In Grady L. Patterson, Jr.’s thirty years as South
Carolina State Treasurer, he has been responsible for many of the changes
that modernized state government and protected South Carolina’s
citizens. During his tenure, South Carolina transformed itself from an
agricultural economy to one strong in manufacturing and technology, but
certain financial truths never changed for Treasurer Patterson.
"My first priority as State Treasurer is to do a good job for the
people of South Carolina," Patterson says. "The public’s
assets we deal with every day are not just money to be spent, those assets
are a trust between our citizens and their government. We must make sure
that trust is protected by wisely managing these funds. Every day we
strive to make sure our money works smart for the hard working people in
South Carolina."
For years South Carolina was an innovator in the management of public
funds under the guidance of Treasurer Patterson. He has always advocated
common sense conservative management
policies. "My managing principle is simple: spend what you must, not what you want to
– pay your bills on time – and, don’t ever be reckless with the
people’s money," says Patterson. State officials recognized Grady
Patterson’s leadership, and he has often been the voice for responsible
fiscal management in often-contentious policy debates.
Because of his common sense approach to state government, Patterson
promoted several initiatives to keep state spending on a tight leash and
to make the Treasurer’s Office more responsive to the needs of South
Carolinians.
- AAA Bond Rating
– Treasurer Patterson was one of the leaders
who first helped South Carolina receive a triple-‘A’ bond rating
from all the major rating agencies. The high rating meant that South
Carolina paid millions of dollars less to borrow money for large
projects such as roads, bridges, public facilities, etc. And, when the
state lost its high rating during the recession of the early 1990's,
Treasurer Patterson offered the plan used by the Budget & Control
Board to recapture the triple-‘A’ rating (South Carolina was the
first state to regain the rating).
- Annual Debt Limit
– Grady L. Patterson, Jr. introduced
and supported a constitutional amendment to prevent spending more money
than the state receives in revenue. South Carolina is now
constitutionally bound to live within its means with no tampering due to
the political winds.
- Investment in State Banks
– Throughout the years, Treasurer
Patterson has placed state monies in local banks where it draws interest
for the state. By placing this money in South Carolina banks our local
banks can provide better services to their customers, and their
community.
- Local Government Investment Pool
– Grady Patterson
recognized that local governments could not earn the higher interest
rates on their money that larger entities receive. His office was one of
the first in the nation to pool local resources to bring higher returns
for local governments. Over the years, the higher returns have allowed
local governments to keep their taxes lower on South Carolina families.
- Mini-Bond Program
– For years, large investors could
place their money in South Carolina investments guaranteed by the state
government, but these required larger sums of money than most people
have. Mr. Patterson introduced and guided legislation that allows
citizens to "buy a little piece of South Carolina" and save
for their future tax-free for as little as $250.
- Pension Protection
– Over 200,000 state employees and
retired state employees place their pensions in the South Carolina
Retirement Systems. Grady Patterson fought to ensure that the monies
these hard working employees set aside will still be there when they
retire. The legislation means that the General Assembly may not touch
pension funds to balance the annual operating budget.
- School Facilities Construction
– In 1998, Mr. Patterson
introduced a $1 billion plan for school construction, renovation, and
technology wiring. The money will be used to build new classrooms, and
refurbish old ones, to replace portables and dilapidated structures in
all 86 South Carolina school districts. It passed in 1999 and was the
first state assistance for local school districts with critical
facilities needs in over fifty years.
- State Reserve Fund
– Mr. Patterson saw that the
volatility of economic cycles could affect the state’s ability to meet
its obligations. To make sure that South Carolina can meet the needs of
its citizens in times of economic hardship, he proposed and supported
the implementation of State Reserve Funds to cover possible shortfalls
in the state budget.
- Stock Investments
– After a two year legislative
logjam, Mr. Patterson cooperated with state leaders to invest the first
state pension monies in equities. Looking at the long-term benefits of
the stock market, most analysts believe these new investments will make
South Carolina’s strong retirement system even stronger.
Grady L. Patterson, Jr. has spent thirty years in the service of his
state as South Carolina’s Treasurer. His dedication has brought
accolades from voters, citizens, state and national leaders. He continues
to energetically safeguard South Carolina’s finances and innovate for
our future.
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