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Treasurer’s Office Receives Third “Clean” Annual Audit in Three Years
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1/17/2012

Treasurer Mandel Releases Top-Bottom Review for Calendar Year 2011

COLUMBUS – Ohio Treasurer Josh Mandel released a report today outlining the results of the Calendar Year 2011 Top-Bottom Review.  This report builds upon findings released at the end of the 2011 fiscal year, and includes full calendar year results. Calendar Year 2011 Top-Bottom Review

“In 2011, I launched a Top-Bottom Review of the Treasurer’s office in order to improve operations, safeguard investments, leverage technology, protect taxpayer dollars, and tighten the belt of state government.  As a result of this review, we were able to return a $400,000 surplus at the end of the fiscal year, and adopt a budget that will reduce general revenue fund operating expenses by $1.2 million in the current biennium,” said Treasurer Mandel.  

“I am very proud that we were able to affirm and improve Ohio’s credit ratings and outlook, even in the midst of a historic downgrade of the United States and many other local government investment pools.  We also found many ways to run government more like a business, by modernizing banking practices, reprioritizing resources and eliminating wasteful and unnecessary expenses big and small.”

Some highlights of the Calendar Year 2011 Top-Bottom Review report include: 
  • Ohio’s credit rating outlook improved from “negative” to “stable,”  even as the United States was downgraded by Standard & Poor’s and lost its “AAA” rating for the first time in history.
  • STAR Ohio, the $4 billion investment pool that the Treasurer administers on behalf of local governments and school districts, received the highest rating possible (AAAm) the same month that 14 other local government investment pools across the country were downgraded.  
  • In the midst of the European sovereign debt crisis, the Treasurer’s conservative investment strategy allowed Ohio taxpayers to earn back all principal and interest on European bank commercial paper.
  • The Treasurer launched the Treasurer’s Transparency Project to allow taxpayers to follow their tax dollars through a fully searchable database of government employee salaries – for the first time in Ohio government history.  
  • The office eliminated the outdated practice of driving checks from Columbus to Cleveland every day, and replaced it with an ebanking process.  
  • The Treasurer discontinued the purchase or use of promotional giveaway items with the Treasurer’s name engraved or printed on them, and reduced or eliminated spending on promotional materials and advertising expenses.
  • Across the office, the review identified new ways to leverage technology and modernize banking practices, in order to improve efficiency and services for taxpayers.  


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Office Of Debt Mgmt

The Office of Debt Management plays an important role in the operation of state government: it oversees the borrowing of funds to assure it is completed in an efficient manner.
    

SaveNOW

SaveNOW, a program offered by the State Treasurer through our linked deposit authority, offers a 3% bonus interest on savings accounts for Ohio citizens.
    

Smart Money Choices

A free personal financial-planning conference series for all Ohioans presented by State Treasurer Josh Mandel, and supported by a variety of statewide and regional partners.
    

Top-Bottom Review 2011

Review Outlines Steps to Improve Operations, Safeguard Investments, Leverage Technology, Increase Transparency and Modernize Banking Practices
    

e-Funds Transfer

Electronic Funds Transfers makes tax payments easy. Entities that have received a notice from the Ohio Department of Taxation can register for electronic payment via the website.
    

Veteran's Preference

Veteran’s Preference provides veterans with priority to be accepted into the GrowNOW and Ag-LINK linked-deposit programs.
    

GrowNOW

A partnership between eligible banks and the Ohio Treasury, enables small business owners to receive a 3% interest rate reduction on small business loans for two years with the opportunity for renewal
    

Renew & Rebuild Ohio

Small business owners, farmers and homeowners are eligible to receive financial assistance to rebuild and recover following an emergency.
    

Ag-LINK

A program for farms to receive an interest rate reduction on new or existing loans or lines of credit up to $150,000. Applications are accepted on an annual basis from January through March.
    

CPIM

The Center for Public Investment Management (CPIM) provides continuing education to Ohio’s public funds managers and their oversight authorities.
    

CPIM Conference: Bowling

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Akron

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Dayton

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

CPIM Columbus

The CPIM (Center for Public Funds Managers) Academy allows public funds managers to increase their financial competencies in managing and safeguarding Ohio’s tax dollars.
    

ECO-Link

A partnership between the State Treasurer and participating banks that provides a 3% interest rate reduction for 5 or 7 years on bank loans when completing energy-efficient upgrades to your home.