Earlier this month, former Secretary of the Arkansas Department of Finance and Administration Larry Walther was appointed by Gov. Sarah Sanders, a Republican, to replace Mark Lowery, who passed away this summer, as state treasurer. Lowery, a former state representative from Maumelle, was elected to the position during the 2022 midterm elections.
In an interview with Channel 4’s KARK Capitol View, Walther said he doesn’t anticipate needing to make changes to how the office is managed.
“Think about how I can improve the treasury, it’s a well-run machine right now and it’s been going on for a long time. You don’t want to tweak things too much that are already going well,” he said.
According to the Arkansas Treasurer’s website, the treasury is a bank for the state government. The office makes loans to the local government and is responsible for disbursing revenues from sales and use taxes back to local governments.
Despite challenges with the economy, Walther said aid from the federal government and budgeting from state lawmakers has helped keep Arkansas in good financial shape.
“There’s a lot of money that’s been coming in from Washington D.C through the CARES Act, ARPA [American Rescue Plan Act], and through the infrastructure bill that was passed recently that turns into commerce within the state,” he said. “We’re talking billions of dollars. This is money that the federal government borrows that gets turned into tax revenue and other revenue that benefits the state of Arkansas.”
Walther will serve as state treasurer until the 2024 election, according to Talk Business & Politics. Secretary of State John Thurston, a Republican, announced last week that he will seek the state treasurer’s office. If elected, his replacement as secretary of state would be appointed by Gov. Sanders.
