David and his team enhance the financial health of Utah schools and local government by promoting prudent debt, banking, and investment practices, and by ensuring that public school facilities are financed at optimal interest rates.
Promote the transparency and integrity of local government investments &
David, his team in the Office of State Treasurer, and the State Bonding Commission are responsible for the evaluation and approval of bonds issued by the Utah Transit Authority, following legislation passed in 2019;
Utah treasurers are required to report banking and investment arrangements twice each year to the Money Management Council. David and his team implemented a web-based reporting system that modernizes the collection, retention, and analysis of that data to ensure the safety of public funds;
Certain local governments were taking advantage of a loophole in state law to issue bonds well in excess (millions more, actually) than voters had authorized. David and his team worked closely with the Utah Taxpayers Association and the Utah Legislature to put an end to these abuses (SB 122 Bond Election Amendments, 2018 General Session);
David has taught local Utah public finance and treasury professionals on banking, digital commerce, public funds investment, public finance, and related topics for over 20 years, in conjunction with organizations such as the Utah Association of Counties, the Utah Association of Public Treasurers, the Northern Utah Chapter of the Association of Government Accountants, the Utah Association of Special Districts, the Utah Government Finance Officers Association, and the Utah Association of School Business Officers;
David worked with the Legislature to strengthen the state’s AAA bond rating by statutorily prioritizing appropriations to debt service over all other appropriations (SB 115 Bonding Amendments, 2020 GS); and
David and his team in the Office of State Treasurer hosted all-day Public Finance Symposiums for local Utah governments, providing in-depth training on debt management, market disclosure, and compliance.
Support the funding of public education infrastructure and LAND Trust Funds
David has overseen the granting of the state’s guaranty on 127 bond financings of Utah school districts totaling over $3.7 billion. This program conveys the state’s premier AAA bond rating to school district bonds, minimizing the interest expense incurred by Utah school districts and saving Utah taxpayers millions of dollars;
David has coordinated 47 charter school conduit bond issues, including 22 credit- enhanced transactions valued over $391 million. It’s estimated that, over the full term of these credit enhanced transactions, Utah charter schools will save over $100 million in interest costs thanks to the credit enhancement provided by the state;
David is Chairman of the School and Institutional Trust Funds Board of Trustees, and as such helps to set policy and oversee the investment of approximately $2.5 billion in trust fund assets, which for 2021 reached a record high of $92.8 million in LAND Trust Funds distributed to schools in Utah; and
David provides joint oversight of the Land Trusts Protection and Advocacy Office (which is overseen also by the Land Trusts Protection and Advocacy Committee), which in turn oversees both the School and Institutional Trust Lands Administration (SITLA) and the School and Institutional Trust Funds Office (SITFO), ensuring the prudent, professional, and fiduciary management of Land Trust assets.