Issue Position: Executive Initiatives

Issue Position

Completed the first Treasurer's office GAAP Financial Audit since 1988.

Conducted the first Performance Audit in STO history.

Prioritized IT Security in March 2011 by performing an IT Security Audit and IT Stress Testing.
Instituted a new IT Security Policy for the STO.
Provided additional specialized training for staff.

Treasurer Loftis is only public official in SC and Nation to publish his full work calendar online.

Treasurer Loftis is the only public official in SC to post all of his expenses online.

Saved taxpayers nearly $40,000 by refusing a state issued vehicle and instead drives his personal car.

Successfully pushed the B&CB meetings to a larger conference room to accommodate more interested taxpayers and allowed the meeting to be streamed live online.

Created a "Transparency Center" on website to provide better access for interested taxpayers.

In 2011 helped mitigate the financial crises at DOT by calling attention to their low cash flow, backlog of payments to contractors and worked with DOT to strengthen their internal financial organization. DOT has since implemented protocols and become more fiscally responsible.

Strengthened internal controls in STO Banking Division.

Strengthened internal controls and work processes in STO Investment Division.

Updated STO Institutions websites to make them more user friendly and added more public information for interested taxpayers and key customers.

Initiated an annual Financial Literacy Tour and visited dozens of schools across the State to teach students about important financial information. Donated over 150 privately purchased laptops and tablets to the schools, each loaded with financial literacy software.
Created a "Kids Page" on the STO website that includes informative financial literacy games.

Made the STO more accessible to constituents through the utilization of social media such as Facebook, Twitter, YouTube and Flickr.

Worked with DOR to provide a new option for tax return payments on a debit card.

Managed multiple bank mergers including Wells Fargo & Wachovia and Carolina First & TD Bank to ensure there was no interruption to services provided.
Engaged in a major document scanning operation to preserve STO archives and eliminate waste in the STO.

Ongoing effort to reduce and eliminate manual data entry and utilize automated data entry thereby saving thousands of dollars on office supplies and allowing for more efficient reporting.

Maintain regular communication with County Treasurer's and Auditor's and track legislation on their behalf.

Transitioned "contingent" check processing, public assistance check and tax refund checks to SCEIS.
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Implemented an electronic payables program that has expedited vendor payments and saved money by reducing processing costs. Received a $197,000 rebate check for savings.

Issued RFP's:

Banking services
Saved over $1.3 million annually.

College Savings Plans (1st time ever)
Lowest fees in the nation for the Direct Plan;
Expanded investment choices;
Lower investment minimums.

Custodial Banking (1st renegotiated contract in 30 years);
Enhanced services;
Enhanced training.
Negotiated discounts that will save millions over the 10 year contract.

Unclaimed Property software to manage holdings and claims.

Strengthened staff skills and hired:
Hired skilled professionals with the following credentials:
8 CPA's (previously 1);
3 Master's in Accountancy (previously 0);
3 MBA's (previously 0);
3 Juris Doctorate (previously 1);
2 sitting for CPA (previously 0);
1 Master's of Public Policy (previously 0);
1 Master's in Taxation (previously 0);
1 Certified Financial Forensics (previously 0);
1 Certified Internal Auditor (previously 0);
1 Certified Treasury Professional (previously 0).

Prioritized staff cross-training within divisions.

Expanded staff training opportunities.

Began strategic planning group with outside facilator.

Required division directors to draft and implement succession plans.

Monthly reviews of each division's work progress, staffing needs and budgets.

Successfully settled the securities lending lawsuit against the Bank of New York Mellon securing $20 million for the pension fund and $5 million for LGIP. Settlement included service discounts and credits.

All initial filing documents, pleading documents and attorney compensation were posted online since early 2011 in a completely transparent process.

All legal fees were paid by bank. No legal fees paid by retirees.

Final settlement approved by BNY Mellon, Attorney General of SC, State Treasurer, and a SC Circuit Court Judge.

Working to reconfigure the antiquated debt and investment management systems to interface with SCEIS. This will provide cost-savings and increased efficiencies.

Fully implemented the SCEIS HR/Payroll system for state salary supplements paid to County Treasurer's and Auditor's.

Established the STO Quarterly Investment Meetings to review benchmarks, performance and investment strategies with staff and investment advisors.

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