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.”
22 comments:
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?
I believe the interest rate got so low that many of the higher interest bonds were much better being refinanced. Not sure though.
it don't take a rocket scientist to refinance bonds when interest rates go down.
@ 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.
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.
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?
They did under Frank. I managed to kill it. It was a really bad deal. Everyone was getting rich on that one.
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.
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.
"Should candidates really get this sort of free campaign air time?"
Air time? Who broadcasts the rodeo?
We don't need an elected state treasurer.
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.
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!
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.
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?
Hinds County did some of those swaps and Porter Bingham and Malachi got fat off of them.
"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.
"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.
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!
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.
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!
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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