Wow! The political "silly" season has begun. The first shot across the bow has been fired. But I'm sure it will not be the last. I have made it public that I will not run for public office again; and so it starts for a replacement for Kootenai County treasurer. I would like the public to know that I have been honored these last 13-plus years to serve you and I appreciate your trust and confidence in me.

Let me assure you in response to the "My Turn" column of Feb. 21 that Kootenai County's dollars are very safe - period.

As alluded to in the article, the county's investment procedures are not outdated, but perhaps the author is not familiar with the responsibilities of investing public funds, so let me revisit them. The three principles of investing public money are 1) safety of principal, 2) liquidity, and 3) return on investment. AND IN THAT ORDER. Safety of principal is No. 1.

We are neither Bernie Madoff nor is this Orange County, California. We do not invest in "mortgage backed securities" or "derivatives." In accordance with our investment procedures we do have three investment tiers: 1) short term liquidity, 2) zero to three year mid-range, and 3) five year and longer. The instruments we use are the State of Idaho Local Government Investment Pool and the Diversified Bond Fund, U.S. Treasuries, agencies with the implied backing of the U.S. Government, and CDs that are guaranteed by either the FDIC or the FSLIC. All of the cash not invested or guaranteed is collateralized.

Knowing what we know today, would I have invested differently yesterday, two years ago, or 10 years ago? Absolutely. But hindsight is always 20/20. Real world investing is not so simple, and anyone who tells you otherwise is selling something, so hold on to your wallet.

Who could have predicted the extended low interest rate environment back in 2008? Nobody. So all this time we have invested along with the market, keeping safety of principal as our primary focus. And sound investment philosophy dictates a shorter effective duration during periods of low interest rates so when rates go up, we will not be stuck with longer term maturities.

In some states, before a treasurer can invest public dollars, they must pass a week-long class on investing. However, in Idaho, the only requirement for any elected official, other than being "alive and breathing," is for the Prosecuting Attorney to have a law degree. I have always sought to provide better service for the taxpayers of Kootenai County. I hold a Master of Business Administration. Through both the Idaho Association of County Treasurers (IACT) and the National Association of County Treasurers (NACCTFO) (of which I am a past president), we have received continuing education on investing public dollars.

I also arranged for your deputy Kootenai County treasurer to attend a week-long course with the Texas Association of Counties on investing public dollars. She was tested and certified as a County Investment Officer. This class reinforced my belief that I have invested your dollars in an appropriate manner to meet public investing criteria. None of these certifications or continuing education credits were required for the job, but my staff and I have earned them because we always strive to do better for the taxpayers of Kootenai County.

So let there be no mistake, your dollars are safe and invested properly. I know I have a fiduciary responsibility to you, the taxpayers of the county. And I have worked very hard to do the right thing to retain your trust and confidence. I will not risk the "safety of principal" to increase "rate of return."

Tom Malzahn has been Kootenai County treasurer since 2001.