PRESS RELEASE
Treasurer Fitzpatrick Celebrates First Year in Office
Jefferson City, MO – Missouri State Treasurer Scott Fitzpatrick
today celebrated his first year in office. Since his swearing-in, Treasurer
Fitzpatrick has focused on protecting state finances, investing in Missourians,
returning unclaimed property, and helping Missouri families save for the future. “I believe the government should
work for the people, Missouri families should be able to thrive, and our tax
dollars should be spent wisely. My work in the Treasurer’s Office over the past
year reflects these goals,” Treasurer Fitzpatrick said. “I am proud of the work
we’ve accomplished this year—and I look forward to growing Missouri’s
investment portfolio, giving careful consideration to who and what we are
investing in, working to expand access to valuable programs like MO ABLE and
MOST, investing in Missouri farms and businesses through programs like Missouri
FIRST, and breaking more unclaimed property records in the coming year.” “Scott has a proven record as
a good steward of Missouri tax dollars.”
Governor Mike Parson said. “His work over the past year demonstrates his
commitment to growing Missouri’s economy, supporting Missourians and their
families, and moving our state forward. We’re proud of his work and look
forward to what’s ahead.” PROTECTING STATE FINANCES As
the state’s Chief Financial Officer, Treasurer Fitzpatrick was actively engaged
in the management of state funds. This prudent management, along with a strong
economy, helped boost investment earnings for the state, earning Missouri
approximately $83.4 million. Missouri continues to maintain its AAA bond rating
(the highest rating issued by Standard & Poor’s, Moody’s, and Fitch Ratings).
INVESTING IN MISSOURIANS Less than two months after taking
office, Treasurer Fitzpatrick enacted
important reforms to Missouri FIRST, the state’s linked deposit program, ensuring
the long-term viability of the program and allowing Missouri small business
owners and farmers continued access to its benefits. The rapid growth of the
program over the previous year left the program close to its statutory cap,
necessitating this action. The reforms prioritized providing capital to
Missouri businesses for projects that will grow their presence in Missouri
through the addition of equipment, facilities and employees. Linked
deposits allow the state to partner with Missouri financial institutions to
provide low-interest loans to small businesses and farmers. In July, following widespread flooding
and storm damage across Missouri, Treasurer Fitzpatrick launched
LIFT which used linked deposits to provide low-interest loans to small
businesses and farms economically impacted by natural disasters. This program
has placed nearly $3.5 million in linked deposits for recovering businesses and
farms. Finally,
Treasurer Fitzpatrick is working to place more of the state’s investment
portfolio into the Missouri economy by bringing back time deposits which place
money in Missouri banks. Time deposits invest in Missouri’s economy by placing
portions of the state’s investment portfolio in Missouri banks in return for
interest earned while providing capital for the bank. By pursuing competitive
bidding for these deposits, Treasurer Fitzpatrick has ensured Missouri is maximizing
its return while investing in Missouri banks. RETURNING YOUR MONEY A
reflection of Treasurer’s Fitzpatrick’s dedication to returning money to
Missourians, the Unclaimed Property Division broke two records this year—returning
the first $1 million of his administration in just nine days (including a
state holiday), and returning
over $45 million for the fiscal year that ended June 30, 2019. In 2019, the
Office returned $42.7 million in
unclaimed property. In July, Treasurer Fitzpatrick and the
Department of Social Services announced
a new automated system that matches past-due child support cases with
the unclaimed property database. The electronic system pays unpaid child
support and eliminates the manual paperwork between agencies, increasing
efficiency and timeliness. In its first six months, the new system paid nearly $3
million in unpaid child support, closing over 53,000 unclaimed property
accounts, compared to just over $280,000 for all of FY18. In November, Treasurer Fitzpatrick partnered
with military institutions across the state to display booklets and
banners encouraging Missourians to help return unclaimed military medals to the
heroes who earned them. Partners include the National WWI Museum and Memorial
in St. Louis, Soldiers Memorial in St. Louis, the Museum of Missouri Military
History, and the Missouri Veterans Commission. Treasurer Fitzpatrick is also
working with Missouri’s congressional delegation to encourage
passage of legislation that would empower states to act on behalf of the
U.S. Treasury Department to find owners of matured unredeemed U.S. savings
bonds. Approximately $26 billion in savings bonds have reached final
maturity—of which $438 million belongs to Missourians. Senators Roy Blunt and
Josh Hawley are co-sponsors of S.2417 while Representative Jason Smith is a
co-sponsor of HR 5269. HELPING MISSOURIANS SAVE FOR THE FUTURE Treasurer
Fitzpatrick has made growing MO ABLE a priority. Since taking office, MO ABLE
has grown by over 44%. It is now one of the largest programs in the nation. In
April, the program passed the 1,000 account
threshold. Additionally, Treasurer Fitzpatrick worked with partner state
Ohio to develop a program that enables staffers to contact program participants
whose accounts are nearly dormant due to inactivity. This pilot program has
saved more than 40 accounts. Encouraging Missouri businesses to add
payroll deductions for MO ABLE accounts to their benefits packages is another
major priority for the office. Currently Cox Health, the
largest employer in southwest Missouri, and Truman
State University have established payroll deductions for MO
ABLE. Several other Missouri employers are working to implement this process.
Payroll deductions make it easier for individuals with disabilities or parents
of children with disabilities to save for the future. Treasurer Fitzpatrick is also
working with Missouri’s congressional delegation to encourage support for the
ABLE Age Adjustment Act which will expand program eligibility to those who
acquired a disability before the age of 46, including veterans injured in the
line of duty. Currently, participants must have acquired a disability prior to
age 26. Representatives Blaine Luetkemeyer and Vicky Hartzler are co-sponsors
of HR 1814. As MOST, Missouri’s 529
Education Plan, celebrated its 20th anniversary this year, Treasurer
Fitzpatrick made spreading the word about the importance of saving for education
and the valuable tax benefits of the program a priority. In August, he completed
a “Back to School” Tour encouraging Missouri families to use the program. This
year, the program added 14,714 accounts,
with assets under management growing nearly 18%. MOST remains a top program
nationally. ### Follow the Treasurer’s Office on Twitter,
Facebook, and Instagram @motreasurer.