Dover, DE — State Treasurer Chip Flowers and the Delaware State Treasury, under its newly created Office of Economic Policy, today released the “Delaware Economic Index,” an easy-to-use summary of key state economic data. The index rated the state economy as ‘fair’ over the past sixty (60) days.

The index consists of figures and observations on unemployment, housing, consumer confidence, interest rates, state spending and private sector business action in Delaware. The data was gathered from a variety of federal, state and private sources. The “Delaware Economic Index” also implements a color-coded financial early warning system that characterizes the state economic climate over the past 60 days as viewed by the Delaware State Treasury. To view a copy of the index, please click here.

Wilmington, Delaware – It was an exciting week for Treasurer Flowers and the Delaware State Treasury! Treasurer Flowers presented a revised budget for the office to the Joint Finance Committee and issued the First Report on the Delaware State Treasury! To view photos of the budget hearing, please click here! To read a copy of the report, please click here.

Report highlights DST’s strengths, deficiencies, initiatives

DOVER — State Treasurer Chip Flowers today issued his first Report on the Delaware State Treasury, an eight-page document that outlines the strengths and deficiencies of the office he took over in January as well as accomplishments during his first month in office and plans for the future.

“This report will help residents of the state understand what the Delaware State Treasury does, and how it will change so we better confront not only today’s economic challenges, but also the complexities of the 21st-century global economy,” Flowers said.

“In this new era, the old rules and ways of viewing the role of our state government, in particular the Delaware State Treasury, will paralyze our ability to succeed,” Flowers wrote in the report. “We must not fear new ideas and change; rather, we must embrace these concepts with openness and caution.”

Flowers issued the report at the budget hearing for his office conducted by the General Assembly’s Joint Finance Committee.

In the report, Flowers identified four key strengths of his office, which he refers to as the “People’s Treasury.” Those strengths are: a strong team of 23 employees; engaging in sound financial practices; delivering high-quality customer service to state agencies, vendors and the public; and sponsoring financial education initiatives for state employees and Delaware residents.

Among the deficiencies noted in the report were: reconciliation issues within a new statewide accounting system; insufficient technology and equipment for the office; insufficient personnel due to budget reductions in recent years; insufficient use of financial assets to promote financial growth and a shortage of substantive relationships with Delaware businesses and external financial and economic agencies.

The report pointed out that Flowers has already remedied two deficiencies by redefining the mission of the Treasury and creating a new organizational structure.

The Treasury’s new mission, the report stated, “is to restore economic prosperity to the First State by providing critical financial services for the People of Delaware.” The new organizational structure establishes four distinct offices within the Treasury: Executive, Finance and Treasury Services, Disbursements and Reconciliations and Economic Policy.

Flowers identified 13 initiatives for the Treasury and labeled five of them as completed, including the redefined mission and the new organizational structure.

Other initiatives completed during the first month of his term were: creation of the Office of Economic Policy, creation of the Office of Finance and Treasury Services and implementing the Delaware Economic Index and Delaware Early Warning System. The first Economic Index was issued on Feb. 3; the index will be updated six times a year.

Initiatives Flowers plans to implement include:
• Officially renaming the Office of State Treasurer as the Delaware State Treasury;
• Implementing a small business investment program to spur economic growth and job creation;
• Creating an economic targeted investment program to invest state funds in safe financial instruments that underlie Delaware projects;
• Using technology to modernize Treasury operations;
• Developing a new marketing outreach program focused on savings, investments and entrepreneurship;
• Strengthening efforts to reduce the number of checks issued by the state; and
• Establishing and improving relationships with federal agencies.

The full text of the First Report on the Delaware State Treasury is available on the Delaware State Treasury website at treasurer.delaware.gov.

‘Delaware Economic Index’ Designed to Assist Delaware Consumers & Businesses in Making Financial Decisions

Dover, DE — State Treasurer Chip Flowers and the Delaware State Treasury, under its newly created Office of Economic Policy, today released the initial “Delaware Economic Index,” an easy-to-use summary of key state economic data. The index consists of figures and observations on unemployment, housing, consumer confidence, interest rates, state spending and private sector business action in Delaware. The data was gathered from a variety of federal, state and private sources. The “Delaware Economic Index” also implements a color-coded financial early warning system that characterizes the state economic climate over the past 30 days as viewed by the Delaware State Treasury. The Delaware State Treasury expects to release the index every 60 days.

“Pursuant to our new mission of restoring economic prosperity to the First State, the Delaware State Treasury is proud to provide key economic data to assist the People of the State of Delaware in assessing our economic climate. The index describes Delaware’s economic climate as ‘fair,’ for the past 30 days,” State Treasurer Chip Flowers said, “since unemployment remains higher than normal levels (8.5 percent statewide) and certain key economic indicators remain relatively sluggish. However, Delaware has some positive economic news, as inflation remains in check and the Federal Reserve Bank of Philadelphia’s ‘Beige Book’ is forecasting moderate regional growth – which should have a positive impact on our state.”

“The ‘Delaware Economic Index’ will help residents and businesses by offering instant access to key economic data from their State Treasury that will assist them in managing their finances and spending. We hope that the index will serve as a unique resource (outside of the Delaware Economic and Financial Advisory Council) for state officials to evaluate key economic factors and propose innovative policies that will help us meet our financial challenges. This is the first of many new exciting initiatives that the Delaware State Treasury will offer in the coming weeks and months to further our mission of restoring economic prosperity to our state,” Flowers said.

The Delaware State Treasury’s Office of Economic Policy was established in January, at no cost to taxpayers, through a fellowship program created between State Treasurer Flowers and the United Way of Delaware.

About the Delaware State Treasury

The mission of the Delaware State Treasury, the cornerstone of the state’s financial system, is to restore economic prosperity to the First State by providing critical financial services for the People of the State of Delaware. Led by Delaware State Treasurer Chip Flowers, Jr., Esq., the Delaware State Treasury works with public, private and nonprofit organizations to present financial clarity to all Delawareans through its four divisions – Executive Office of the State Treasurer, Office of Finance and Treasury Services, Office of Disbursements and Reconciliations and the Office of Economic Policy. For more information on the Delaware State Treasury or for a full version of the Delaware Economic Index, you can visit www.treasurer.delaware.gov, send an email to statetreasurer@state.de.us, or call 302-672-6700.

Wilmington, Del. – On January 17, Delaware State Treasurer Chip Flowers was unanimously elected to serve as Eastern Vice President of the National Association of State Treasurers (NAST). In this new role, Treasurer Flowers will serve as the point person for matters impacting state treasurers in the Eastern region of the United States.

Upon receiving the news of the position, Treasurer Flowers said, “I am honored that my colleagues have selected me to serve in this prestigious position. NAST is an outstanding organization and I look forward to working with other state treasurers throughout the nation to advance the important economic issues facing the Eastern states. Again, I am humbled by this honor.”

The National Association of State Treasurers promotes education and the exchange of ideas, builds professional relationships, develops standards of excellence and influences public policy for the benefit of the citizens of the states. NAST Membership is composed of all state treasurers, or state finance officials with comparable responsibilities, from the United States, its commonwealths, territories, and the District of Columbia. Headquartered in Lexington, Kentucky, NAST is recognized as a national force whose work has influenced public policy at both the state and federal levels. NAST is instrumental in developing and promoting standards of excellence regarding ethical conduct, policy guidelines and accountability, and model legislation and regulations. The NAST Office of Federal Relations in Washington, D.C. provides a resource for state treasurers to communicate concerns on pending legislation and regulatory actions by federal agencies.

Wilmington, Del. – On January 4, 2011, Chipman “Chip” Flowers, Jr., Esq. was sworn in as Delaware’s State Treasurer at the Delaware Art Museum. Governor Jack Markell, U.S. Senators Tom Carper and Chris Coons, U.S. Representative John Carney and other members of the General Assembly gave remarks on this special occasion.

To view photos of this historic event, please visit www.facebook.com/flowersfortreasurer or click here.

The Office of the Delaware State Treasurer-Elect has announced details regarding the swearing in of Treasurer-Elect Chip Flowers. The event will be held on January 4, 2011 at the Delaware Art Museum, commencing at 9:00am. To view a copy of the invitation, please click here.

We hope that you and your family will join us on this very special occasion! Again, thank you for all of your support!

A Special Message from Delaware State Treasurer-Elect Chip Flowers:

“I want to extend my gratitude to the people of the State of Delaware for electing me to serve as our next state treasurer. In this historic election, our message of restoring prosperity resonated with Delaware voters and I am deeply grateful for your belief in me and my plan. I look forward to working with you and your family in moving our state forward.

Again, thank you and our journey continues.”