Archive for the ‘Uncategorized’ Category

Endorsement Statement from State Treasurer Chip Flowers

Thursday, October 2nd, 2014


I am forever grateful that the People of Delaware have given me the opportunity to serve them over the past four years. Together, we made historic changes and accomplishments by challenging the establishment and made millions for the state. I enjoyed every minute of these important policy debates that have reshaped our treasury to meet the needs of the 21st century. Again, thank you.

With respect to the upcoming election, I remain supportive of my fellow Democrats throughout our state and I am encouraged by a number of new candidates putting forth new ideas to improve Delaware by challenging the status quo! It makes me very proud that the door has been opened for others to follow.

With respect to the state treasurer’s race, I have spent my career standing for the fundamental principle that ideas matter over endorsements. Based upon this principle and the questionable actions over the last 60 days, I cannot in good conscience endorse a candidate for this office. Rather, I encourage voters to support the candidate who has not only campaigned with the highest integrity, but has the financial education and experience to manage our $2 billion portfolio, will continue the “Honest Way” reforms to the Cash Board which have made over $50 million in returns for Delaware and supports mandatory background checks for those state employees having access to our state financial accounts.

I am confident that the People of Delaware will make the right choice and send a strong message on Election Day. Thank you and I hope you have a wonderful day.



At Peace with a Decision

Thursday, August 28th, 2014

Treasurer Flowers officially withdraws from Primary after clearing name. To read the complete statement, please click here.

Watch State Treasurer Chip Flowers’ Press Conference

Thursday, July 31st, 2014

On July 30, 2014, Delaware State Treasurer Chip Flowers held a press conference with national and local media to discuss the report issued by the Office of the Auditor of Accounts showing Treasurer Flowers’ travel was for legitimate business purposes and disproving claims and misleading statements issued by his opponent and certain media. Click the following link to view this important press conference and watch our State Treasurer “Stand Up for You”:!

Travel Audit Support Treasurer Flowers’ Travel

Thursday, July 31st, 2014

Official Statement by the Delaware State Treasury issued on July 30, 2014 upon release of audit report supporting State Treasurer Chip Flowers’ Travel (for additional information, visit

“Earlier today, the independent Office of the Auditor of Accounts for the State of Delaware released its official audit report (the “Report”) of the State of Delaware’s purchasing card program that focuses on travel and direct reimbursements for appointed and elected officials. The extensive Report verified that Delaware State Treasurer Chip Flowers used the State of Delaware purchase card only for legitimate business expenses and never made any personal charges. The Report is the result of an extensive and conclusive review undertaken by the Office of the Auditor of Accounts on the purchasing card activity of appointed and elected officials, including the Governor, Secretary of Transportation and the State Treasurer.

Upon the release of the report, State Treasurer Flowers stated at a press conference held this morning, “I am pleased that the Report verified the Treasury’s position from the outset, that I have served honorably and my travel has been for legitimate business purposes to serve the People of Delaware. I am grateful the Report found that all my spending, including travel to conferences and meetings, was proper. All reimbursements relating to my travel were received and properly allocated by the Treasury. I am also grateful that the Auditor of Accounts recognized the successful changes made by the Treasury to establish proper oversight for our internal credit card program, and I am hopeful that the recommendations outlined in the Report for other state agencies and those already adopted by the Treasury will be undertaken by the appropriate authorities.”

Flowers further stated, “I commend the Office of the Auditor of Accounts for conducting a professional, thorough and fair review of the State credit card and travel programs. Despite the serious political pressure surrounding the Report, we are appreciative that Auditor Wagner and his team issued a non-partisan, fact-based analysis – a testament of their level of professionalism and service to the public.”

The Report not only supports the Treasury’s and the State Treasurer’s original comments to the public, but it also disproves claims and misleading statements that have been repeated on numerous occasions by certain media sources, including The News Journal. Based on the findings of the Report, the Treasury is warning the public to exercise caution and perform due diligence when reading any information about the Delaware State Treasury and the State Treasurer in The News Journal , as the Treasury believes that information may be presented inaccurately or in a misleading manner in the publication. We encourage the public to read pages 2, 11 & 12.

Treasurer Flowers further stated, “We believe even today’s article in the News Journal is misleading and was an intentional effort to mislead the public since the publication was wrong – plain and simple. The Gannett Company has been contacted with a request to remove and replace all individuals assigned to the Treasury, including the paper’s investigative editor. Action will be taken. As an elected official, we expect a certain level of attacks from those who resist efforts to improve Delaware. However, when the public is denied the truth by those seeking to promote their own agenda, the People suffer the consequences. As such, it is the responsibility of our government and those who report on our government to ensure that wrongs are righted and the truth prevails – then, and only then, will we achieve our true goal of government of the People, by the People and for the People.”

Watch Treasurer Flowers Stand Strong in Debate Against Opponent!

Thursday, July 10th, 2014

Statement by Treasurer Flowers issued on July 10:

“I am truly humbled by the tremendous amount of support and kind words sent to me after the debate with my primary opponent on [last] night. If you have not had an opportunity to watch the debate, I hope that you can find time in your busy schedule to do so. The full debate can be viewed at the following link:

We will continue our positive campaign and stand strong against the baseless and negative attacks used by my opponent and those who opposed our efforts that made millions for Delaware! We are working hard every day to earn your vote by advancing ideas and programs that will benefit you, your family and Delaware businesses during my second term.

Please remember to vote on September 9!”


Earning Your Vote

Thursday, June 19th, 2014

To view image, please click here.

Delaware Economic Index for May 2014

Thursday, May 8th, 2014

Source: Delaware State Treasury

The Delaware Economic Index for May 2014 provides key economic and financial data about the First State over the past 60 days. To view the complete Index, please click here. If you have any comments or questions, please do not hesitate to contact your Delaware State Treasury at (302) 672-6700 or visit

Review of Delaware Cash Management Board Continues

Thursday, April 3rd, 2014

Source: WDEL

State lawmakers are considering possible reforms for the board that oversees Delaware’s $2 billion cash portfolio.

Members of the legislature’s Joint Sunset Committee held a hearing Wednesday regarding issues surrounding the Cash Management Portfolio Board.

The nine-member board has been the subject of infighting between elected state treasurer Chip Flowers and other members appointed by the governor.

The Sunset Committee periodically reviews state agencies, commissions or boards to determine whether there is still a need for them. Among the reforms it could recommend for the cash management board are financial disclosure requirements for board members, which Flowers has called for.

Lawmakers also may look at restricting political contributions from the cash board members, but Flowers’ calls for term limits seemed to get little support among members of the legislative committee.

To view the original article, please click here.

Flowers Offers Cash Management Policy Board Reform Proposals to Joint Sunset Committee

Thursday, April 3rd, 2014

Source: WDDE

State lawmakers say they will consider new oversight measures suggested by State Treasurer Chip Flowers for the board supervising Delaware’s $2 billion cash portfolio.

The Joint Sunset Committee (JSC) held a second hearing on the Cash Management Policy Board Wednesday after the first one last month fell flat, with board chair John Flynn failing to attend and tensions between State Treasurer Chip Flowers and the board blossoming once again.

Lawmakers gave the board complete control over the state’s cash portfolio in February. Now, Flowers is lobbying for reforms to the way the entity operates. His proposals include more frequent meetings, adding legislators on the board, and strengthening financial disclosure requirements for members appointed by the governor.

After accomplishing nothing in last month’s first attempt to examine those proposals, JSC Co-chair Sen. Nicole Poore (D-12th District) says this meeting went better than she had anticipated.

“The state treasurer was able to come up with some ideas that the board is agreeing to and or maybe its always been agreed to. I’m not really sure because we’re not really privy to those meetings. So, in stating that, I think it was much better and we’ll see some successes at the end of this [General Assembly] session,” said Poore.

The JSC’s other co-chair, Rep. Gerald Brady (West Wilmington) says the committee is behind increasing financial disclosure, but he doesn’t want to see lawmakers being a part of the body.

The committee did not officially act on any proposals at the hearing, but Flowers says he still views it as a positive step.

“There is nothing concrete except the fact that we have people on record saying that they’d be supportive of it. Before we had a hearing today, people were opposed to all those concepts. Today, they have a different tune, so that’s one step. We’re moving in the right direction,” said Flowers.

JSC will issue their recommendations on changes to the Cash Management Policy Board in May.

To view the original article, please click here.

Lawmakers Meet With Group That Controls State’s Portfolio

Thursday, April 3rd, 2014

Source: Delaware State News

DOVER — Lawmakers on the Joint Sunset Committee are considering increasing financial disclosure, prohibiting political contributions and fostering transparency for board members overseeing the state’s $2 billion portfolio.

During a rescheduled meeting for the nine-member Cash Management Policy Board Wednesday, both the board’s chair John Flynn, a consultant in healthcare business, and State Treasurer Chip Flowers, the only elected member of the board, presented separate reports for the board’s regulatory review, that offered slight consensus after months of contention.

“The treasury has no issue having an oversight board,” said Mr. Flowers during the hearing. “We just want to make sure there have to be rules.”

Mr. Flowers and the board, which includes three members of Gov. Jack Markell’s administration as well as five other gubernatorial appointees appointed by the governor and confirmed by the Senate, have been at odds since his election in 2010. Most recently, the governor supported legislation which clarifies policy and investment practices of the board and redefines the treasurer’s role on the board.

Mr. Flowers maintained that Senate Bill 151, which was passed by the House and Senate and signed by the governor on Valentine’s Day, fosters “unintended consequences”.

His “honest way amendments”, introduced as lawmakers were working the bill, would improve the board, he said, and include increased financial disclosure, prohibitions on political contributions to elected officials, increased public oversight, more elected officials on the board and stricter term limits.

“I think the board has to have more than one elected officials, we need members of the General Assembly serving on board,” Mr. Flowers said, for the best interest of the board, which only meets twice a year.

“I think if we are going to entrust $2 billion to a group of individuals there has to be some kind of standard, you cant manage $2 billion twice a year.”

Longtime experience in the field should not be the only deciding factor when it comes to selecting board members, he sad.

“The notion that we need to keep the same people on the board because of some longtime experience…I encourage turnover. We need more elected officials. I enjoy being in the paper everyday, but I’m tired of carrying the water, it’s lonely.”

He implored the ten-member bipartisan committee halfway through the two and a half hour meeting, “Come on the board, join the fun. We will give you some tootsie rolls or something.”

Sen. Dave Sokola, D-Newark, disagreed that General Assembly members should elected to the board.

“We [legislators] aren’t required to have financial expertise,” Sen. Sokola said. “A number of us have, but we are not required to have that. Some people develop expertise being in a certain position.”

By telephone conference, Mr. Flynn reflected on the true purpose of the cash management board, which was formed in the 1980s in the wake of a financial crisis with Farmer’s Bank, that had at the time held all of the state’s investments.

“We had too many eggs in one basket,” said Secretary of Finance Tom Cook, one of the mandated board members from the governor’s administration. Secretary Cook said the board is similar in structure to the Delaware Economic and Financial Advisory Council, which meets throughout the year to report the state’s revenue projections.

“DEFAC works because we have number of members from the private sector and they are able to tell us what is going on in the ground,” Mr. Cook said. “It is this private sector expertise that is needed in order for us to do this.”

Mr. Flynn said the board has a responsibility to maintain the state’s funds and assets with minimal risks.

An independent investment analyst would be welcome to consult with the board, he said, but at the time only Mr. Flowers has a financial adviser, Credit Suisse, separated from board proceedings.

“The treasurer brought in an independent adviser, but the reality is the independent adviser is not an adviser to the board and we’ve been restricted in our ability to talk to Credit Suisse.”

While an independent adviser to the board would be useful, Mr. Flynn was lukewarm on the topics of increased financial disclosure and an increased elected official presence on the board.

Every three years the board members do go through financial disclosure reports upon their appointment or reappointment, he said. If they would be asked to have annual reports, he suggested all other boards have similar protocol.

After the presentations, Joint Sunset Committee Chairwoman Sen. Nicole Poore, D-Middletown, was visibly uncomfortable and concerned with the status of the board members.

“It’s a little frustrating up here and not seeing a collaborative effort in simply because you are dealing with our money,” Sen. Poore said.

She addressed an issue of transparency, particularly in regards to meeting minutes. Often times, minutes are not recorded until much later, she said, which is problematic.

Board member Secretary of State Jeffrey Bullock agreed.

“I think its just a practical matter, the board does need some guidance as to where our staffing comes from,” he said.

At the end of the day, the problems come down to a simple matter or personality differences, Joint Sunset Committee Co-Chair Rep. Gerald Brady, D-Wilmington, said after the hearing.

“If it’s not broken, why fix it,” said , after the hearing. The cash management board has been under the same leadership for the past 30 years, has kept a continuous Triple-A bond rating and there have been no recorded violations.

“This is just a management policy board.”

However, he said sunset committee members do support increasing the financial disclosure requirements, political donations and transparency of board members. Term limits is a lost cause.

“As far as term limits I don’t see a consensus on that,” he said, but supported restricting the board members ability to make political donations.

“In this climate of pay-to-play, you certainly don’t want to be seen opposing any corrective measures of that when you are dealing with someone who has access to funds.”

The Joint Sunset Committee has until May to craft a report to the General Assembly that may include some of those recommendations.

To view the original article, please click here.