State Treasurer Ed Alter said Tuesday that he won't seek an eighth term as Utah's top government money manager, and he endorsed his chief deputy, Richard Ellis, for the elected post.
"As my right-hand guy, he's done all the things I've done," Alter said of Ellis, who is scheduled to formally announce his candidacy today. "He really is ready and prepared and knowledgeable."
Alter, 66, said he's planning to retire when his term is up. He will have spent 28 years overseeing the issuing of state bonds, as well as billions of dollars of investments from both state and local governments.
Ellis served as Alter's chief deputy for six years before leaving the treasurer's office in late 2003 to serve as budget director for both former Gov. Olene Walker and current Gov. Jon Huntsman Jr. Ellis also ran the state administrative services department for Huntsman.
A Republican, Ellis said he is declaring well in advance of the November 2008 election because there could be a lot of competition for what hasn't been an open seat in nearly three decades.
"We're trying to get out in front of everyone," Ellis said. "It's a position where we need someone who's a professional and understands it, and is not a politician ... I'm not seeing it as a stepping stone."
When it comes to the office of treasurer, Ellis said, voters are "looking for people who are experienced. I've had that hands-on experience." He cited nearly $4 billion in bonds issued during his tenure as chief deputy.
Experience will be especially important, Ellis said, as the state deals with the funding of future transportation and other infrastructure projects. "We have a history of financial excellence, and I would like to continue that," he said.
Ellis, 47, came to Utah from Oregon to attend Brigham Young University. He earned an MBA from the University of Utah and worked for the Jordan Valley Water Conservancy District and Draper city and as an investment banker before joining state government.
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