Posts tagged: Ron Crane
Here's a news item from the Associated Press: BOISE, Idaho (AP) — Inappropriate transfers by Treasurer Ron Crane's office have cost taxpayers $10.2 million so far, but the hit to public money could rise to $27 million, according to an audit that concludes Idaho's money manager overrode internal controls meant to help contain financial risks. Legislative auditors concluded in a report that Crane's office should strengthen its measures designed to keep Idaho from losing money. Crane, whose management has drawn fire from auditors in the past including for using limousines in trips to New York, didn't immediately return a phone call Friday. But in a written response, Crane says he disagrees with the finding. The losses result from investments in mortgage-backed securities hit by the housing bubble's collapse. Crane shifted these investments between accounts in 2009, exposing state taxpayers to the risk.
You can read Lewiston Tribune reporter Bill Spence's full report here. State lawmakers received the audit report today. Click below for the full AP report from reporter John Miller.
Idaho got the lowest interest rate on its annual sale of $500 million in Tax Anticipation Notes this year since it started issuing the one-year notes in 1983, state Treasurer Ron Crane announced today. The state’s yield, or net expense, on the notes came in at 0.19 percent. Last year’s sale earned a 0.23 percent yield, “so .19 is very cheap,” said Shawn Nydegger, an investment officer in the treasurer’s office. The lower interest rate means the state will save $380,000 in interest costs for the year.
Though interest rates have been trending up, municipal bond rates have stayed low, and Idaho’s sterling credit ratings allowed it to get even more favorable rates. This year’s TAN issue actually had a coupon rate of 0.20, but bond buyers paid a premium up-front to get the notes, taking the net expense for the state down to 0.19.
“Idaho paper is extremely valuable in the marketplace because investors know they will get paid back,” Crane said. “This is because we have a track record of managing our finances well.” Idaho’s current credit ratings from the three major rating services is the top one available; click below for Crane’s full statement.
Here's a news item from the Associated Press: BOISE, Idaho (AP) — Idaho Treasurer Ron Crane has revamped how he documents some of his office's expenses, after concerns raised by state auditors last year. A 2012 audit of Crane's office determined expenses from his annual bond-rating trips to New York, including limousine transportation, weren't properly reported. Auditors also questioned Crane's use of a state credit card to buy $8,000 in gas for his personal car, and his office's funding of a women's financial conference. In a report released Tuesday, auditors say Crane buttressed record-keeping for the New York trips, requiring employees to document specific expenses. He now tracks gas purchases, reimbursing Idaho for personal trips. And while auditors contend Crane is still inappropriately funding the women's conference, he has revamped its nonprofit board — to distance its leaders from the treasurer's office.
Idaho has received top bond ratings from three ratings agencies for its upcoming annual sale of Tax Anticipation Notes, state Treasurer Ron Crane announced today; the favorable ratings mean easier sales and better interest rates. Said Crane, “Our bonds are so highly sought after in the market that we generally receive nine times the demand for the paper we are selling at any given time. It is not unusual for us to sell a half a billion dollars in Idaho bonds within an hour.”
Idaho will make its annual sale of short-term notes on the bond market on June 19, with $500 million in bonds; click below for Crane's full announcement.
Here's a news item from the Associated Press: BOISE, Idaho (AP) — Legislative auditors found several problems with how Idaho Treasurer Ron Crane oversaw his office's accounting, including how he documented trips to New York City where some costs were found to exceed allowable limits. Crane disputes the findings, contending no previous audits of his office raised similar concerns. Still, the four-term Republican agreed to report expenditures through Idaho's accounting system in the future, among other changes. For months, it's been public knowledge Crane's office was under scrutiny, after The Associated Press reported he used stretch limousines on New York trips to transport family members. Monday's report outlines three findings: Crane's New York trips weren't adequately documented; he didn't properly account for a taxpayer-provided Chevron card used to gas up his private vehicle; and he exceeded his office's authority with several programs. Click below for a full report from AP reporter John Miller.
Here's a news item from the Associated Press: BOISE, Idaho (AP) — A southwestern Idaho county prosecutor won't pursue criminal charges against state Treasurer Ron Crane over his use of a state gas card to fill up his private vehicle. Canyon County prosecutor Bryan Taylor did recommend Crane begin more-comprehensive record keeping, to ensure he's not using taxpayer-funded gasoline for personal trips. Taylor also said he strongly advocates for the state to clarify its state travel policy. Crane said in a statement that he was delighted with Taylor's findings — and will keep comprehensive driving records. His office's finances have been the focus of an audit by Legislative Services. The state forwarded concerns over Crane's use of a state Chevron card to fill up his personal vehicle and commute to and from the Capitol in Boise to the prosecutor for further scrutiny. Click below for a full report from AP reporter John Miller.
The Associated Press today reports a new wrinkle in the controversy over state Treasurer Ron Crane using a state gas card to gas up his personal vehicle for his commutes from Canyon County to the state Capitol: Other state employees who are reimbursed for commuting travel report that benefit as income and pay taxes on it. Crane doesn't. Click below for a full report from AP reporter John Miller.
A southwestern Idaho prosecutor is scrutinizing whether state Treasurer Ron Crane broke the law by using a state credit card to fuel up a personal vehicle he drives to and from the Capitol, and on short excursions to grocery stores or church, the Associated Press reports. Canyon County prosecutor Bryan Taylor confirmed to the AP that Idaho Legislative Services auditors who have been reviewing the financial records of Crane's office for months have forwarded their preliminary findings to him. “They've asked us to see if any criminal offense took place within Canyon County's jurisdiction,” Taylor said. “We're fairly early into that investigation.” Click below for the full story from AP reporter John Miller.
Here's a news item from the Associated Press: BOISE, Idaho (AP) — State Treasurer Ron Crane says relatives accompanying Idaho officials on annual trips to New York City should repay the state if their presence adds to ground transportation costs. Last week, The Associated Press reported Crane's office spent $10,000 since 2009 on stretch limousines and executive sedans to transport state employees and their family members while in New York. In an interview Tuesday, Crane said past instances where relatives added to costs, including for cars carrying their luggage, reflected “oversights,” not common practice. If spouses or children increase the bill, Crane said they should cover it. Still, Crane said transporting officials by limousine to meetings with ratings agencies to discuss Idaho's credit-worthiness remains appropriate, because it lets them travel together without risking getting split up, as they might in multiple taxis. Click below for a full report from AP reporter John Miller.
A stretch limousine for eight people - with minibar, mood lights and TV - awaited Idaho Sen. Dean Cameron when he arrived with his wife at New York's John F. Kennedy International Airport on June 7, 2009, reports Associated Press reporter John Miller. Cameron was with state Treasurer Ron Crane's annual Wall Street pilgrimage, to meet with ratings agencies over the $500 million in short-term debt securities that Idaho sells yearly to finance government's day-to-day affairs. “I was surprised,” said Cameron, a Rupert Republican. “I don't think I'd ever ridden in a stretch limousine before, nor have I since.” Cameron, who rode into Manhattan with Rep. Maxine Bell, R-Jerome, and their spouses, was also surprised this week to finally learn the limo bill: $244.13. Miller reports that Crane's office spent nearly $10,000 on stretch limousines, Lincoln Town Cars and executive sedans to transport Idaho state employees and their family members from 2009 through 2011, when taxis would have been cheaper, and that similar expenditures were made by state treasurers in previous years as well. Click below for Miller's full report.
Idaho State Treasurer Ron Crane underwent open-heart surgery this morning, and his office reports that Crane had a successful triple bypass operation and is resting comfortably in a Boise hospital; he is expected to return to work at the state Capitol in about two weeks.
Crane, 62, is serving his fourth term as state treasurer; last year, he was re-elected without opposition. A Republican, he served 16 years in the state House of Representatives before being elected to the state office, in which he serves as the state's chief fiscal officer and banker of monies collected by the state.