Treasurer Perdue has greatly enhanced the scope of the treasury since his first election in November of 1996. Taking office in January of 1997, the treasurer quickly set about strengthening the state's unclaimed property program; bringing the state into the modern era of on-line commerce; implementing financial eduation programs for school students; and creating a prepaid college tuition program that locked in then-current tuition rates for tomorrow's prices.
The treasurer has also succeeded in the return of the state's cash management functions, which were switched to another branch of state government after a 1980s investment loss.
Perdue envisioned the office not as a bare bones-staffed, rudimentary agency, but as a multi-faceted keeper of the state's funds. Under his leadership, the state has made great strides in the electronic processing of revenue checks directly to the Federal Reserve, bypassing the banking middleman; championed direct deposit of paychecks, further saving the state money; and turned the treasury's unclaimed property division into the nation's leader in the amount of claims returned.
Unclaimed property, besides providing a valuable public service in reuniting residents with their possessions, also goes to help fund any shortfalls in the former Prepaid College Tuition Plan and plugs periodic shortfalls in the state's general revenue fund. Recovery of unclaimed property means returning to private residents possessions which have fallen into the state's hands once lost or misplaced, such as matured certificates of deposit or jewelry left behind in a safe deposit box.
When it comes to e-commerce, the Treasurer's Office has seen activity in that area skyrocket since building a secure network for state agency transactions in the year 2000. As a timely illustration, the Division of Natural Resources has been able to use the office's system to increase on-line hunting and fishing license applications 127 percent from October of 2002 to October of 2003.
On-line payment of college tuition and fees have also risen dramatically. The treasurer's office has electronically processed nearly $8.1 million in total payments to various agencies -- including $3.6 million from Marshall University tuition and fees and $3.1 million from West Virginia University.
Technology, under Perdue's leadership, continues to play a large part in the day-to-day operations of the state treasury. When he took office, the state wrote more than 4 million checks a year; now, due to electronic drafts, the treasury issues approximately 2.7 million. It electronically processes payments at its Kanawha City warehouse, encoding them for direct deposit with the Federal Reserve branch bank in Charleston, saving more money.
The treasurer grew up in a working class family from southern West Virginia and credits his education at West Virginia University for a great deal of his success. To that end, he has worked tirelessly to provide higher education opportunities for the children of low- to moderate-income families, first through his Prepaid College Tuition Plan and now through the state-coordinated Smart529 program.
Families may start a 529 savings account with as little as $100. Their contributions are invested in the stock market, either by them or a hired stockbroker.
Financial education has always been a priority of Treasurer Perdue’s administration, and that quest does not end in the doorways of our public schools.
In the spring of 2002 he launched the first “Women and Money” conference at the Charleston Civic Center, organized by the Treasurer’s Office and supported by corporate sponsorships. Another capital city event followed a year later, then a third in October of 2003 at Shepherdstown.
About 4,000 women in all have received instruction on money matters such as investing, retirement and financial planning. Certified planner Dee Lee has spoken at all three events, with other experts leading specified workshops.
The treasurer feels women in particular need financial education because of the particular circumstances they face, including divorce that affects child support levels and the early death of a spouse.
Feedback has been overwhelmingly positive.
“At the request of Dee Lee I did go home, “put my two major credit cards in the freezer” and since that time have taken one of those credit cards and paid it off in full to the tune of $2,500,” said conference participant Vivian Tate.
Treasurer Perdue plans more Women and Money conferences in 2004.