In an effort to get a snapshot of the state’s available cash, Senator Chris Telfer asked for a detailed breakdown of agency bank balances. Read commentary.
I’m shocked at how little oversight there is for the $60 billion in taxpayers’ money the state spends every two years. I’ve committed myself to shining some light into the shadowy corners and logged countless hours working to get answers. I’m confident we’ll find areas to cut costs, reduce the taxpayer’s burden, and find efficiencies and untapped resources for recovery.
In an effort to get a snapshot of the state’s available cash, I asked for a detailed breakdown of agency bank balances. In an effort to gain greater detail on the origin and purpose of these balances, I continue to be confronted by a surprising number of bureaucratic hurdles. As a result of my persistence, I’ve managed to get the attention of those who have authority and oversight of the agencies and we’ve made some significant progress.
Some of the money the state has is restricted in use by federal or state law. However, the money that is unrestricted can be spent at the discretion of the Legislature. Using my CPA skills, I’ve discovered that there is $660 million in various accounts that is unrestricted and the State Auditor confirms. Many of these dollars are kept concealed by agencies in fear that their slush funds will be swept. The bureaucratic culture lends itself to forget that this is taxpayer money, and not to be used to fund their unnecessary expenditures. I’m now working with the State’s COO, the State Auditor and agency accounting departments to find these dollars, leaving no stone unturned but now with an even greater purpose, which brings me to my next point.
In 2011, I worked with the State Treasurer, other Legislators, and stakeholders to secure financing for OSU Cascades’ newly-acquired building at Mill Pointe, in Bend’s Old Mill District. I’m now in the process of working with OSU and OSU Cascades on solutions to finance the purchase of the five additional surrounding Mill Pointe buildings in an effort to continue the campus expansion. This would have a significant impact to Central Oregon, Oregon’s economy, and further the vision for improving education in our state at a fraction of the cost for other expansion options.
The price tag for the Mill Pointe campus is $16 million. Rather than borrow $16 million in lottery funds, I’ve suggested we make use of a fraction of the $660 million we know the state has, leaving the lottery dollars for other state needs.
With little room for growth on Oregon’s existing campuses, this expansion would position OSU Cascades to provide the capacity for fulfilling the state’s goal of sending 40 percent of its high school graduates on to four-year universities. By purchasing existing buildings, we can save on the cost for new construction and inject vitality into Central Oregon’s depressed real estate market to the tune of $16 million. Plus, an additional 5,000 students, faculty members and other personnel brings a significant boost to our economy. This means jobs and gets us moving in the right direction.
