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  Nevada State Treasurer Kate Marshall
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Nevada State Treasurer Kate Marshall

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Kate Marshall, Nevada State Treasurer

Kate Marshall was first elected State Treasurer in 2006 and
re-elected to second term in 2010. She originally ran on a platform she called the “Marshall Plan,” which included seven main points she would emphasize during her tenure. The basic tenets were simple: Improve and implement programs that save taxpayer dollars; reduce spending by becoming more efficient; and identify innovative methods for increasing economic development in our state. By the conclusion of her first term, six of these covenants had been met, with the seventh being achieved with the creation of the state’s first private equity investment fund during the 2011 Legislative Session.

A crowning achievement of her term as State Treasurer is the successful sponsorship and passage of Senate Bill 75 during the 2011 Legislative Session, which created the Nevada Capital Investment Corporation and the Silver State Opportunity Fund. The goal of the $50 million Silver State Opportunity Fund is to capitalize on investment opportunities in Nevada in order to increase funding for Nevada’s K-12 schools, while at the same time spurring economic development and job growth. A minimum of 70% of investments must be made in businesses located in Nevada, looking to expand in Nevada, or in businesses wishing to relocate in Nevada. Earnings from the fund go to Nevada’s K-12 schools. To date, commitments have been made to three private equity funds, which have located offices in Nevada.

With two young daughters of her own and as someone who benefitted from a college education herself, Kate is committed to providing parents, other caregivers, and friends with greater resources for saving for a college education for their children. During her time as administrator of the Nevada College Savings Plans, the number of Nevada families opening college savings accounts has grown by 163% and total assets held in those college savings accounts has grown from $4.58 billion to $11.9 billion. The Nevada Prepaid Tuition Program, which allows Nevadans to lock in future tuition for their children at a today’s cost, is also part of the State’s college savings network. During her term, the number of Nevada Prepaid Tuition contracts sold annually has increased from a little over 200 per year to more than 1,100 in FY13, with total assets growing from $109 million to $163 million, and the funded ration of the program increasing by 2013 to nearly 112%, one of the highest in the nation.

In addition to renegotiating contracts with the State’s college savings plans private sector program managers, resulting in significantly reduced fees paid by account owners working to save for the children’s college costs, Kate worked with the Nevada College Savings Plans program manager to lower the initial account opening cost to a mere $15, making it more affordable for Nevada families to begin saving for their children’s future higher education costs. Kate initiated the Ugift and Silver State Matching Grant programs, which provide greater opportunities for family members and friends to contribute to a child’s college savings plan. Further, the Distinguished Valor Matching Grant program was established to assist Nevada military families save for their children’s college costs.
 

With the ultimate goal of creating a more “college-going culture” in our state by better preparing parents to plan ahead for their children’s future higher education costs, Kate successfully launched the Nevada College Kick Start Program in 2013, which opened SSgA Upromise 529 college savings accounts with an initial deposit of $50 for all Nevada public school kindergarten students. No tax dollars were used in establishing these accounts; rather, a portion of the fees paid to the Treasurer’s Office by private sector program managers provided the necessary funding.

She also worked with the Governor’s Office and the Nevada Department of Health and Human Services to eliminate asset limitations relating to college savings accounts for those who receive government assistance, providing Nevada families with the ability to give their children a path to a better life through education.

Increasing financial literacy in our State has also been a goal of the office during her term. A three-prong approach has been utilized: providing financial education materials to Nevada K-12 schools; hosting Nevada Women’s Money conferences, which in two years have been attended by more than 1,500 women from across the State; and creating a financial fitness website for use by parents, teachers, and students. For her efforts in this area, Kate received the 2013 “Organization of the Year – Government” award from the Institute for Financial Literacy.

Prior to Kate becoming State Treasurer, the State had done little to find the rightful owners of unclaimed property. As a direct result of expanded outreach efforts and the adoption of “Best Practices,” the Treasurer’s Office has increased the amount of unclaimed property returned to rightful owners from $7.2 million in 2006 to $34 million in 2013. Individual claims paid have increased by more than 239% since 2005, and the dollar amount returned has increased by a whopping 523%. A Fast Track Claims process created by the Unclaimed Property Division in 2010 allows rightful owners with claims under $2,500 to file those claims electronically and to receive their money in one quarter the time. In FY13, 40% of all claims were paid through our Fast track system.

While greatly increasing returns to rightful owners, the Treasurer’s Office set several new records for the amount transferred to the state General Fund to be used to support critical programs. In 2012, the Treasurer’s Office transferred nearly $97.4 million, shattering the previous record of $83.7 million set in the prior fiscal year. To help business owners in Nevada, the Unclaimed Property Division created a Voluntary Disclosure Agreement program, which provides a mechanism for companies to come into compliance with state law with a waiver of penalty and interest. In FY13, $2.2 million was reported as a direct result of the VDA Program.

As Treasurer, Kate is responsible for the structuring and sale of the State’s debt. She has successfully kept the State’s debt burden manageable during a period of tremendous financial strife in Nevada and across the nation, and maintained the State’s good credit rating, resulting in lower borrowing costs for Nevada taxpayers. The office has continuously pursued refundings whenever possible to lower the State’s interest costs, with the savings being used to finance important infrastructure projects. In 2012 and 2013 alone, the Treasurer’s Office refinanced $1.2 billion of state liabilities, saving more than $72 million in debt service payments.

A bill sponsored by the State Treasurer’s Office during the 2007 Legislative Session raised the amount available to guarantee school districts’ debt in the Permanent School Fund Guarantee Program from $25 million to $40 million, providing public schools with easier access to public credit markets and reducing their borrowing costs. This move has saved taxpayers nearly $8.9 million in reduced borrowing costs.

As State Treasurer, Kate requested an independent audit and review of office contracts, including those entered into by the previous administration, to determine cost saving measures that would benefit the taxpayers of Nevada. Through renegotiated contracts and other cost cutting measures, taxpayers and account holders have saved more than $2 million.

As a member of the Nevada State Board of Finance, Kate proposed and the Board adopted a new policy that assists the Treasurer’s Office in avoiding investments in companies and organizations linked to terrorist groups and nations.

Kate continues to work with her staff, legislators, other constitutional officers, and interested citizens to find new and improved ways to protect our state’s future through prudent investment planning.

Personal Biography

As a young girl, Kate understood the importance role education would play in determining her future.

After finishing high school, she attended California State University, San Francisco, later transferring to the University of California, Berkeley, which reviewed Kate’s SAT scores and offered her academic and financial grants and scholarships to attend. She earned her way through college, working at the university library.

Following graduation from UC Berkeley, Kate joined the Peace Corps, teaching English and Commerce in the rural outback of Kenya. Successful in her first teaching experience, the Peace Corps recruited Kate to establish the teaching curriculum for the Peace Corps program for Secondary School English in Kenya.

After returning from East Africa, Kate was accepted and graduated with a jurist doctorate degree from the Boalt Hall School of Law, UC Berkeley, spending her summers interning with law firms, most notably United States Senator Paul Laxalt’s law firm, Laxalt, Washington, Perito & Debuc, in Washington, DC.

Kate later applied and was accepted to the United States Department of Justice’s Honors program. Kate was assigned to the Department of Justice’s San Francisco field office, building and prosecuting cases involving criminal antitrust litigation, and later transferred to the Washington DC office.

In 1994, she received the Department of Justice’s Antitrust Division’s Outstanding Contribution Award, and in 1997 she received public acknowledgement for her work in the Antitrust Division from then United States Assistant Attorney General of Antitrust Joel Klein.

In 1997, Nevada Attorney General Frankie Sue Del Papa asked Kate to move to Nevada to create Nevada’s Antitrust Unit. As Senior Deputy Attorney General and the creator of Nevada’s Antitrust Unit, Kate successfully streamlined and modernized Nevada’s antitrust statutes, facilitating greater access for all Nevadans. She also fostered the expansion of Nevada’s “Toys for Tots” program into rural Nevada.

In 2000, Kate became in-house counsel for ATG Inc., a private telecommunications firm serving small and medium size businesses in Northern Nevada. In 2001, she was chosen by ATG to be an honoree in the Nevada Women’s Fund, Women of Achievement event.

Before making the decision to run for elected office, Kate ran her own successful law practice, specializing in consumer protection, telecommunications law, and competitive market analysis.

Kate and her two wonderful daughters, Anna and Molly, live in Reno.
 

Kate Marshall - State Treasurer

 
 
 

NEVADA STATE TREASURER'S OFFICE

CARSON CITY OFFICE
101 N. Carson St, Ste 4 - Carson City, Nevada 89701-4786
(775) 684-5600

 

LAS VEGAS OFFICE
555 E. Washington Ave., Ste 4600 - Las Vegas, Nevada 89101-1074
Unclaimed Property (702) 486-4140
College Savings Programs (702) 486-6980

 
 

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