Dover, Delaware – State Treasurer Chip Flowers and the Delaware State Treasury released a new and improved version of the Delaware Economic Index! The index provides key economic and financial data about the First State over the past 60 days. To obtain a copy of the new index, please visit treasury.delaware.gov or click here.
Archive for the ‘Media Coverage’ Category
Wilmington, Delaware – On February 10, Delaware State Treasurer Chip Flowers appeared as a special guest on WHYY’s FIRST television show. To view the complete interview, please click the following link: http://www.newsworks.org/index.php/delaware/item/33852-chip-flowers.
Report highlights Treasury’s strengths, achievements, & goals
For immediate release, Feb. 6, 2012
Contact: Deputy State Treasurer Erika J. Benner at (302) 672-6700 or email@example.com
DOVER — State Treasurer Chip Flowers today issued his Second Report on the Delaware State Treasury, a 12-page document that outlines the strengths of the office, the accomplishments during the first year of his administration, and challenges and initiatives for the coming year.
“In our post-recession climate, the Delaware State Treasury (Treasury) has made significant progress over the past year in our services to Delawareans. However, new challenges in today’s global financial markets will require the Treasury to continue creating and implementing innovative ideas and solutions to fulfill our mission as the cornerstone of the state’s financial system,” Flowers said in releasing the report prior to the Treasury’s General Assembly’s Joint Finance Committee hearing today at 2:30pm. The report is available online at the Delaware State Treasury website, http://treasury.delaware.gov/.
In his report, Flowers noted a significant number of achievements of the Treasury during 2011, including:
- Implementing a new financial system that was instrumental in assisting the Treasury perform critical services during a challenging economic climate.
- Signing an agreement that allows corporations and businesses the option of using American Express® cards to make payments to selected state agencies.
- Signing the Delaware Money in Delaware Banks directive, which will increase the portion of the state’s investment portfolio that is deposited in U.S. Government insured interest-bearing accounts in local banks.
- Creating the Delaware Economic Index, a bimonthly summary and analysis of economic data that impacts Delaware businesses and families, and the Delaware Early Warning System, an easy-to-understand evaluation of the state’s economic climate.
- Creating an Office of Economic Policy and an Office of Finance and Treasury Services within the Treasury at no cost to taxpayers by consolidating existing Treasury assets.
- Establishing cooperative relationships with the White House, the U.S. Treasury, Federal Reserve Banks and other key federal agencies.
- Modernizing the office through the use of new hardware and software, and expanding the online presence of the Treasury.
Flowers listed five significant challenges facing the Treasury in the report. They are:
- Improving the transparency of policies of the state’s Cash Management Policy Board.
- Increasing and diversifying the number of investment managers approved to service the state’s investment accounts.
- Overhauling the structure of the state’s investment portfolio to improve diversification, liquidity and yield with the assistance of an independent financial advisor.
- Modernizing technology to secure the Treasury’s critical financial data in line with best practices.
- Seeking the best benefits with the lowest possible fees for the state’s deferred compensation plans.
In addition to addressing these challenges, the key initiatives of the Treasury for the upcoming year include:
- Engaging an independent investment advisor with expertise in government and public finance to assist the Cash Management Policy Board and the Treasury in improving the state’s investment portfolio.
- Expanding the Delaware Money in Delaware Banks initiative to include deposits in local credit unions.
- Using prepaid debit cards to continue the annual reduction in the number of checks issued by the state.
- Expanding financial education and outreach programs.
- Working with other state officials to include the purchase of warrants from recipients of state economic development grants, thus increasing the state’s return on its investments.
“Although the past year has been filled with significant achievements, we must continue to work hard and propose creative solutions to emerging challenges in our service to the people of Delaware in this competitive 21st century global economy. It is the goal of our team for the Delaware State Treasury to serve as the ‘financial idea center’ for our state government,” Flowers said.
To obtain a copy of the Second Report on the Delaware State Treasury, visit www.treasury.delaware.gov.
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, 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, you can visit www.treasury.delaware.gov, send an email to firstname.lastname@example.org, or call 302-672-6700.
State Treasurer Chip Flowers and the Delaware State Treasury have released the January 2012 edition of the Delaware Economic Index, which rated the state’s economic climate over the past (60) days as ‘Fair’. For additional information or to obtain a copy of the Index, please visit www.treasury.delaware.gov.
Please click here for a Special Holiday Note from State Treasurer Chip Flowers!
Dover, Delaware – The Delaware State Treasury released a copy of the Delaware Economic Index on October 31, 2011. The index rates the state of the Delaware economy over the previous 60 days as ‘Fair’ – no change since the prior period. For a copy of the index, please visit the Delaware State Treasury’s website at treasury.delaware.gov or click here.
‘Begin Your Savings Journey to Financial Freedom’
Dover, DE – From October 16-22, 2011, the Delaware State Treasury will host a series of events throughout the state to celebrate “National Save for Retirement Week.” During the week, the State Treasury will promote the benefits of saving for retirement among Delawareans and launch its innovative statewide savings campaign, “Earn. Save. Invest. PROSPER.”
“During National Save for Retirement Week, I am pleased to announce that the Delaware State Treasury will play a key role in helping Delawareans understand the importance of saving for retirement through our new savings campaign. We are excited to launch a series of programs and initiatives throughout the state that encourage individuals and families to begin their savings journey towards financial freedom,” said Treasurer Chip Flowers. “It is important for the Treasury to provide Delawareans with helpful financial information that will assist them in their journey and we want Delawareans to earn, save, invest and prosper,” said Treasurer Flowers.
Understanding the difficult economic climate faced by many Delawareans, the State Treasury has also designed savings tools to assist families unable to save due to financial hardship. “While we understand that many Delawareans are unable to save due to the national economic climate, we want to remind those individuals that their State Treasury offers valuable tools that may help them during this difficult period,” said Treasurer Flowers.
Earlier this year, the Delaware State Treasury launched its signature “Prosperity Portal” available on its website (treasury.delaware.gov ). The primary focus of the portal is to educate Delawareans on the importance of saving and investing. Working with non-profit organizations, the State Treasury has designed the portal to meet the needs of all Delawareans, from novice savers opening their first bank account to experienced investors seeking additional sources of information.
In addition, the State Treasury’s award-winning delawaresaves.com site is available for state employees to take advantage of the State’s Deferred Compensation Plans. Employees are encouraged to visit the site and schedule time to sit with financial professionals to map out their goals and plan for retirement.
The State Treasury team will visit locations throughout Delaware each day during the week (a list of locations are set forth below). With a combined effort involving non-profit organizations, the media, and other state agencies, the Treasury hopes that everyone will take time during National Save for Retirement Week to focus on their future.
Monday, October 17
11am – 2pm
Delaware Technical and Community College, Owens Campus
Student Services Building
18800 Seashore Highway
Georgetown, DE 19947
Tuesday, October 18
11am – 2pm
DHSS Herman M. Holloway, Sr. Campus
Main Building – Front Lobby
1901 North DuPont Highway
New Castle, DE 19720
Wednesday, October 19
11am – 2pm
Kent County Courthouse
414 Federal Street
Dover, DE 19901
Thursday, October 20
11am – 2pm
Carvel State Office Building
820 N. French St.
Wilmington, DE 19801
Friday, October 21
11am – 2pm
Delaware Department of Transportation, Kent County Office
800 Bay Road
Dover, DE 19901
By Aaron Nathans, The NewsJournal
The weather forecast may be severe, but the state’s economic climate is merely fair, Delaware’s state treasurer says.
The 10-page roundup looks at economic events, studies and political developments.
On a color-coded, five-tiered scale, ranging from red (”severe”) to green (”strong”), Flowers’ office designated the state’s economic climate over the last 60 days as “fair,” or yellow.
It underscores that judgment by pointing to:
The national unemployment rate is 9.1 percent.
» A weak state housing market, except for Sussex County, where average home prices have increased by 10 percent over the last year.
The average price of a home in New Castle County is down 20 percent from July 2010, and Kent County is down 7 percent.
» National consumer confidence fell to its lowest level in decades in a University of Michigan survey.
But it also notes:
» A four-week moving average of U.S. jobless claims at 402,500 on Aug. 13, the lowest figure since April 16.
» Delaware’s portfolio, managed by Flowers’ office, had $1.8 billion this month, compared with $1.6 billion in August 2010.
The report also provided a roundup of major economic headlines, which included Fisker Automotive, Hawker Beechcraft and Southwest Windpower announcing new jobs in Delaware, as well as Bank of America’s plans to lay off 3,500 nationally.
For your information, the August edition of the Delaware Economic Index has been released by the Delaware State Treasury’s Office of Economic Policy. The index provides key economic and financial data about the First State over the past 60 days. For the complete index, please click the image below or if you are unable to view the image, please visit http://treasurer.delaware.gov/wp-content/uploads/economicindex1.pdf.
Please note, in this edition, a significant amount of recent economic activity in the First State and an analysis of the recent U.S. debt ceiling deal are discussed. We hope that this index will assist you, your business and family in your financial decisions.
As usual, if you have any comments or questions, please do not hesitate to contact your Delaware State Treasury as we continue to work towards restoring prosperity to Delaware. Thank you.
State Treasurer Chip Flowers
DOVER, DE — Delaware State Treasurer Chip Flowers and Secretary of State Jeffrey Bullock signed a new agreement with American Express today which will offer corporations and individuals another payment option for certain services when conducting business with the State of Delaware.
“The innovative agreement we have reached with American Express is part of the Treasury’s effort to provide customers with the highest level of financial service, while providing economic incentives that reduce the transaction costs borne by taxpayers. In our global economy, Delaware must meet the financial needs of our customers to remain competitive and our Treasury will work vigorously to ensure that need is met. This is one of the new financial services that the Treasury will launch over the coming months,” Treasurer Flowers said.
The Delaware Department of State is the first agency to accept the card. “The Delaware Division of Corporations is pleased to offer American Express as a payment option to our customers around the world,” said Secretary Bullock. “Governor Markell and Treasurer Flowers share a goal of making it simple and convenient to do business with the state, so I’m very pleased we’ve been able to partner to respond to customer demand for this service,” continued Secretary Bullock.
Other state agencies are expected to accept American Express in the near future. According to American Express, there are approximately 87.9 million “cards-in-force” worldwide.
For a photo of the signing, please contact the Media Contact at the telephone number listed above.
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, 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, you can visit treasury.delaware.gov , send an email to email@example.com, or call 302-672-6700.
About the Delaware Department of State
The mission of the Delaware Department of State is to promote Delaware’s economy and generate state revenue; manage and facilitate citizen access to governmental, educational and recreational information; preserve and promote Delaware history, art and culture; assist and provide direct services to Delaware veterans and their families; promote equal opportunity and protection for all persons; provide regulatory, licensing, investigative and consumer services to protect the public’s health, safety and economic welfare; and administer the state’s public and merit employment relations laws and government ethics laws.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Merchant Services is the merchant network of American Express, which acquires and maintains relationships with millions of merchants around the globe which welcome American Express-branded cards.