From the email.

Adamczyk Proposes to Save Taxpayers $33.75 Million

Plan would have BCPL Pay Cash to Avoid Bonding for new DOJ Crime Lab

MADISON… Today, Wisconsin State Treasurer Matt Adamczyk released the following statement regarding the proposed Department of Justice (DOJ) crime lab:

“When the state builds a new building it costs more than the actual construction costs due to interest on borrowed money.  As a commissioner of the Board of Commissioners of Public Lands (BCPL) I want to help the state avoid bonding costs for some specific projects.  The BCPL is a state agency with a trust fund mandated to earn interest to give back to Wisconsin public schools.

Governor Walker’s capital budget calls for the construction of a new DOJ crime lab in the Milwaukee area.   The building is budgeted to cost $75 million.   If the Legislature and the Governor approve the construction of a new crime lab, that $75 million building would end up costing taxpayers $108.75 million.    This is due to the bond interest payments, which would total $33.75 million over 20 years.

The decision on how to best build a new crime lab is a legislative decision, but I would encourage the state to save money by having the BCPL own it.   The BCPL is a trust fund that has about $1 billion in assets.  The BCPL has cash available, earning almost no money, because short-term interest rates are so low.  The BCPL could easily write a check for the $75 million purchase price and then rent the building to the DOJ.

Any rental income profits the BCPL receives must constitutionally flow back to all K-12 public schools yearly on a per pupil basis.  Thus, all taxpayer money for rent would flow back to the same taxpayers that paid the rent.

This is a win-win for the schools and the taxpayers of the state of Wisconsin.  Taxpayers would avoid paying $33.75 million in bond interest.  Furthermore, if the BCPL built the building, it would be a great investment that would satisfy its need for more safe income earning investment options.”

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For more information Treasurer Adamczyk’s plan, please click here.

You have to love a politician who actually follows through with his campaign promises.

Matt Adamczyk, a Republican, eliminated his three-member staff, amounting to a savings of about $168,000, the Wisconsin State Journal reported. The deputy treasurer, Scott Feldt, resigned, while the other two were laid off.

Adamczyk also said he will give 25 percent of his nearly $69,000 salary to the treasury.

Republicans in the Wisconsin legislature introduced a bill last week to take any references to the Office of State Treasurer out of the state constitution. Adamczyk supports the bill, saying the office’s only duty is to promote Wisconsin’s unclaimed property program.

Adamczyk campaigned on getting rid of the treasurer position. He said he visits his Madison office about twice a week.

“I’m not somebody who says we don’t need government,” said Adamczyk, who was a legislative aide for 10 years. “”But why would you have positions for people who don’t have any real work?”