State Treasurer offers video "mid-term report"
HARRISBURG, Pa., Dec. 15, 2010 /PRNewswire-USNewswire/ -- Marking the halfway point of his first term, Pennsylvania Treasurer Rob McCord today released a video report showcasing highlights from his administration, which include historic investment returns and innovative programs designed to help Pennsylvania families and entrepreneurs.
"We are running Treasury like a business, pushing continuously to improve efficiency, and I'm enormously proud that we are providing more with less," Treasurer McCord said. "We are driving down the cost of government through our great returns and increased productivity."
The Treasurer explained why he chose to produce his mid-term report in a digital format. "Most government reports go unread by those who receive them in the mail. We hope that, by using a visual medium delivered by email and via the Web, we can share some of our successes in an engaging, accessible – and cost-effective – way."
Treasurer McCord won his statewide, independently-elected office in November 2008 and was sworn in on January 20, 2009 – in the midst of an epic economic recession and in the face of a looming state budget crisis. A successful business leader and entrepreneur, Treasurer McCord brought a fresh approach to his new job – netting historic investment returns of 13.5% at a time when other state treasurers were seeking the safety of Treasury bills. (The same "Pool 98" account netted an average 1.9 percent over the previous five years.)
Treasurer McCord has also focused on developing programs to improve the economic security of Pennsylvanians, including help with college savings, retirement security, unclaimed property, resources for residential energy efficiency improvements, alternatives to predatory payday lending schemes, and help for women entrepreneurs. The Treasurer and his team were able to achieve these significant accomplishments despite steep budget cuts and an unprecedented 16.5% payroll reduction.
"Just like families across the Commonwealth, the McCord Treasury has done more with less and produced real and tangible results for the people of Pennsylvania," Treasurer McCord said. "Across the board, we increased productivity by more than 25%, even as we cut costs by more than 16%."
The Treasurer noted that Treasury is "a profit center, not a cost center, since we pay for ourselves many times over, both with our investment returns and with operations, such as our Bureau of Unclaimed Property – which has generated more than $344 million in positive cash flow since I took office."
The video also notes that, under Treasurer McCord's leadership, Treasury has also dramatically improved the actuarial funding of Pennsylvania's Guaranteed Savings Plan – one of two plans in the PA 529 College Savings Program – increasing by $301 million the value of the plan and lifting the actuarial funding status from roughly 70% shortly after McCord took office to more than 92% today.
"As I say in this video, serving as your elected State Treasurer has been an honor and an extraordinary opportunity – it feels like a lifetime of learning is being put to its best, highest use."
To learn more about recent Treasury accomplishments – and to view the video mid-term report – please visit www.patreasury.org/newsMedia-midterm.html.
SOURCE Pennsylvania Treasury Department