Treasurer: $1B in interest earned during tenure

Treasurer: $1B in interest earned during tenure
BOISE, Idaho (AP) — Idaho Treasurer Ron Crane says his office has received more than $1 billion in interest earnings since he was elected to the office in 1999.

Calling the accomplishment a historic milestone for the state, Crane also says that not one dollar of principal has been lost during his nearly 16 year tenure.

Crane's announcement, which was released Thursday, comes after a legislative audit concluded his office lost more than $10 million in a 2009 inappropriate money transfer.

Crane, who is running for re-election against Democrat Deborah Silver, has repeatedly disputed the audit's findings.

Instead, he says he has built up the state's credit ratings and secured record-low interest rates for the annual sale of tax anticipation notes, a resource state accountants use to manage cash flow.