smith at Sunday afternoon's rodeo. Cindy introduced her to the audience and handed her the mic. Then Fitch made some remarks. Should candidates really get this sort of free campaign air time? Shades of Super Talk.

Anonymous said...

"Should candidates really get this sort of free campaign air time?"

Air time? Who broadcasts the rodeo?

Anonymous said...

We don't need an elected state treasurer.

Anonymous said...

I refinanced my mortgage a few years ago and saved my family a bunch of money. Think I'll throw my hat in the ring for treasurer.

Anonymous said...

All Fitch has done since her election in 2011 is spend taxpayer dollars to furnish her offices in the Woolfolk Building. She added another floor in addition to her suite of offices on the 11th. floor. She has added curtains to her office - no other state official in Woolfolk has curtains. She spent over $50,000 to buy furniture in her first year. She has 2 Deputy Treasurers making over $89,000 per year. Before there was only 1 Deputy Treasurer! But maybe Daddy can buy her the office again!

The Stupid Stuff We Do said...

1:35; 'boadcasting the rodeo' isn't the point. The point is a politician getting ten minutes of unpaid (free) spotlight fame in a public building, being introduced and a crowd of thousands (some vote) having to endure her grin and whine for a couple of minutes while she has a captive audience. How many other politicians/candidates get these free spotlight appearances? Of course Hyde-Smith gets away with it because she rides a horse and has 'agriculture' in her title.

Anonymous said...

If she's running things the way she did the State Personnel Board, we need to get rid of her.

Under her watch, the already-weak state employee performance appraisal system was scrapped and under the new "system" supervisors can no longer grade employees on how well (or even IF) they did their jobs.

Just buying votes?

Anonymous said...

Hinds County did some of those swaps and Porter Bingham and Malachi got fat off of them.

Anonymous said...

"How many other politicians/candidates get these free spotlight appearances? "

Um, just about all of them. When I used to go every year I always saw the Mayor of Jackson (three of them I can remember - haven't gone since Yarber got elected) and the Ag Commissioner. Also various others who waved to the crowd. No speeches by anyone ever.

If your vote can be swayed by someone waving at you for ten seconds maybe it's you we should be worried about having the right to vote. Sheesh.

Anonymous said...

"Hinds County did some of those swaps and Porter Bingham and Malachi got fat off of them. "

That's why I asked. I vaguely remember the Malachi name and much concern expressed by people knowledgeable about financial matters because he was involved.

Produces Results said...

A performance appraisal system which does not allow for the supervisor to rate the incumbent on how well he does his job?

You gotta be shattin' me!

Anonymous said...

She put up CURTAINS??!? This is a(n) (manufactured) outrage!!!! Why, call the Washington Post! This woman is clearly out of control! Dad Gum GumMint employees a spendin' "mah tax dollars!" Those lavish digs in an 80 year old building are probably what attracts people out of corporate finance to come work for that whopping 89K a year. Wowser.

Anonymous said...

The Woolfolk Building was renovated back in 2000 at a cost of over $100 million dollars. It may be an 80 year old building, but completely updated and elected officials have nice digs!

Anonymous said...

This woman is a joke and everyone around this situation knows it. I don't think the fella running against her will win but he's going to spend 750k getting back at her for the way he was run out of the Treasury. Her personal legal stuff, which has never come out but will this time is going to really be a gas!

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Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

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Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS