Illinois State Treasurer Dan Rutherford Reduces Office Budget For Third Time
Chicago-March 24, 2014-Illinois State Treasurer Dan Rutherford testified before the Senate Appropriations II Committee last week requesting his 2015 office budget from the General Revenue Fund be reduced by 5% from the prior fiscal year. The reduction will mark the third time since becoming treasurer that Rutherford has reduced expenses and streamlined staff in order to find savings.
Treasurer Rutherford cut his operations budget by 2% during his first year as Treasurer and then last year he reduced it by an additional 3%. In total, 10% percent will have been slashed from the general revenue operations funding of the Illinois State Treasurer’s Office since Dan Rutherford became Treasurer.
“I am a businessman with 25 years in the private sector, and I continue to search for ways to reduce my state budget while maintaining standards of performance within the office,” said Treasurer Rutherford. “As a result, I will have cut the general revenue operations funding in my office below the level it was 15 years ago.”
Additionally, under the leadership of Treasurer Rutherford the Unclaimed Property Division increased 69%, returning more than $139 million in assets in calendar year 2013. The number of claims paid since taking office is up 55%.
The College Savings Division has reached more than $6 billion in total assets, with a record of more than 350,000 accounts. That is an increase of 72% in assets and 32% in accounts.
Office improvements include the consolidation of the Warrant and Accounting Divisions, saving $200,000, updating the primary office technology system to a client/server platform, saving $260,000 in fees, increasing the staffing within the internal audit division, updating the banking division electronically, enhancing the Illinois Funds E-Pay system regarding payment services and compliance, and developing new methodology that allows the Treasurer’s Office to offer below market rates on the Linked Deposit Program.