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Bond issues and elimination of Ohio Estate
Tax
By Josh Mandel
Ohio State Treasurer
I am focused on managing the Treasury and proud to report that our
office is running smoothly. We have assembled an outstanding
team, ripe with experience, and quietly going about their business with
a sharp sense of integrity, clarity and discipline. Here’s a
glimpse into some of our recent activity…
First Bond Issuance of 2011: The Treasurer’s office is one of the
main authorities in the state that issues Ohio municipal bonds.
Accordingly, the office is charged by the State Legislature to help
fund various state projects that serve Ohioans. Next week, our
office will begin pricing its first bond issuance of 2011, entering the
market with $58,000,000 of special obligation bonds. These bonds
will finance state parks and recreation facilities throughout
Ohio. In the coming months, our office will also be issuing bonds
to support highway infrastructure projects and logistics and
distribution programs. Citizens, businesses and organizations
that wish to invest in these and other Ohio bonds can log onto
www.buyohbonds.com for more information.
Eliminating Ohio’s Estate Tax: As promised, I am continuing my
charge to eliminate Ohio’s Estate Tax. The Estate Tax is a form
of double-taxation that has perpetuated the unfortunate and predictable
result of making Naples and Palm Beach second capitals of Ohio.
By forcing retired Ohioans to become citizens of other states, our
state government has energized an exodus of financial and intellectual
capital that should be invested in our communities. Ohio’s Estate
Tax hurts the middle class, homeowners and farmers while driving jobs,
capital and families out of Ohio. I am committed to fighting for
the elimination of this economic burden on Ohio’s families.
Financial Planning and Supervision Commission: As more local
governments unfortunately trend towards classifications of “fiscal
watch” and “fiscal emergency,” our office is working alongside the
Auditor’s office to monitor these entities through our participation in
the Financial Planning and Supervision Commission. Recent
Commission meetings included discussions regarding the Village of
Bethel, Bloom Township, City of Campbell, City of Galion, Village of
Leipsic, City of Mansfield, Scioto County, and City of Wellston.
As always, my perspective in monitoring these communities is one that
embraces fiscal conservatism, merit-based management and application of
private sector business principles.
State Board of Deposit: As Treasurer, I chair the State Board of
Deposit, which designates banks to serve as depositories of public
dollars and approves state banking expenses. Our office recently
lead the first Board of Deposit meeting of 2011, where our financial
team reported to the Board on Ohio’s economic condition and
outlook. The Board, also including the State Auditor and Attorney
General, reviewed and approved the State’s banking expenses for the
prior month. Serving on the State Board of Deposit is an
excellent forum and responsibility for the Treasurer’s office to
advocate for the tightening of state spending and the need to act with
the utmost integrity on fiscal matters.
Financial Literacy Training: In addition to collecting, protecting and
investing the hard-earned dollars of Ohioans, one of my goals is to
provide access to financial education for more citizens. In
partnership with the Ohio Foundation of Independent Colleges, our
office recently conducted financial literacy training for high school
students at Thomas W. Harvey High School in the City of Painesville
(Lake County). Through this interactive spending and budget
simulation training, our staff presented high school students with
information on basic budgeting and money management. I believe it
is important that young Ohioans are equipped with adequate tools in
order to make intelligent financial decisions throughout their lives.
Director of Revenue Management: I am proud to announce that this
week, Michael Fracassa began work as the Director of Revenue Management
in the Treasurer’s office. Michael is the former Assistant Vice
President of Finance and Director of Financial Services at Ohio
Christian University, where he managed the University budget. He
also previously served as the Assistant Director of Accounting at
Indiana Wesleyan University. As one of the core functions of the
office, the Revenue Management Department is responsible for
collecting, processing and depositing state revenue, and for providing
cash management services to state and custodial agencies.
Top-Bottom Review of the Treasurer’s office: Even before taking
office on January 10th, our Transition Team was hard at work conducting
a top-bottom review of the Treasurer’s office operations, staffing,
personnel and contractual obligations, in order to increase efficiency
and make the office leaner. As I’ve mentioned on many occasions,
families and small businesses throughout Ohio are tightening their
belts and so should state government. The Treasurer’s office is
proud of the fact that we are working hard to cut the fat, increase
efficiencies and reward integrity and results.
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