not just managing
Inside the Treasurer’s Office
Day-to-day operations of the State Treasurer’s Office occupy the majority of Ken’s time. He is responsible for managing the State’s cash and debt, arranging banking services and processing financial transactions for state agencies, and overseeing investment plans for individuals saving for retirement, planning for college and managing disability expenses.
In his first term, Ken and his team have re-architected the State’s $2 billion investment portfolio and overhauled the state employees’ $1 billion voluntary savings plan. These multi-year efforts have improved investment performance and lowered costs for financial platforms that had not been meaningfully restructured in 20-35 years.
In the first case, the arrangement of financial services for the State’s $10 billion in annual spending is fragmented and decentralized, resulting in inefficiencies through both gaps and redundancies and unnecessary exposure to cyber-security threats. A review begun in 2017 with an inter-agency banking task force has produced an actionable set of recommendations adopted in the Governor’s first ever report on Government Efficiency and Accountability (GEAR). The work begins now to make the report’s findings reality.
In the latter instance, while the State has maintained a AAA rating on its debt issuances, new regulations focused on off-balance sheet liabilities as well as an all-time high in per capita borrowing suggest that more can be done to institutionalize the state’s debt policy and examine long-term debt feasibility. As one of only four Bond Issuing Officers, Ken hopes to lead improvements in Delaware’s capital budgeting and borrowing processes.
Operating Divisions and Business Units of the State Treasurer's Office
Debt and Cash Management Division
Contributions and Plan Management Division
Reconciliations and Transaction Management Division
Collections and Disbursements
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