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.

Humbly,

Chip

“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.”

“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: https://www.youtube.com/watch?v=qk9K-1q_DVY.

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!”

Chip

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 treasury.delaware.gov.

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.

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.