Illinois State Treasurer Reduces Office Budget
Illinois State Treasurer Dan Rutherford Reduces Office Budget for Third Time
January 28, 2014-Illinois State Treasurer Dan Rutherford is cutting 5 percent of his office budget for fiscal year 2015. This is the third time since taking office that he has taken the initiative to create savings by reducing expenses and streamlining staff duties. “I am proud to say I have now found ways to cut a total of 10 percent from my budget,” said Treasurer Rutherford. “During my first year as treasurer, I proactively cut 2 percent from my operations budget. And then last year, I reduced it by an additional 3 percent. This year, we were able to cut 5 percent more.”
“I am a businessman with 25 years in the private sector, and I think it’s wise to continue searching for ways to reduce spending while maintaining strong standards of performance within the office,” said Treasurer Rutherford. “As a result, I am cutting the general revenue funding in my office to the level it was in 1999.”
Additionally, the Unclaimed Property and College Savings Divisions have each posted substantial gains since Treasurer Rutherford took office in 2011. The amount of unclaimed cash and other assets returned has increased 69 percent, and the number of claims paid is up 55 percent, compared to 2010. In 2013 alone, the Unclaimed Property Division returned over $139 million in assets and paid more than 70,000 claims.
The College Savings Division’s assets have grown from $3.7 billion in 2010 to more than $6 billion, with a record of more than 350,000 accounts. Since 2010, assets under management have increased 68 percent, and the number of accounts has increased by 31 percent. Strategic Insight, an industry research tracking firm, recently reported that overall 529 industry assets have increased by 16.9 percent. But Illinois 529 college savings plans are well above average, as assets have increased by 22.2 percent as of September 30, 2013.