Wednesday, June 26, 2024
LEAVENWORTH – Washington State Treasurer Mike Pellicciotti made a visit to Leavenworth to discuss the Office of the State Treasurer’s (OST) roles and initiatives with city officials and civic organizations on June 14.
“Our communities can only take advantage of resources that are available if they're aware that they exist. And that's why it's so important, from my perspective, that statewide elected officials like myself come meet constituents where they are,” said Pellicciotti.
OST not only handles the state’s investments, the issuance of bonds, and cash flow, but also assists local governments with investment resources and obtaining low-interest financing.
“I really much believe that local government has a good feel for what the community needs are, and if we can kind of help finance those projects based on what those communities needs are, then we're better meeting the needs of everyone in the state of Washington,” said Pellicciotti.
Most recently, the City of Leavenworth partnered with OST through its LOCAL Program (Local Option Capital Asset Lending Program), which leverages the state’s strong credit rating to obtain low-interest financing for local governments. Through this program, it obtained $1.5 million in financing for the purchase of a vactor, street sweeper and two dump trucks in 2023.
OST also leads policy initiatives through legislation and representation on several state boards and commissions. Early this year, Pellicciotti was able to get new legislation passed that establishes an automatic Individual Retirement Account (IRA) system for private sector employees who don’t have access to employer-based retirement systems, called Washington Saves.
For those nearing retirement age, Pellicciotti assured that his office was working to ensure state pensions were well funded, but recognized cost of living as a problem for all seniors across the state.
“I think in general, we have to just work on affordability issues across the board. I think that when you're on a fixed income, it's particularly difficult for folks to get by. And as time passes, things get more and more expensive. I'm going to continue to advocate to the legislature that they should work to use part of that $1.8 billion we send to them to lighten that load on seniors,” said Pellicciotti.
According to Pellicciotti, $1.8 billion from OST’s investment returns will go to the state over the next four years.
To relieve the cost of living, Pellicciotti said he is currently working on the State Housing Finance Commission to make federal tax credits more accessible to areas beyond the Puget Sound, such as North Central Washington.
“If the community decides to build additional housing, these federal tax credits are available to make that housing more affordable to more people within our community,” said Pellicciotti.
In regard to future generations, Pellicciotti is hopeful the $1.8 billion will also address school funding challenges experienced across the state.
“A majority of that is going to education. I feel good about how our office is able to contribute to those efforts, but it's a combination of issues the legislature is going to have to address next session: the model in which funding is allocated, recognizing the challenges that districts have in passing school bonds, the lower enrollment that's taking place in various pockets around the state,” said Pellicciotti.
Pellicciotti is also working on other initiatives for Washington youth, such as legislation that would make financial education instruction a required component of public education, and the Washington Future Fund. The Washington Future Fund would invest $4,000 for each child born in the state that receives Apple Health services before their first birthday. When the child reaches adulthood, they could claim the investment for homeownership, entrepreneurship, or post-secondary education.
Taylor Caldwell: 509-433-7276 or taylor@ward.media
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