A wave of retirements is rearranging Virginia’s public finance companies, taking a long time of institutional information from one of the vital secure, least conspicuous working arms of state authorities.
Final week, Treasurer Manju Ganeriwala retired after greater than 13 years within the job underneath 5 governors — overseeing funding of public funds and managing debt — and greater than than 30 years in state authorities.
John Layman, chief economist and director of income forecasting on the Division of Taxation, will retire on Aug. 1 after 33 years in state authorities. The division already has misplaced Invoice White, its assistant commissioner for tax coverage, to retirement this 12 months, and the leaders of the Division of Planning and Price range and the Division of Accounts additionally retired earlier this 12 months after lengthy careers in state authorities.
These 4 companies – Treasury, Tax, Planning and Price range, and Accounts – have been the cornerstones of Virginia’s authorities funds, guiding elected and appointed officers via the ups and downs of the financial system, public revenues, tax coverage and finances decisions.
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“The continuity inside state authorities itself has been key over time,” mentioned Emily Walker, vp of advocacy on the Virginia Society of Licensed Public Accountants, which advocates on tax coverage within the Common Meeting.
Gov. Glenn Youngkin has moved shortly to interchange leaders on the finance companies, that are central to his political agenda of lowering taxes and controlling authorities spending. He changed Ganeriwala as state treasurer this month with David L. Richardson, who had retired after practically 44 years at McGuireWoods legislation agency in Richmond, specializing in tax-exempt bond financing for public entities and nonprofit organizations.
“Manju was a devoted public servant and the governor thanks her for her service,” spokesperson Macaulay Porter mentioned final week. “Virginia’s state treasurer performs a essential function in offering statewide finance companies.”
When Comptroller David Von Moll retired in April after 21 years main the Division of Accounts, Youngkin appointed Deputy Comptroller Randy McCabe to the highest job. Longtime finances analyst Michael Maul changed Dan Timberlake as director of the Division of Planning and Price range. Kirstin Collins, who had been director of coverage growth on the tax division and its public face in coping with Common Meeting cash committees, is changing White as assistant commissioner for tax coverage.
Youngkin reappointed Craig Burns as tax commissioner, a job he has held for 12 years. Solely Layman, whose financial analyses have been essential to charting state finances revenues, has not but been changed. Burns will appoint replacements for Layman and White.
“We are inclined to lose some institutional information infrequently, however we have got some very quick learners,” mentioned Home Appropriations Chairman Barry Knight, R-Virginia Seaside.
Secretary of Finance Steve Cummings has reshaped his personal workplace with the current retirement of Deputy Secretary June Jennings, an accountant who had served in state authorities for greater than 30 years.
Youngkin lately appointed John Markowitz as deputy finance secretary. Markowitz beforehand had labored for Transurban North America, a personal transportation firm that companions with Virginia and different states on public-private transportation partnerships.
The governor additionally appointed Dan Kowalski, a former official within the U.S. Treasury Division underneath then-President Donald Trump, as a particular adviser to Cummings.
The wave of retirements comes within the first six months of a brand new administration underneath Youngkin, the primary Republican to function Virginia’s governor since Bob McDonnell left workplace firstly of 2014, however Knight mentioned, “I believe quite a lot of it’s generational.”
Former Secretary of Finance Aubrey Layne, a retired CPA who oversaw all the finance companies underneath then-Gov. Ralph Northam, mentioned he most likely would have had to deal with the retirements if he have been nonetheless secretary.
“I believe it is simply going to be a time for a reset,” Layne mentioned.
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