In his 16 years as Idaho’s state treasurer, Ron Crane has built up the state’s credit rating, launched a popular college savings program and a free annual control-your-finances conference for women, and helped create a bond bank that lets local school bonds and other local-government debt take advantage of the state’s favorable interest rates, potentially saving property taxpayers millions. But he’s best known for a series of critical state audit findings over the past five years, the most recent suggesting that Crane made an inappropriate transfer between two funds that cost the state’s taxpayers more than $10 million.
Crane vigorously disputes the audit finding, contending his office did nothing wrong and made reasonable decisions based on what it knew at the time. “As to the charges of the audit, I maintain and will maintain that they were politically motivated,” Crane said in an interview. “We think there’s an excellent explanation for each one. When voters understand what the real explanation is, they will agree with our position.”
The audit findings have prompted a longtime Twin Falls CPA, Deborah Silver, to challenge Crane in this year’s general election. “I would absolutely follow the auditors’ suggestions, no argument, no excuses,” said Silver, a Democrat who taught accounting at the College of Southern Idaho for five years and has operated a CPA firm with her husband in Twin Falls for nearly three decades. “This is a job that I can do.”
The Spokesman-Review asked David Burgstahler, the Julius A. Roller Professor of Accounting at the University of Washington, to review the audit finding about the fund transfer and Crane’s detailed response. “I found the auditor’s conclusions pretty convincing,” Burgstahler said. You can read my full story here at spokesman.com.