‘The honor of a lifetime’ – outgoing State Treasurer Duane Davidson | Guest Opinion
I am grateful to have recently received the President’s Distinguished Service Award from the National Association of State Treasurers (NAST). I would like to extend a big thank you to NAST for their partnership over the years and for this incredible award. It has given me a chance to reflect back on things from my service as Washington State Treasurer.
As my time as the state’s 23rd treasurer concludes, a feeling of reflection encourages me to look back on what an honor and a privilege it has been to serve you, my fellow Washingtonians. Leading an incredible team here in the Treasurer’s Office, together, we were able to procure the first AAA bond rating in state history, which will ultimately save millions in taxpayer dollars. Additionally, we reduced the Treasury service fee to the lowest it’s ever been, stretching agency budgets further in this time of unprecedented need.
In 2019, I encouraged this office to take bold steps and provide more financing opportunities to local governments by increasing the number of issuances for our LOCAL Program. This move now affords local governments an increased opportunity to finance critical equipment and major purchases.
Two years ago, we created the Washington Fund Directory (www.WaFundDirectory.wa.gov). A first of its kind for the state, this online directory digitally connects local governments searching for grants or loans with the resources that can help them reach their financial goals.
One of my biggest concerns as state treasure continues to be the level of state debt we are amassing. In Fiscal Year 2020, we grew the state’s total outstanding debt and other financial obligations to $21.6 billion, ranking Washington as eighth highest debt per capita in the nation according to Moody’s credit rating service. Transparency and awareness of this issue was one of my primary objectives while in office. That is why we worked to expand readership of our annual Debt Affordability Study by developing the Debt Affordability Digest (www.tre.wa.gov/digest) — a two-page document explaining many of the crucial elements of state debt, including our outstanding debt and the state’s debt limit, along with other key debt metrics.
Another topic of great concern I want people to keep aware of is the addition of new and higher taxes. With the financial burdens imposed by the pandemic, more taxes would hurt small businesses and that is not a way to spur economic recovery. We need to increase awareness about legislative actions that lead to tax increases and more spending.
I worked hard to inform legislators and the public on the importance of maintaining a balanced budget. Reaching lawmakers with our debt studies and reaching members of the public with our robust financial education initiative and the digital learning modules (www.tre.wa.gov/ed), we brought online a free resource for all ages. The goal is to help people improve their financial knowledge, because with great financial knowledge comes greater financial capability.
It surely has been the honor of a lifetime to serve as state treasurer. I never thought this kind of opportunity would ever be afforded to me. I am certainly glad that I took the opportunity to run for this office and serve Washington to the best of my ability. I leave much of that work in the capable hands of the Treasurer’s Office staff, who carry on the humble challenge of public service as guardians of Washington’s tax dollars.
Best of luck to the next treasurer, the Honorable Mike Pellicciotti.
This story was originally published January 12, 2021 at 3:15 PM with the headline " ‘The honor of a lifetime’ – outgoing State Treasurer Duane Davidson | Guest Opinion."