Richard Ellis
Candidate for: State Treasurer

Political party: Republican
Birth date: January 10, 1960
Birth place: Klamath Falls, Oregon
Current city of residence: West Jordan
Family members: Wife, Joyce; Sons, Daniel, Michael, Brian, Trent, Jonathan and Grant
Current occupation: Chief Deputy State Treasurer
Education: B.S. Business/Finance BYU; MBA University of Utah
Hobbies/Interests: Boating, golf, sports and Sudoku puzzles

1. Using 150 to 200 words, please state your reasons for running for office. What compels you to take on this responsibility?  
    
   I believe the State Treasurer’s office is a professional position that is best filled by an individual that has the education, experience and competence to protect and invest taxpayer moneys. The office’s constitutional duty is to be the “custodian of public moneys.” This is an administrative function, not a policymaking function. Therefore the incumbent should be experienced in treasury management, investing and debt management. Over the course of my career in both the private and public sectors I have developed competency in these areas and want to lend my expertise to the continued strong financial management of the state. I am fiscally conservative and have promoted “best practices” to improve efficiency in government.
    
2. What do you consider to be the top three issues currently facing Utah?
    
   Please list them in order of priority to you (with #1 the most important) and explain why they are important to you and to Utah.  Public education is the number one issue. Investing in human capital is vital to the continued economic success of Utah. Whatever may happen with private schools, pubic schools, including charter schools, will still house and educate the majority of Utah’s students. Our system needs to provide a top notch education for every student. Infrastructure, including transportation and water, is the second most important issue. Continued economic growth depends upon adequate transportation routes and infrastructure such as water to sustain the growth that will come with a growing economy. Third is health care, not just providing health insurance to all citizens but reforming the system such that programs such as Medicaid to not become a disproportionately large portion of the state’s budget.
    
3. What do you plan to do to address your top three issues?
    
   The state treasurer is not a policymaking position and can only provide input to the process but not final decisions. With regard to public education, the state treasurer manages the school trust land fund of nearly $1.0 billion. Wise management of this fund will continue to provide funding for public education. While it won’t solve all of education’s needs, it is an area that the state treasurer can directly impact. To meet our infrastructure needs, the state will need to issue billions of dollars of bonds to provide needed funding as well as implement new creative ideas for financing projects. As the point position for issuing state debt, I can use my experience and expertise to maximize the structure of debt issues to minimize interest expense and maintain the state’s AAA bond rating which save the state millions of dollars. Finally, the health care issue will require real reform to the current system. Most of these decisions will be made outside the state treasurer’s sphere of influence. However, I can provide input as needed.
    
4. What are your most important accomplishments that would make you the most qualified candidate for office? 
    
   I have hands-on experience doing the financial functions of the office. I have overseen the management of an $11.0 billion investment portfolio, consistently achieving a return among the top five of similar portfolios across the country. I have been involved in the issuance of over $3.5 billion of bonds, including the preparation of 24 offering documents at the state level. I have worked with the rating agencies for nearly 20 years. I understand the expectations of a AAA rated state and can provide guidance to the governor and legislature as they develop financial policies. I have managed banking relationships and implemented the latest technologies and products available in the banking industry to improve efficiency at the state.
    
5. What skills, talents, and strengths do you have that enhance your ability to be an effective office holder? 
    
   Throughout my career, I have successfully worked with others to find solutions to problems. This includes experience working with the legislature to pass bills that have improved the efficiency of the state treasurer’s investment programs. I have established credibility with many individuals and groups I have worked with over the years. Credibility is essential to successfully working with others.
    
6. Why do you belong to your political party? 
    
   The Republican Party represents the moral values I believe in such as right to life and marriage between a man and a woman; promotes capitalism and limited government regulation and taxation.