About Treasurer Marshall
Kate Marshall’s record of service, experience analyzing financial markets and contracts, and tried and tested leadership earned her the support of Nevada voters in 2006. Kate Marshall was elected Nevada’s 22nd State Treasurer and is currently serving her first term in office.
Prior to serving as our State Treasurer, Marshall earned her bachelor and juris doctorate degree from the University of California-Berkeley. Following graduation, she joined the Antitrust Division of the United States Department of Justice and later created the Antitrust Unit for the State of Nevada.
During the 2006 campaign, Marshall pledged to improve and implement programs that would save taxpayer dollars, increase efficiency to cut operational costs, and increase economic opportunity throughout the Silver State.
State Treasurer Marshall delivered on her campaign promises and successfully navigated many of the unforeseen economic challenges Nevada has faced over the past few years.
Here is a brief summary of her most notable accomplishments. You may also visit the Key Accomplishment page for more information.
Saved Taxpayer Dollars
- In 2007, Marshall proposed legislation to raise the Permanent School Fund Guarantee from $25 million to $40 million. The legislation was passed and signed in to law, saving taxpayers over $5.1 million to date for Schools.
- Marshall’s Deputy for Investments consistently turned in better returns compared to private money managers under contract with Nevada. She ended the expensive outsourcing contract which saves Nevada over $500,000 per year.
- Marshall renegotiated a new banking contract to prohibit banks from charging the State of Nevada more than other states, saving taxpayers $1.2 million over the length of the contract.
- Marshall supported the Renewable Energy Streamline Act (RESA) and signed a contract to audit the state’s energy bills and find savings. Under the energy audit contract, services are provided at no cost to Nevadans and will save the state up to $1 million in utility costs.
Increased Efficiency to Reduce State Spending
- In 2007, Marshall modernized the Unclaimed Property Division. She upgraded the unclaimed property online search engine and implemented Fast Track for unclaimed property. Marshall has tripled the amount of property returned to rightful owners. In 2006, under the former administration, $7.6 million was returned. Under Marshall’s leadership $25 million was returned in 2009.
- In 2008 Marshall identified additional revenue sources, $23 million from unclaimed property earnings and $17 million from the long-term bond obligations, to reduce the severity of the budget cuts.
- In the face of the national economic downturn in late 2008 and through 2009, Marshall identified another $20 million from unclaimed property and bond sale savings to offset state employee layoffs, education, health and human services cuts and general operating costs.
Increased Economic Opportunity
- At the same time, she also increased the reserves for Nevada’s debt service payments from 6 to 11 months, which has provided greater security for Nevada and supported our credit rating.
- Marshall has worked to make college affordable for Nevada’s youth. She implemented the UGift Program, an opportunity for grandparents, uncles, aunts, friends and others to contribute to a child’s college savings plan. She also initiated automatic payroll deduction, which provides state employees with an easy way to save for their children’s college education.
- Kate Marshall’s leadership was put to the test during the economic downturn in 2009, when states throughout the country reported a loss for their investment portfolios. Marshall placed a hold on selling unclaimed property securities to avoid selling Nevadan’s individual investments for pennies on the dollar. After the market stabilized Nevada’s investments under Marshall have posted a net profit.
In addition to fulfilling her campaign policy pledges, Marshall also emphasized the need to restore integrity and openness to the State Treasurer’s Office.
Restored Integrity and Openness
- Marshall proposed and the Nevada State Board of Finance adopted a new policy that avoids investments in companies and organizations linked to terrorist groups and nations.
- Marshall created the BRAT Pack (Bond Rating Advisory Team) which brings together members or representatives from industries and agencies throughout Nevada to provide advice and suggestions on bond rating presentations.
- Marshall requested a bi-partisan audit of the state treasurer’s office. The audit uncovered $6.1 million in fees that had been collected and spent by the previous administration, without legislative approval.
Kate Marshall capably managed our state’s finances during one of the worst economic downturns in the history of Nevada and the United States. She understands the challenges we face, as a state and as people, and has made solid decisions to protect our state and keep Nevada moving forward.
Want to learn more about Kate Marshall and her life story? Click here to read Kate’s Life Story.
