Guest commentary by Sierra Club leader, Caryl Terrell about the referendum regarding the Treasurer office
Don’t overlook the April 3 Ballot Referendum to abolish the position of State Treasurer and change oversight of the $1 Billion School Trust Fund. This referendum threatens long standing (since 1848) fiscal checks and balances and politicizes the Trust Fund intended to assist public school libraries and municipal infrastructure.
Instead of adopting this Referendum, your NO Vote can signal to the Legislature to restore fiscal watchdog powers recently stripped from the State Treasurer that have held in check unsound tax policies and budgets by the Governor and State Legislature.
The Referendum also includes a second part – authorizing the Lt. Governor to replace the Treasurer as the third member of the constitutionally created Board of Commissioners of Public Lands (BCPL). Politicizing the BCPL and its substantial School Trust Funds under control of the Governor’s Office endangers the very existence of the programs run by the BCPL.
The BCLP managed School Trust Land Funds (more than $1 billion) are the basis for the largest state-run loan fund program available at low interest rates to local municipalities and school districts for public works infrastructure. Earnings for the Common School Fund are distributed annually to public school libraries for books, periodicals, web-based resources and computer hardware and software. These monies ($32.1 million in 2017) are the sole source of state funding for public school libraries. The PCPL is one of the largest landowners in Wisconsin (more than 77,000 acres of forest) and manages these lands for sustainable forestry and timber sales.
Voters who care about democracy and sound governance should VOTE NO on April 3rd on the proposal to eliminate the elected state treasurer.