PHOENIX — Arizona’s incoming state treasurer says the state is “literally losing out on billions of dollars” because of how it invests its $11 billion education endowment, and that fixing it will be his top priority.
Nick Mansour, the first Democrat elected state treasurer in 60 years, made the comments in an interview with ABC15. Mansour is the former chairman and CEO of the Arizona College of Nursing and has never held office before.
“We’re not investing it well today,” Mansour told the station. “I want to change how we’re investing that to make sure we’re earning an appropriate amount of money on it.”
The endowment is one way the state funds education without tapping taxpayer dollars. Overall, the treasurer’s office invests about $32 billion in state money, according to ABC15.
Mansour said some of the changes he wants would require the Legislature and the governor to pass a law, and that he is assembling a transition team ahead of taking office in January.
He also said he plans to work with newly elected Superintendent of Public Instruction Teresa Leyba Ruiz to go after waste in the Empowerment Scholarship Account program. “We’re paying for flat-screen TVs and kitchen appliances, jewelry,” he said. “We need to eliminate that.”
Mansour said he supports ESAs and that cutting waste would help the program continue serving families who need it. He also said he intends to keep partisan politics out of the office.
Democrats swept Arizona’s statewide offices and flipped the Legislature in last week’s election.
Sources: ABC15. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
Photo: Unknown / Public domain via Wikimedia Commons.
