FINANCIALLY FOCUSED
Mark DeStefano, candidate for State Treasurer, possesses a past that's rich for Nevada's future
BY MIKE ZIGLER

Meet Mark DeStefano, a businessman with more than 20 years of financial experience. He currently serves as president of a corporation that gives small businesses the assistance needed to grow. He's also running for State Treasurer, Nevada's top financial officer. 

The Nevada Treasurer's office controls $3.5 billion in its investment portfolio - tax revenue received before it's spent - while also managing bond issues for state and local governments. 

Unlike his opponent, union-bought Kate Marshall, DeStefano is a financial expert. And rather than address DeStefano's intentions for the Treasurer's post, the Las Vegas Sun has intended to abuse his character. However, even the ultra-liberal Sun had to acknowledge that DeStefano's history proves he's an expert at complex financial transactions.

As a Republican running to succeed Brian Krolicki, DeStefano hosts a lengthy finance-based resume that clearly qualifies him for Nevada Treasurer over Marshall, a trial lawyer with no true financial experience.

"Treasurer is a technical job and deserves real experience," DeStefano said.

In the state of Nevada, the Treasurer has no ability to control state spending. However, Treasurer can weigh in on spending by looking to the future to determine where problems may arise. In other words, DeStefano will have a strong influence on Nevada's budget. 

"The Treasurer's job is to look out for the fiscal health of the state. Right now, we're healthy," he said. "I'm concerned, though, that the Legislature is going to increase programs without weighing in on long-term matters."

There's no question that Nevada lawmakers tend to overspend when the financial health of the state is strong. But problems exist that deserve attention immediately and should not be overshadowed by a lawmaker's personal agenda. For example, the public-employee retirement program is not in solid shape, despite what the government unions would like to make the public think. Around 2013, it will become problematic, DeStefano said.

"Why should we wait to solve problems of the future?" DeStefano asked. "Address them now."

Two responsibilities that the Treasurer administers are the Millennium Scholarship and college savings plans. Started in 1999, the Millennium Scholarship is facing hardships, in terms of fundraising and effectiveness. The program is supported by 40 percent of Nevada's $1.2-billion share of states' legal settlements with tobacco companies. Money to support new students to the program is expected to last at least through 2008, but the State Treasurer's office wants to extend the program.

Today, people smoke less, therefore funding is not as strong for the program. Also, more students are receiving the scholarship due to dismal standards and secondary-education teachers who pass students via inflated grades, setting students up for college failure.

"Right now, the program is a good one," DeStefano said. "It does keep college graduates in Nevada. The question is how do we keep the program alive. The answer is to strengthen standards."

And DeStefano should know. As a community member interested in the future of Nevada's youth, he launched the Future Stars of America program. It's a charitable organization dedicated to the education and training of Nevada's youth in capitalism and free enterprise.

"The key with children is to make them believe in themselves, set goals for them to achieve, and they will rise to meet new challenges."

To DeStefano, a problem with the Millennium Scholarship is that the standards are loose and teachers further loosen existing standards so that students are able to pursue college, despite an inability to meet the already-low standards set to receive the scholarship. Therefore, it is no longer viewed as money earned. Students now perceive the scholarship as an entitlement. 

"Millennium scholars go to school, and many lose the scholarship when they fall below standards," DeStefano explained. "Once they raise their grades, they get the scholarship back. I don't agree with that. Take college seriously from the onset, and if you fall below standards, there are serious consequences - you lose the scholarship for good."

DeStefano is also adamant that the Millennium Scholarship should only be issued to Nevadans, not illegal immigrants. 

"I stand strong on this issue, unlike my opponent," he said. "The Millennium Scholarship is important to Nevada, because it is economic development for the state. When we produce college graduates, we produce business down the road."

If government must produce new programs, DeStefano feels it needs to be done with creative intentions. Case in point: DeStefano wants to build upon a program that rewards parents who plan for the future through a program that allows them to pay for their children's education at today's college admission rates. 

"When developing programs, government should encourage people to take care of themselves," DeStefano said. "Government should support programs that foster independence, not ones that create a dependency on the state."

Like any entrepreneur determined to be self-sufficient, DeStefano, over the course of 22 years, encountered troubled times. In 1989, he filed for and received Chapter 7 bankruptcy protection. 

Many outside influences played into that decision, including his daughter's health problems that led to financial distress. His character, though, proves his commitment to success, one Nevada's Treasurer's office needs. 

A true test to determine who deserves Nevada's vote for Treasurer at the polls is this: Does our State need someone who invests his own money into a campaign or someone who is controlled by powers larger than the public's?

DeStefano is Nevada's clear and committed choice. LW