Arizona Treasurer Voter Guide
Arizona Treasurer candidates Nick Mansour (D) and Elijah Norton (R) respond to an AZPM survey, weighing in on issues facing the state and how to solve them. Responses have not been edited.
The Questions
- Arizona manages tens of billions of dollars in public funds. What is your investment philosophy as it relates to taxpayer dollars and your approach to transparency?
- The Permanent Land Endowment Trust Fund supports public education, the state prisons and other state beneficiaries. What are your top three priorities for how the fund is invested?
- How strongly do you agree or disagree with this statement: “It’s critical that the State Treasurer implement safeguards to prevent political considerations, favoritism and conflicts of interest when it comes to investments of taxpayer dollars.”
Responding Candidates
Nick Mansour
Elijah Norton (R) has not yet responded to our survey request.
Nick Mansour
The investment philosophy that would guide the management of our assets would be safety first, liquidity second, and then return. The state has been doing fairly well with the $21 billion used to fund our state budget and daily cash needs - but we can do even better.
The Treasurer manages $32 billion. Of that sum, $21 billion is in investments for our budget and daily cash needs, and $11 billion is in the Permanent Land Endowment Trust Fund, which largely benefits K-12 education. I would focus on safety, diversification, and fiscal responsibility. I believe transparency should be the north star of this office. My priorities are eliminating waste, investing in education, and working to create jobs.
Transparency is very important to restoring trust in our institutions. Arizonans have a right to know how their taxes are spent and where the state invests its money. We have a recent example where the Treasurer’s office fought and prevailed against the release of information. I intend to be very transparent.
The Treasurer manages $32 billion. Of that sum, $21 billion is in investments for our budget and daily cash needs, and $11 billion is in the Permanent Land Endowment Trust Fund, which largely benefits K-12 education. I would focus on safety, diversification, and fiscal responsibility. I believe transparency should be the north star of this office. My priorities are eliminating waste, investing in education, and working to create jobs.
Transparency is very important to restoring trust in our institutions. Arizonans have a right to know how their taxes are spent and where the state invests its money. We have a recent example where the Treasurer’s office fought and prevailed against the release of information. I intend to be very transparent.
Nick Mansour (D) FUND PRIORITIES
Arizona should gradually shift the allocation to 20 to 30 percent in bonds over time (not today or in one move). By doing this, Arizona would align with ten other red and blue states that use similar endowment funds.
The Endowment Fund has invested over $6 billion in public stocks, which is very diversified by mimicking stock index funds. We want to stay well diversified to keep our stock investments safe, boost the fund’s earnings, and keep taxes low, so that Arizonans can keep more money for themselves and their families.
We want to increase the Endowment Fund by selling more of the state lands. We want to be good stewards of the land and sell it at the right time and the right price - not a fire sale. Gflex-rowing the fund this way will provide more funds for education and, as above, keep taxes low and allow Arizonans to provide more for their families. Also, selling the land can reduce housing costs by increasing the supply of new homes.
Nick Mansour
The Permanent Land Endowment Trust Fund is a very powerful resource for our state, our education, and our future. We must invest it safely and in a fiscally responsible way. But because we have not reviewed our investment approach in decades, we estimate that over the last thirteen years, we have lost about $3.6 billion, which would have made the fund worth roughly $15 billion today. These foregone earnings could have helped restore education funding without raising taxes. This inaction is hurting our current and future students.
Our state has been trying to raise teacher pay by $4,000 annually, and making this change over time would let us do this without increasing taxes for anyone. It’s a no-brainer. Investing the fund this way is low risk and will allow us to invest more in education, increase the fund’s earnings, keep our taxes low, and put more money in Arizonans’ pockets.
Our state has been trying to raise teacher pay by $4,000 annually, and making this change over time would let us do this without increasing taxes for anyone. It’s a no-brainer. Investing the fund this way is low risk and will allow us to invest more in education, increase the fund’s earnings, keep our taxes low, and put more money in Arizonans’ pockets.
Nick Mansour
Strongly Agree
Nick Mansour
The Treasurer’s office should keep political considerations to a minimum when making investments, with no favoritism or conflicts of interest. This does not mean that moral or ethical considerations should not apply. In contrast, Elijah has made it clear that he wants to divest from companies with “DEI” policies. Many companies maintain DEI policies or something similar. I cannot underscore this point enough: divesting from all of these companies would expose Arizona to tremendous financial risk.
As hard as Arizonans work to earn money, I’ll work twice as hard to eliminate waste and make sure their tax dollars work hard for them. Unfortunately, our state has recently experienced waste and fraud involving both our Medicaid and ESA programs. My office would handle those issues on a case-by-case basis, some internally, while others may need to involve the Attorney General, Legislature, or Governor, and may not be resolved at the discretion of the Treasurer’s office.
As hard as Arizonans work to earn money, I’ll work twice as hard to eliminate waste and make sure their tax dollars work hard for them. Unfortunately, our state has recently experienced waste and fraud involving both our Medicaid and ESA programs. My office would handle those issues on a case-by-case basis, some internally, while others may need to involve the Attorney General, Legislature, or Governor, and may not be resolved at the discretion of the Treasurer’s office.
