Delaware State Treasurer, Director of Finance, Dupont & MBNA
Appointed State Treasurer of Delaware by Governor Jack Markell during the 2008-2009 economic crisis.
Velda was responsible for all state-wide Treasury functions, including cash and debt management, disbursements, and bank, capital market and rating agency relationships; a $3.7 billion operating budget, $2.3 billion investment portfolio and a $400 million departmental budget.
Working closely with Financial Advisors/Money Managers and the Cash Management Policy Board, Velda lead Delaware through its worst recession since the Great Depression, avoiding significant financial losses and enabling Delaware to maintain its AAA Bond Rating.
Following six consecutive years of deficits and developing a reputation of poor fiscal management, the City of Wilmington called upon Velda to assist with their recovery. As a Loaned Executive from the DuPont Company, Velda served as Director of Finance for Wilmington where she led its, transformation to a $5 million surplus in eighteen months.
Additionally, Velda convinced the Mayor and City Council to undertake a water meter replacement program to address the aged infrastructure, inefficient and costly operation of this revenue generating system. The City saw a reversal of the long term decline in water/sewer revenues, with an increase of $1.2 million in the first year. The disciplined processes that were implemented became an ongoing practice and continue to be used in the City of Wilmington today.
Velda previously held executive positions with DuPont and MBNA (now Bank of America) in finance, manufacturing, marketing, business development and corporate strategic planning.
Velda Jones-Potter is currently President of Jones-Potter & Associates, Inc. a consulting firm which specializes in ‘turnaround’ and change management, emphasizing finance and operational reform, and leadership effectiveness.
Education and Professional Development
Velda received her Master of Business Administration in Finance from the Kelly School of Business at Indiana University, Bloomington, Indiana and possesses a Bachelor of Science in Civil Engineering from the University of Delaware. She studied at Northwestern University National Institute of Public Finance and is a Member Emeritus of the National Association of State Treasurers.
Family and Community
Velda grew up in the Riverside area of Wilmington and is a product of Wilmington public schools. She is a graduate of P.S. DuPont High School, where she met her husband, Charles, a Delaware State Legislator. They have two sons. Public service and civic engagement has always been “a family affair”. Velda enjoys music, dancing, western movies and “lively debates”.
Velda is a founding board member of the Eastside Charter School of Wilmington, which educates children primarily from underserved/at risk communities. Additionally, she helped establish and expand the Forum to Advance Minorities in Engineering (FAME), a pre-college math & science enrichment program. Since its inception, FAME has nurtured more than 1,500 new engineers, scientists and business professionals. She is also a founder of the Police Athletic League of Wilmington. Velda is a member of the National Coalition of 100 Black Women, previously served on the Board of Advisors for the Delaware Financial Literacy Institute, and is a member of Delta Sigma Theta Sorority Inc.