Delaware Treasurer Chip Flowers highlighted a number of accomplishments his department has made during his time in office before the Joint Finance Committee in Dover.
During the treasurer’s meeting to outline his department’s fiscal year 2015 budget, Flowers noted that in the past 37 months, the state’s portfolio has increased by more than $44 million, generating positive returns 30 out of 37 months. He’s also reduced investment manager fees by about $400,000 a year.
Flowers, has been under the microscope for the past several months after reports that he misused funds during a business trip to Alaska in 2012. In November he released documents from the trip and reimbursed the state in an attempt to clear things up.
Controversy began bubbling again over the treasurer’s powers among the cash management policy board. A bi-partisan bill was quickly introduced and passed at the beginning of this legislative session to clarify the treasurer’s authority when it comes to the state’s $2 billion cash investment portfolio. Governor Jack Markell signed the bill last week.
Flowers said he’s glad “that the chapter has closed” and looks forward to continuing to make strides in the Delaware State Treasury.
“I think the truth has emerged,” said Flowers. “The treasury has always been very very strong and I think the political vendettas are starting to come to light. People are starting to say ‘wait a minute, the treasury is doing well so what’s the issue?’”
Earlier this week, Gov. Markell’s former policy director Sean Barney announced he would run against Flowers in November for the state treasurer’s seat.
“The people are going to see Chip Flowers policies verses the Governor Markell’s policies so we’re going to have that debate and I think that people are going to find that we’re making progress, we’re making money so I think it’s time for a new era in Delaware and I look forward to Sean and I look forward to my republican opponent.”