Rare drama in treasurer race

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The job of state treasurer has never been viewed as glamorous or high-profile.

But this year, several heavy-hitting Republicans have lined up behind two-term state Rep. Mark Walker, favoring his conservative zeal over Richard Ellis' 22 years of experience in public finance and treasury management.

Walker came close to eliminating Ellis at the May 10 Republican State Convention. Now the two prepare to face off in the June 24 primary, with the winner facing Democrat Dick Clark in November.

"Walker's applause lines at the convention came after references to gay marriage, unborn children and tax cuts," said Ellis, who currently serves as chief deputy under state Treasurer Ed Alter, who is retiring after 28 years.

"You had a crowd there where that really resonates," Ellis continued. "But that has nothing to do with the role of state treasurer."

Walker, who claims he'll take a good office and make it great, disagrees.

"People tell me that these values don't fit in the Treasurer's Office, but I think they fit 100 percent," Walker said. "We're hiring a treasurer and a leader as well who will stand for those Republican principles that are important to people."

Senate President John Valentine was among the GOP glitterati touting Walker's strengths at the state convention.

"I've been looking for someone who shares my views on tax policy and the expenditures of funds for the state," Valentine said. "Mr. Ellis was anxious not to reduce tax burdens in an effort to keep our bond ratings high. I felt we could do both."

Walker helped lead the charge to reduce tax burdens, Valentine said.

Valentine also believes that Walker's education and work experience are adequate.

Former Gov. Olene Walker has endorsed Ellis - he directed the state's office of planning and budget under her.

"I'm sure Mark Walker has energy and charisma, but I'm looking strictly at qualifications to be state treasurer," Olene Walker said. "Richard meets that criteria without question."

Olene Walker expressed concerns that the state treasurer remain independent of the Legislature and executive branch of government.

"There would be a lot of negatives if the state treasurer became more political and less independent," she said. "You've got to have someone not beholden, who can give you correct information whether it's what you want to hear or not."

Attorney General Mark Shurtleff said he supports Mark Walker, in part, because he's not a bureaucrat.

"He brings a fresh perspective," Shurtleff said. "I'd like to see him do more than move money around."

Walker could play an active role in finance policy discussions and advising the governor on taxation and spending, Shurtleff said.

"He could influence the direction of the state. That's the main reason I support him."

Rep. Sheryl Allen, R-Bountiful, stands firmly in Ellis' camp for two reasons: the state retirement system and school trust lands.

"I want proven experience in that critical position," Allen said, noting that the state treasurer serves as an ex-officio member of the state retirement board and oversees investing of the school trust lands fund.

"That fund has grown exponentially and it's critical that we have someone who understands the responsibilities of the office."

Utah County Treasurer Robert Kirk, an Ellis supporter, agrees.

"The school trust lands fund is approaching a billion dollars, Last year $16 million in interest earnings came off it," Kirk said. "It's totally up to the state treasurer to manage those funds and Mr. Walker doesn't have the experience to do that."

Walker claims he'll bring private sector efficiencies to the office, where small improvements can make a big difference.

Walker's private sector experience is relevant to the state treasurer slot, said Rep. Greg Hughes, R-Draper. Hughes opposes Ellis because he advised against a 2004 law that imposed stricter government spending limits.

"I support Mark because he's the fiscal conservative in this race," Hughes said.

Ellis worries that the state will soon bump up against those caps.

"Prior to 2004, the state was $350 million under the spending cap," Ellis said. In 2004, that dropped to $150 million and by 2007, the cushion had shrunk to $17 million, he noted.

"Why put in artificial caps when they'll be meaningless?"

cmckitrick@sltrib.com