On Nov. 3rd, voters will select the next chief financial officer for New Mexico. The State Treasurer directly manages around $20 billion in public funds, and the role is increasinglyimportant as revenues and investments have grown. Republican challenges James Ellison formerly served on the Public Regulation Commission and is a chartered financial analyst. He is challenging Democratic incumbent Laura Montoya. He told KUNM he has several changes he would make if elected.
JAMES ELLISON: Well, the first thing that I would change is I would restore on-time reporting to the legislature. Statute requires an annual report at the commencement of the legislative session. That has not happened for three years running. That report has come in well after the legislative session has adjourned under the incumbent, under the previous treasurer, that was not the case. The report was in at commencement or during the legislative session. So, I think that on-time reporting is a critical aspect of that job. I would also have a report that's meaningful that has benchmarks. If you look at the current annual reports, they have a dollar amount for how much was earned, an assertion that the earnings exceeded the benchmarks, but you won't find what the benchmarks were or a quantification of by how much were the benchmarks exceeded.
KUNM: So tell me why that's important for the public and for lawmakers.
ELLISON: It's important to be able to judge is the State Treasurer's office doing a good job or not. They are managing about $20 billion of public funds. Most of that is short-term monies that is required by the state government, and the legislature oversees the state treasury office, and so they should understand: is the state treasurer's office doing a good job or not in managing that money?
KUNM: Your opponent has advocated for the idea -- called baby bonds. So these would provide children born in New Mexico with $7,000 that would be placed in a state-managed trust account. The investment will grow over time and becomes accessible when the child becomes an adult and after completing an approved financial literacy program. What is your take on this idea?
ELLISON: This is not something that is within the authority of the State Treasurer's office to do this is squarely in the powers of the Legislature and the Governor. It would require a new law to be passed. Anyone can be an advocate. There isn't anything special about being treasurer that makes the treasurer uniquely qualified to be an advocate on this topic. I personally think that it is important that folks be financially literate. I think it's important to think about the financial futures of New Mexicans. At the same time, I feel that this is a question for the Legislature as to whether that sort of use of taxpayer funds is a reasonable use and is the best use because it's not free money. This money would be coming from taxpayer dollars. It would probably be coming from our permanent fund, and there are many ways to use the money in the permanent fund, including to leave it there for a rainy day. So, I feel that when key reports are not happening, when core duties of the job are not happening. It's fair to ask if the priorities are being placed properly.
KUNM: The treasurer's office is managing a lot more money than it was not even that long ago. I know your opponent has advocated for more money from the general fund. Do you think the office needs more funds to operate?
ELLISON: I would prefer to assess that when and if I'm in office. I think every agency asks for more money -- more money, and more staff. That's just how it works, and I would like to be able to assess myself whether I think there is a deficit in the number of people that are working there. It's just a little early for me to say, but every agency in Santa Fe is going to ask for more money. That's how it works.
