Editor's note: This is the next in a periodic series on contested races and contests on Idaho's November general election ballot.

BOISE — The contest for Idaho state treasurer pits first-term incumbent Republican Julie Ellsworth against Twin Falls CPA and Democratic candidate Deborah Silver.

Ellsworth was unopposed in 2018 when she won the post in the general election, after winning a three-way GOP primary that year with 36.8 percent of the vote. She drew no primary challenge this year.

“I love being the Idaho state treasurer,” said Ellsworth, a former state representative and former teacher. She said she has three top goals she wants to continue working on if reelected: Assuring transparency in the management of public funds; reducing the property tax burden through operation of the state’s bond bank, which falls under the treasurer’s office and bundles local bond refinances for better rates; and fighting against any recognition by the Securities and Exchange Commission of “ESG,” or environmental, social and governance ratings, in ways that would impact access to financing for Idaho industries.

“If there is an attempt to use the financial markets in a way that is a legislative issue, I will oppose those things and safeguard these financial decisions and make sure they’re based on financial reasons,” Ellsworth told the Idaho Press. “I’m very involved in that.”

Silver said her top three issues in the race are competence; the ability to anticipate cash flow; and managing short-term investments. “It’s mechanical-type things,” she said. “I want to do a good job safeguarding Idaho’s cash. That’s really what this job is about.”

Idaho’s state treasurer serves as the chief fiscal officer and banker of funds collected by the state; receives and invests funds; and administers programs including unclaimed property, the bond bank and the Idaho College Savings Program. It is a statewide elected position that starting Jan. 1 will pay $128,960 a year; the current annual salary is $117,557. Idaho’s state treasurer salary is identical to the annual salaries for the secretary of state, superintendent of public instruction, and state controller.

Ellsworth, 60, said, “The treasurer’s office is the accounts receivable for the state, essentially. The controller’s office is the accounts payable. … The controller essentially reports on how it was spent. I make sure that it’s released in a constitutional manner, and it’s a great check and balance.”

She holds a bachelor’s degree in education from Brigham Young University, and during her 12 years in the Idaho House, served four years as House GOP caucus chair. She also is a former public school teacher and has worked as a civil mediator and business consultant.

Since being elected state treasurer, Ellsworth fought a high-profile legal fight against GOP legislative leaders who sought to evict her offices from the Capitol to make way for office space for House members. After she refused to leave, the Legislature sued her and won; Ellsworth appealed unsuccessfully to the Idaho Supreme Court in 2021. She said she has no regrets, though taxpayers funded both sides in the litigation.

“The Idaho taxpayers always thought it was unwise to take full-time-use offices and convert them into offices that are used three months out of the year,” Ellsworth said.

Silver, 66, holds an accounting degree from Boise State University and is a certified public accountant. She worked as an auditor for a national accounting firm in Boise, then taught accounting at the College of Southern Idaho. She and her husband have an accounting firm in Twin Falls. She also is a former Twin Falls County Democratic chair and a former vice chair of the Idaho Democratic Party.

“I am a CPA. I’ve helped businesses with cash flow,” she said. “That’s been my career.”

“It’s really just about making sure that you have the cash available when it’s supposed to be there. It’s about making sure you’re making very safe investments, you’re not getting into risky things,” Silver said. “My background as a CPA is just, it’s that kind of experience you need for this job.”

This is Silver’s second run for state treasurer; she unsuccessfully challenged then-GOP Treasurer Ron Crane in 2014, taking 39 percent of the vote to his 61 percent, after winning a contested Democratic primary with 84 percent of the vote. She also ran unsuccessfully for the Legislature in 2016 and 2018.

Silver said she also serves as treasurer for Reclaim Idaho, the group sponsoring an education funding initiative on the November ballot.

Ellsworth said in the treasurer’s office, she’s worked closely with members of several advisory boards on such topics as investments and credit enhancement. Idaho currently has a AAA credit rating, the highest it’s had.

By law, the state treasurer chairs the Idaho Bond Bank Authority; the College Savings Program Board; the Investment Advisory Board; the Credit Rating Enhancement Committee; and the Commemorative Silver Medallion Committee, which honors veterans.