Editorial Page staff
The Seattle Times
GOP candidate Lucy DeYoung has to overcome state history and a well-qualified Democratic opponent to be the first woman and first Republican since 1956 to be elected state treasurer.
Democrat Brian Sonntag's road to a second term as state auditor is less arduous. He has drawn praise from legislators in both parties not only for his oversight of state and local government budgets, but also his promotion of performance audits to ensure taxpayers receive value for money spent.
Sonntag's opponent is Republican Robert Keene Jr., a Bellevue accountant who has twice campaigned unsuccessfully for the job.
DeYoung, president of Evergreen Public Finance, Inc., and Mike Murphy, Thurston County treasurer since 1987, are waging a spirited campaign to replace incumbent Dan Grimm, who is leaving office after two four-year terms.
Both candidates have solid educational and employment backgrounds in finance, but their professional experience is different. DeYoung has worked in the private sector as a banker and now is a bond consultant to the state, local government, and school district clients. Murphy worked in the state treasurer's office for 15 years before he became Thurston County treasurer.
The state treasurer manages the state's money, including long-term debt and short-term investments of tax dollars, and operates an investment pool for local governments. The state treasurer also sits on the State Investment Board, which oversees the $26.8 billion pension funds of public employees.
The treasurer's duties are largely defined by state statute, but the diversity and volatility of investment opportunities available today require a steady, attentive hand on the tiller.
What passes for a campaign issue is a difference of opinion on the role of negotiated sales versus competitive bids when the state sells bonds to finance capital improvements. Murphy is concerned about the appearance of impropriety with negotiations and favors competitive bids. DeYoung has a better sense of the subtlties at play, and understands that a strict use of competitive bids could needlessly stymie other treasury programs or limit money-saving opportunities.
DeYoung stepped down as mayor of Woodinville to run for treasurer, but remains on the City Council pending the election outcome. This hands-on local government exposure is another bonus given her interest in improving customer service in the treasurer's office.
Republican DeYoung and Democrat Sonntag are endorsed for treasurer and auditor, two lower-profile but vitally important statewide offices.
