As someone who has spent the bulk of a career in private business, I thought it was imperative that the Treasurer’s Office be injected with some good old fashioned common business sense. Too often you hear the phrase uttered in state government “well, that’s just the way we do it.”
I am pleased to announce the Treasurer’s Office has been aggressively looking at our banking contracts and fees. Just like you sometimes have to pay a fee for using the ATM, the state pays a small amount each time it makes a baking transaction. This is the first comprehensive review of STO banking contracts in approximately 10 years.
The results of the review have yielded an anticipated yearly savings of approximately $1 million in bank fees. In addition, several other banking operations have been streamlined within our office.
The Treasurer’s Office is also reviewing the findings of the first comprehensive agency-wide audit done since 1988. Sound business practices will ensure taxpayers are getting the most for their money when it comes to banking and other financial services.
These changes may not make front page headlines, but I want to assure you the Treasurer’s Office is working hard each and every day to uphold the principles of transparency and accountability. I look forward to providing you with more updates on the progress being made in the Treasurer’s Office.
Curtis M. Loftis, Jr.
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