Sunday, Sep. 28, 2008

Treasurer race gets an edge

By Chris Mulick, Herald Olympia bureau

Rarely much of a draw, the race for state treasurer pits a politician and longtime economist against a bureaucrat who's spent far more time in the trenches than in the limelight.

And it's competitive. Assistant state Treasurer Allan Martin, a Republican who is endorsed by retiring incumbent Mike Murphy, got 45 percent of the vote in the three-way August primary. Seattle Democrat Jim McIntire, who has spent the last 10 years in the state House of Representatives, got 39 percent. Another Democrat, ChangMook Sohn, picked up 15 percent and was the odd man out.

Martin is a former Chelan County treasurer and has been endorsed by most county treasurers. But McIntire has been endorsed by county treasurers in some of the largest counties.

Neither candidate is calling for sweeping change and that's especially true for Martin, who has worked for the agency since 1998. He says his work from the inside the county courthouse and state Treasurer's office gives him the edge.

"Plain and simple experience," he said during a recent meeting with the Herald editorial board. "I've dealt with just about every issue that's come along in this state."

McIntire envisions being an activist treasurer more involved in shaping policy. For instance, with the state construction budget already pushing up against the state's debt limit, he believes the agency should lead a process to lay out just how construction dollars will be doled out over the next two or three decades.

"It's very import to have someone there who's had experience working with the governor, working with the Legislature and has the relationships," McIntire said.

The two candidates don't differ much on investment policy. But they do disagree on borrowing policy.

When it issues debt the office seeks competitive bids, hoping to inspire competition from prospective lenders.

"Competitive bidding lowers state borrowing costs," Martin said. "I think (if) it's the public's money we should get the cheapest interest rate."

But McIntire argues the agency shouldn't be so inflexible and that arrangements negotiated with a single lender might help the state finance large projects that require more complex funding arrangements.

"I don't think I would hold myself out there saying 'only and always' competitive bidding," McIntire said.

McIntire has reported raising almost $200,000 for his campaign to Martin's $80,000.