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Ohio Treasurer Josh Mandel
Cost-Cutting
produces more than $6 Million in savings
COLUMBUS - Ohio Treasurer Josh Mandel announced today that cost cutting
measures he has implemented in the Treasurer's office have saved
taxpayers more than $6 million over the last four fiscal years.
Treasurer Mandel outlined these cost savings and other initiatives of
his administration as part of his Fiscal Year 2014 Annual Report.
"Our work in the Treasurer's office has helped save taxpayers more than
$6 million over the last four years," said Treasurer Mandel. "We've
cleaned up a scandal-plagued office and have restored integrity and
rooted out waste, fraud and abuse across the Treasury. We're working to
make government more transparent and accountable to the people while
ensuring Ohioans' that their hard-earned money is safe and secure."
The report also highlights how Treasurer Mandel has:
Worked to improve the state's financial ranking,
from 43rd in the country in 2011 to 7th in country in 2014. Among the
two organizations who ranked the fiscal conditions of the states, Ohio
achieved the largest improvement of any state in the nation;
Earned the highest rating possible from S&P
(AAA) on the $3 billion local government investment fund he manages,
even as 14 other local government funds were downgraded;
Increased the Ohio Enterprise Bond Fund's rating for
the first time in nearly a decade;
Expanded the Treasurer's Transparency Project,
including leading the charge on HB 175 to place the state's checkbook
online;
At the end of the 2014 Fiscal Year, the office
operated efficiently with 117 staff, a reduction of more than 16%
compared to the budgeted team he inherited;
Provided Ohio schools, cities and local governments
with an innovative and fully secure new investment vehicle that
surpassed $2 billion in deposits in just over two years, with nearly
600 local governments opening accounts;
Grown the state's liquidity portfolio by more than
$3 billion since taking office;
Saved more than $23.5 million in interest payments
by refinancing state debt;
Safely transitioned more than $48 billion in Ohio
retiree assets from banks accused of defrauding pension funds; and,
Earned a clean audit three years in a row from Ohio
Auditor Dave Yost's office.
View the full Fiscal Year 2014 Annual Report at www.OhioTreasurer.gov.
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