October 29 2008

October 29, 2008 – Minutes for the Lake Murray Rotary Club Meeting. Submitted by Lyn Richards.

The meeting was opened with our invocation given by Chris Joye. John Hanson introduced our visitors, and this being the Wednesday before the election, we were graced with the presence of Political candidates Joe Wilson and Chip Huggins, along with other visitors. Lyman delivered health and happiness. Jay Stewart has transferred his membership to our club, and was congratulated and welcomed by President Eddy. Kelly Payne was congratulated on being selected as Walmart’s Teacher of the Year. Patty Cavanaugh made a special presentation to Joel Collins as a Rotary Foundation Benefactor.

Happy Dollars were led by Judy Johnson, who gave out “treats”, including an ornament in support of the Babcock Center. Contributions were lively.

Our speaker, Converse A. Chellis, III, the South Carolina State Treasurer, was introduced by Lyman Whitehead. Mr. Chellis spoke to us about the State Treasurer’s Office on two fronts: some of the interesting accomplishments of the office, and what is going on in Columbia. For Mr. Chellis, safeguarding the assets of South Carolina is paramount.

After weathering two budget cuts of more than 3%, Mr. Chellis’s office has created a task force of 17 people who unanimously created and adopted a plan to fund the “unfunded mandate” of COLAs (cost of living increases) of $9.8 billion, while saving SC taxpayers over $3 billion. The office has returned over $11 million in unclaimed property to SC residents, up from a previous average per year of $6 million. They have attracted more SC residents to the Future Scholars Program. What used to have a 53% participation from non-residents has turned into a 55% participation by residents. He has been actively managing the “Bid South Carolina” program, where banks are encouraged to bid for money that the banks in turn use to loan to consumers. His audit background as a CPA has made it important to him to perform due diligence on the state’s investments. He keeps an eye on preservation of principal as well as maximizing earnings; and he closely monitors reserve accounts for security and adequacy.

In Columbia, he was glad to note that the Budget and Control board did not opt for across-the-board spending cuts, but had targeted spending cuts.

In closing, he stressed the importance of integrity in the State Treasurer’s Office. He cited all the influences in his life that have stressed this attribute: family, church, scouting, team sports, his Citadel education, his CPA profession, and his community service with Rotary.