Franklin County Treasurer Edward Leonard

Franklin County Treasurer Edward Leonard locks horns with The Debt Syndrome

Development Economists hold that the fundamental difference between rich and poor countries is the resilience of the countries of the third world to accept and adopt the practicality and workability of the capitalist system of the free market. Democracy, liberty and the quest for freedoms being only consequential off-shoots of such a system if well structured and successfully put in place. The system rewards hardwork, be it individual or corporate and encourages healthy competition. At least, that is what theory holds. The justification of this dictum is made more evident by the fact that the difference between the developed and developing countries is like night and day. But could capitalism be the panacea for misery, poverty, and underdevelopment?

Rosy as capitalism may seem from this prospective, inherent in it, is a canker worm that threatens the basic foundation of the existence of the system.-The debt syndrome-According to the National Foundation for Debt Management for example, The average household has 10 credit cards, the average interest rate is 18.9%, the average credit card balance is $8,000 and the typical “minimum monthly payment” is 90% interest and 10% capital! Yes, that is how bad the situation really is.

It is even harder to imagine the impact of this system on an individual who has all through his life known that “if you have ten Dollars you put it in your pocket and if you become “rich” and make a hundred Dollars, you cut your mattress and put it inside” Like every one else, tackling the debt syndrome has been one of the most challenging aspects to newly arriving immigrants to the shores of America. It is a problem that most of them never ever envisaged and for which they had been least prepared.

Cognizant of these difficulties and much more, The Treasurer of Franklin County Edward Leonard and his team of experts have decided to engage in a massive campaign to educate the citizenry on Financial and Credit management issues. Visiting the website of Franklin County’s Treasurer is no less than a classroom treat to a course in the fundamentals of financial management.

The “course” lesions span from how to void fraud, theft and scams, credit score reports management, Investing, saving for college, Foreclosures, ID theft to teaching children about money. Mr. Leonard’s team specifically target teenagers, designs and sponsors specific programs that instill into our youths a values system on the importance of managing funds, “Reality Days” says Lillian Williams a close collaborator of the treasurer, is to educate Buckeye Middle School students about the importance of personal finance.

The Franklin County Treasurer’s office has partnered with Columbus Public Schools and Huntington Bank to offer “Reality Days”, a hands-on experience, giving students a taste of the “real world.” Students are assigned occupations based on their grade point average and a credit score is based on their attendance.  With this information, each student is given a salary and randomly assigned a marital status and number of children.

The students are then responsible to maintain a budget while meeting expenses”.  “What better way to highlight Financial Literacy than by teaching our young people the importance of financial literacy,” said County Treasurer Ed Leonard with all the pride. Even the most stringent manager-student comes out with nothing left in his hand long before the month comes to an end. The teachers suddenly change the focus of the game to “how to make more money with a good education” Students come out knowing why parent and teachers want them to make not only good grades but why higher education is more desirable. The Treasurer is the chief investment officer of the county responsible for the management of more than $1 billion in revenue annually. The Treasurer is also the cash manager for the county, acting much like a banker. As cash manager, the Treasurer collects all payments received by the county. The Treasurer deposits all of this revenue into the county’s account. The Treasurer does not determine who will pay what taxes. Instead, the Treasurer accepts payments made to the county and provides real estate and manufactured home tax bills to taxpayers. The Treasurer also collects Personal Property taxes in April and September each year. Taxpayers who do not pay their taxes in a timely manner are charged interest and penalties. Taxpayers may contest a late-payment penalty by filing a form 23A. The names of taxpayers who are certified delinquent will be published in the newspaper as required by law. If you have questions, comments, or require additional information about the Treasury please feel free to call the office at:
(614)462-3438 or email Treasurer Ed Leonard at: Ed_Leonard@franklincountyohio.gov”