Two more enter treasurer race

Richard Guilbault, president of Guilbault Asset Management, formally declared his intention Monday, a week before the formal candidate filing period begins and far after Deputy Treasurer/Tax Collector Sandie Arnott and former Burlingame mayor Joe Galligan announced their campaigns for the June 8, 2010 election.

Dave Mandelkern, vice president of the San Mateo County Community College District also confirmed he will make a play for the office.

Mandelkern said he is among the later candidates announced because he doesn’t believe in "the curious habit of people running a year or more trying to clear the field.”

Mandelkern, who has two degrees from Stanford University in optical engineering and six years on the community college board, also doesn’t believe a formal accounting degree is necessary to lead an office he views as a political position with a policy role.

"This is much bigger than just the investments. The office is also responsible for collecting fees and customer service, both of which I think have a lot of room for improvement,” he said.

Mandelkern wants to be an advocate for the county and improve its operations, such as revenue collection for the San Mateo Medical Center and even the phone system.

That said, Mandelkern does point to the Lehman Brothers collapse and its resulting draw of $150 million from the county investment pool as a reason for his candidacy. The loss rippled throughout the county and its cities, schools and special districts and Mandelkern is frustrated with the impact of the last 18 months and what he said is "the disdain school districts were held in.”

Without naming names, Mandelkern said one candidate claims to have recovered 59 percent of the funds lost.

"I asked the chancellor, Have you seen that check yet?” he said.

The bankruptcy led to questions of current Treasurer/Tax Collector Lee Buffington and tweaks to the investment policy.

Buffington opted to retire rather than seek office again — a decision he nor others have attributed to the Wall Street bankruptcy — and both Galligan and Arnott began campaigning to succeed him.

Guilbault, who ran unsuccessfully for treasurer in 1998, said the county needs an experienced fiscal manager at the helm of its multi-billion dollar investments.

Guilbault said he is not tied to anyone other than those he hopes to serve.

"I am not a politician. I have no obligations to special interests, my only goal is to provide prudent, consistent and safe returns for the many cities, schools, hospitals, special districts and agencies in our county,” he said in a prepared statement.

Guilbault holds a bachelor of science in business management from San Jose State University and a masters of science in systems management from the University of Southern California.

Aside from working with his company, Guilbault has served as assistant treasurer for the San Mateo County Visitors and Convention Bureau, treasurer of the Burlingame Intermediate School Parent-Teacher Association, investment construct consultant for the San Mateo County Transit Authority and served as a member of the city of South San Francisco’s investment oversight committee.

But Guilbault is no stranger to politics. He served on the San Mateo County Democratic Central Committee and previously ran against incumbent Buffington for treasurer/tax collector in the June 1998 election.

Although Mandelkern confirmed his candidacy Monday, he said a formal announcement will be made Feb. 16 to coincide with the filing period. At that time, he said, there will be endorsements unveiled in line with those of the other candidates.

And if there are even more candidates ready to jump into the race? Mandelkern said he is ready.

"The more the merrier,” he said.

Michelle Durand can be reached by e-mail: michelle@smdailyjournal.com or by phone: (650) 344-5200 ext. 102.