by Corinne Murdock | Jan 21, 2024 | Economy, Education, News
By Corinne Murdock |
Gov. Katie Hobbs’ proposed education funding plan is “dangerous and unsustainable” according to State Treasurer Kimberly Yee.
Hobbs’ plan, if passed by the state legislature, would renew Proposition 123 for another decade and increase the state land trust fund to nearly nine percent. In a statement on Tuesday, the treasurer accused the governor of irresponsible mismanagement of taxpayer funds amid record inflation.
“Governor Hobbs wants to raid the land trust to cover for her mismanagement of the state budget and overzealous spending plans in an ever-increasing inflationary environment,” said Yee.
Yee warned that Hobbs’ plan would violate the Enabling Act, the terms under which Arizona achieved statehood in 1910. She recommended a four to five percent distribution, declaring Hobbs’ vision “unfeasible” based on past performance.
“My office has not reported a 10-year return over 8.9 percent in nearly two years. Over the span of the last 10 years, only 32 months have had a 10-year return over 8.9 percent,” said Yee.
That’s something the governor acknowledged in her announcement of her plan: the average 10-year annualized return amounts to just over seven percent.
Proposition 123, the Arizona Education Finance Amendment, was a voter-approved 2016 constitutional amendment to increase education funding by $3.5 billion over a decade using monies from the general fund and state land trust fund. Yee oversees the land trust fund.
Although Yee declared the funding plan wasn’t sustainable, Hobbs claimed that there were ample funds going unused.
“[We shouldn’t] let billions of dollars accrue in a bank account and do nothing to address our immediate needs,” said Hobbs.
Hobbs marketed her renewal plan as a means of increasing education funding without raising taxes.
“The choice is clear: we can give our children a quality education or let billions of dollars stand idle without addressing our immediate needs,” said Hobbs.
Under the governor’s plan based on a decade-long average distribution, 2.5 percent will continue general school funding ($257 million), 4.4 percent will raise educator compensation ($347 million), 1.5 percent will increase support staff compensation ($118 million), and .5 percent will invest in school capital for safety and security ($39 million).
State Sen. Christine Marsh (D-LD04) is sponsoring the bill with the governor’s plan. Marsh also sits on the Senate Education Committee.
“Renewing and expanding this vital funding source for our schools is crucial to ensuring Arizona’s students receive the high quality education they deserve,” said Marsh.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to corinne@azfreenews.com.
by Daniel Stefanski | Jan 15, 2024 | News
By Daniel Stefanski |
Arizona’s State Treasurer is helping children to prioritize saving in the new year.
Earlier this week, Arizona State Treasurer, Kimberly Yee, released “seven practical tips to help parents and caregivers teach children how to save and realize goals for the future instead of focusing on what they think they need now.”
The seven tips were as follows:
1. Walk the Talk: Talk about what you are saving for and what sacrifices you make for retirement, vacations, their college, etc. and demonstrate that – take them with you to the bank when you make a deposit or show them how you do it on your phone or laptop for online banking.
2. Match It: Reward good savings habits by matching savings and further encouraging kids to delay gratification by saving for what they really want.
3. Make it Fun: Turn conversations about saving and college into games and crafts to keep it hands-on. Painting your own piggy bank would be the perfect time to talk about dream jobs and how to prepare and save to get there.
4. Jump Start College/Career Savings: Give children a boost with saving for their future education by setting-up a tax-deductible AZ529 Education Savings Plan. Contributions from parents, grandparents, relatives and family friends provide a jump-start for their littlest loved ones and inspires them to contribute as well.
5. Hands On Saving: Provide an allowance with rules attached for saving and spending, but make sure they earn the allowance – don’t just give them money for no reason.
6. Let them Fail: Allowing kids/teens to make a few minor financial failures when they are young can help them avoid major failures as they become adults. Missing a phone payment and losing their phone for a week would be something a teen won’t soon forget.
7. Celebrate Success: Track results and share progress with your child to help motivate them in their studies and savings and know your expectations for their future. Make a chart and when they reach a milestone, find a way to celebrate that doesn’t involve spending time together instead of money.
Yee serves as the Chairwoman of the AZ529 Plan Advisory Committee. According to its website, this committee “assists the Treasurer’s Office in promoting and raising awareness of the AZ529 Plan in accordance with A.R.S. § 41-179.” The Arizona 529 Plan “is a college savings plan named after Section 529 of the Internal Revenue Code sponsored by the State of Arizona,” and “is designed to provide a parent, grandparent, or anyone else an opportunity to save for a child’s educational dreams within a tax-deferred savings vehicle.”
Late last year, the “X” account for the Arizona Education Savings Plan announced that “under the leadership of Arizona Treasurer Kimberly Yee, 33,632 529 accounts have been opened in the last 37 months,” and that “assets are up 16.6% in that same time frame to $1.89 billion.”
In 2023, the Arizona Education Savings Plan was upgraded to a ‘silver’ rating by Morningstar, which “reflected a superior investment team and/or investment process that should benefit the participants.”
Treasurer Yee is currently serving her second year of her second term in this statewide office.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Dec 14, 2023 | News
By Daniel Stefanski |
Last month, Treasurer Kimberly Yee shared that her office had “increased Israel bond holdings by $5 million.” The announcement from the Arizona Treasurer’s Office came about a month after Yee promised the increased commitment in the days following the horrific terrorist attack from Hamas in southern Israel on October 7.
“As Arizona’s Treasurer, I remain committed to supporting the State of Israel not only through my words, but through my actions. This $5 million investment in Israel supports Israel’s economic recovery while providing our taxpayers reliable returns,” said Arizona Treasurer Kimberly Yee. “Israel has been a longtime friend and ally of Arizona and the United States. We must stand resolute with Israel.”
According to the Arizona Treasurer’s Office, “Israel bonds serve as an investment option for individuals, institutions and nations worldwide to support the economic growth and stability of the State of Israel. Investments in Israeli bonds offer both reliable financial returns and contribute to Israel’s economic and strategic well-being.”
“The State of Arizona’s support for Israel is remarkable, and it aligns with the immediate response to the war in Israel across many U.S. states during this crucial period for the Jewish state,” said Israel Bonds President and CEO Dani Naveh. “At a time when Israel is under attack, investments in Israel bonds represent the most powerful and direct way to stand with the State of Israel and its people. This message from the people of Arizona to the people of Israel is unmistakable: You are not alone.”
The second-term Republican Treasurer has been a staunch supporter of Israel throughout her time in public service, using her platform and her office to stand with the American ally to the full extent of her authority. During her first term, Yee led the efforts to become “the first state in the country to enforce Anti-BDS laws (Boycotts of Israel) by divesting $143 million from Unilever, the parent company of Ben & Jerry’s, in response to the company ending distribution of its products in parts of Israel.”
In 2022, Treasurer Yee also notified Morningstar Inc. that they were at risk of being placed on the Arizona Treasury’s prohibited investment list for violating Arizona law by actively boycotting the State of Israel. Yee said, “It is my duty to defend Arizona’s anti-BDS law and I will ensure that Arizona does not do business with companies that are attempting to undermine Israel’s economy.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Dec 8, 2023 | Education, News
By Daniel Stefanski |
More Arizonans are saving for their children’s education and benefiting from the stewardship of the state’s treasurer.
This week, the “X” account for the Arizona Education Savings Plan announced that “under the leadership of Arizona Treasurer Kimberly Yee, 33,632 529 accounts have been opened in the last 37 months,” and that “assets are up 16.6% in that same time frame to $1.89 billion.”
Yee serves as the Chairwoman of the AZ529 Plan Advisory Committee. According to its website, this committee “assists the Treasurer’s Office in promoting and raising awareness of the AZ529 Plan in accordance with A.R.S. § 41-179.” The Arizona 529 Plan “is a college savings plan named after Section 529 of the Internal Revenue Code sponsored by the State of Arizona,” and “is designed to provide a parent, grandparent, or anyone else an opportunity to save for a child’s educational dreams within a tax-deferred savings vehicle.”
Last month, the Arizona Education Savings Plan was upgraded to a ‘silver’ rating by Morningstar, which “reflected a superior investment team and/or investment process that should benefit the participants.”
Joining Treasurer Yee on this advisory committee are the following appointees:
- Rural Community College District Representative: Keith Alexander, Special Assistant to the President for Community and Government Relations, Eastern Arizona College
- ABOR Public University Representative: Dr. James Rund, Senior Vice President for Educational Outreach and Student Services, Arizona State University
- Private Educational Institution Offering Advanced Degrees Representative: Brian Mueller, President, Grand Canyon University
- Private Vocational Training Institution Representative: David Eaker, Campus President, The Refrigeration School
- Apprenticeship Program Representative: Gary Schleuger, Vice President of State Government Affairs and Relations, University of Phoenix
- Private School or Organization offering K-12 Instruction Representative: Chris Schoenleb, Head of School, North Valley Christian Academy
- Teacher Representative: Karen Mensing, Technology Integration Facilitator, Paradise Valley Unified School District
- Tribal Representative: Honorable Shaandiin Parrish, Council Delegate, Navajo Nation
- Public Member: Maria Baier, Vice President of External Affairs, Great Hearts America
- Public Member: Christine Burton, Co-Founder, Burton Family Foundation
- Public Member Representing an Arizona-Based Nonprofit Organization: Susan Ciardullo, Executive Director, Life Long Learning Inc.
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
by Daniel Stefanski | Dec 7, 2023 | News
By Daniel Stefanski |
Many Arizona officials sent tributes for the passing of an inspirational leader of the state and nation.
Last week, former U.S. Supreme Court Associate Justice Sandra Day O’Connor died at the age of 93. O’Connor grew up in Arizona and paved a way for women in the highest levels of government as she served in the Arizona Legislature and as a Judge on the Maricopa County Superior Court. Following this already historic rise, former President Ronald Reagan nominated O’Connor to the nation’s high court, where she would become the first female Justice on the bench.
“Sandra Day O’Connor was an impactful conservative and a trailblazer who displayed the epitome of a hardworking public servant, a dedicated mother, and inspired many women to pursue leadership roles within the legislative and judicial branches of government,” said Senate President Warren Petersen. “She broke barriers throughout her career, becoming the first woman to serve as Majority Leader for Republicans at the Arizona State Senate and setting the stage for others to follow in her footsteps. The example she set on civil discourse is to be admired. We’re saddened by the loss of this icon, and our hearts go out to O’Connor’s family, but we take comfort in knowing she’ll have lasting positive impacts on our state and nation for generations to come.”
Senate Pro Tempore T.J. Shope added, “Very saddened to hear the news about fmr. United States Supreme Court Justice Sandra Day O’Connor today. Before President Reagan nominated her to became the first woman to serve on the U.S. Supreme Court, this legendary Arizonan was our state’s first female Senate Majority Leader, in charge of the State Senate’s Republican Caucus for two terms. I was honored to meet her on several occasions but the most recent was about a handful of years ago on the Floor of the AZ House of Representatives. We offer her family our condolences during this time.”
Governor Katie Hobbs communicated her own sentiments, writing, “Throughout her entire career, as an Arizona legislator, judge, and Supreme Court Justice, Justice Sandra Day O’Connor embodied the humility and civility that is at the core of what it means to be a public servant. Justice O’Connor first broke barriers when she was elected the Arizona Senate Majority Leader, becoming the first woman to ever serve in that role in the United States. Her trailblazing career continued when she became the first woman to ever serve on the Supreme Court, where she was the decisive vote in some of the most critical court cases in our nation’s history. Justice O’Connor’s impact continued far beyond the bench, with a lifelong commitment to civic engagement and civil discourse, which is more important than ever. Her legacy will forever be ingrained in the fibers of our state and nation’s history. The hearts of every Arizonan are with her and her family today as we mourn the loss of a true trailblazer.”
Attorney General Kris Mayes stated, “I am deeply saddened to hear of the passing of Justice Sandra Day O’Connor. She set a powerful example of leadership for so many to follow. Even before her appointment to the Supreme Court, Justice O’Connor’s trailblazing leadership here in Arizona cemented her place in the history of our state. Her humble beginnings on the Lazy B Ranch near Duncan, Arizona was just the start. It was something I always admired about her: how she went from my own beloved rural Arizona, to the marbled halls of the Supreme Court. Justice O’Connor exemplified service leadership throughout her career: Arizona Assistant Attorney General, first woman State Senate majority leader in the country, Maricopa County Superior Court judge, Arizona Court of Appeals judge, and first woman Supreme Court Justice. An icon. My thoughts are with Justice O’Connor’s family and loved ones during this time.”
Treasurer Kimberly Yee, who followed in O’Connor’s footsteps as a state senate majority leader, said, “Sandra Day O’Connor was the 1st female Senate Majority Leader in Arizona in 1973. I became the 2nd female Senate Majority Leader 44 years later. She was a trailblazer, worked across the aisle and believed in civil discourse. She was an inspiration to me and women around the world.”
Daniel Stefanski is a reporter for AZ Free News. You can send him news tips using this link.
