Cary and her husband Saurabh Mangalik raised their two children, Kyra and Kadin, here in Colorado. Cary was raised with the value of service, and has passed that on to her kids. Cary learned at an early age from her mother, who is a social worker, that we have an obligation to reach out and take care of one another.
Cary has three priorities: making education Colorado’s top priority, making healthcare affordable and accessible, and protecting the Colorado we love in the face of growth.
As Colorado State Treasurer and then as Denver’s Deputy Mayor and Chief Financial Officer, Cary has managed Colorado taxpayers’ money for over a decade. During volatile economic times, she put both the State and Denver on stronger financial footing. As State Treasurer, she ended risky Wall Street investments before the Great Recession, avoiding the losses that other states incurred. Cary opened the books of Colorado’s government, creating nationally-recognized, searchable databases of expenditures at the state and in Denver. Under her leadership as CFO, Denver was recognized as one of the best financially run cities and the best city in the country to do business.
Cary is a Champion for Education in Colorado:
- Crafted the Building Excellent Schools Today (BEST) program that funded – and continues to fund – the renovation and replacement of more than 380 crumbling and dilapidated schools across Colorado without new state taxes.
- Cary wrote Amendment 23 and led the statewide campaign to pass it, prioritizing education funding and avoiding even deeper budget cuts in Colorado public schools.
- Cary led an effort that lowered the financing costs for state colleges and universities, saving students and taxpayers millions of dollars and helping Colorado develop world-class educational and research institutions.
- Cary developed School Readiness legislation that brought additional federal funding to Colorado which helped child care providers serving low-income children improve their quality and serve more children.
Cary Has Spent Her Career Fighting for Opportunity for Coloradans:
- As State Treasurer, Cary was instrumental in making the largest improvement to the health of the state’s pension plan in its history. She helped develop bipartisan legislation that reduced PERA’s unfunded liabilities by $9 billion without raising taxes.
- Cary helped expand access to health care for tens of thousands of Colorado’s low-income children through CHP+.
- Cary helped double Denver’s property tax rebate for seniors and the disabled to help keep housing affordable.
- As CFO of Denver, Cary took the initiative to make sure that women she managed were paid the same money for the same work as men. She also advocated for the city to have a comprehensive paid leave policy.
- Cary developed a program in Denver to provide permanent, supportive housing for the homeless.
- While serving as State Treasurer Cary helped secure sustainable funding for a program that provides nurse home visits for low-income at-risk moms throughout Colorado. The program helps first-time moms have healthy pregnancies and gain the knowledge needed to become the best parents.
Cary has Responsibly Managed Taxpayer Dollars:
- Cary put the City of Denver and the State of Colorado on stronger financial footing. In 2008 and 2009 performance in U.S. and global financial markets was among the worst on record. States around the country lost hundreds of millions of dollars in investments. As State Treasurer during this volatile time, Cary Kennedy maintained positive growth in the state’s nearly $6 billion investment pool.
- While serving as CFO, Denver was recognized as one of the best financially run cities in the country and the top city in the country to do business.
- As CFO of Denver, Cary led the charge to change the City Charter to allow Denver to diversify where the city invests its money while maintaining the safety of those investments. With this change, Cary expanded Denver’s investment portfolio to include the same securities as the State Treasurer’s Office. This move has already increased earnings by $5.1 million annually and Denver citizens will now permanently see a larger increase on the city’s investment returns.
- Cary helped develop balanced budget packages for both Denver (2A in 2012) and Colorado (Referendum C in 2005) that were approved by voters.
- Cary improved Denver’s business climate by creating a Business Incentive Program that eliminated half of the business personal property tax for businesses that expanded operations in Denver. By 2016 the program had incentivized 33 firms to create over 600 jobs with more than $77 million in business expansion.
- Cary opened the books of government in Colorado and in Denver by publishing the state’s and the city’s expenditures online with searchable databases, publishing the first-ever taxpayer accountability report for the State and the city and creating the first-ever online receipt for taxpayers.
Cary is an Innovative Problem Solver:
- As CFO for Denver, Cary simplified the tax code and eliminated credit card convenience fees for city transactions, making it easier for businesses to operate and saving taxpayers millions of dollars in fees.
- Cary created the first online mini-bond program in Denver that allowed local residents to invest in local projects.
- Cary helped lead regional negotiations with Denver, Aurora and Adams County to expand commercial development at Denver International Airport. The agreement represents unprecedented regional cooperation and creates one of the largest economic development opportunities in the region. She also helped develop Peña Station which brought Panasonic Solutions to build a 400-acre Transit Oriented Development project, bringing more than 300 high-paying jobs to the region.
- In a proposal that was overwhelmingly approved by Denver voters, Cary helped lead the effort to redevelop the historic National Western Stock Show Complex. The project positions Colorado as a global leader in agricultural science and innovation.
- As State Treasurer and as CFO of Denver, Cary helped finance dozens of other projects including:
- Ralph Carr Justice Center
- Central Denver Rec Center
- Brighton Boulevard redevelopment
- Denver Health Westside Clinic
- Stapleton redevelopment
- 16th Street Mall future renovations