Student to serve as Phila. treasurer

All she has to do to get her doctorate from Wharton is finish her dissertation. However, Kathy Engebretson has found little time to write about tax exemption and risky credits since January 13 -- the day she began her tenure as the city of Philadelphia's treasurer. As treasurer, Engebretson handles the city's finances and cash management. As a Wharton student, she has finished her coursework and plans to complete her dissertation sometime during the next academic year. "I'd hoped to finish it over the summer, but that seems unlikely," Engebretson, 35, said. "I work on it during the weekends and two or three nights a week, but I have been so busy here during the first few weeks that I've worked on it less than I had hoped to." Engebretson said she is enjoying her new job and the people have been easy to work with -- a "pleasant surprise." She said she has learned a lot, adding that "city government is a lot different than the private sector," where she worked before. After graduating from Luther College in Iowa and receiving her Masters of Business Administration from Wharton in 1981, Engebretson went to work as an investment banker for Shearson Lehman Brothers on Wall Street. She said her job was similar to what she does now, but in the private sector. After several years, however, she returned to the University to pursue a doctoral degree. "I think it will help me in terms of understanding in greater detail the underlying economic issues that the city is facing and help me to better analyze the different policy alternatives available to the city," she said. Engebretson said she was recommended for the job by Anita Summers, an emeritus real estate professor at the University. Summers said she recommended Engebretson because of her performance at the University and on Wall Street. "When the new administration came in, I knew they would be looking for top finance people," Summers said. As a member of Mayor Ed Rendell's tax policy advisory body, Summers has had a great interest in Philadelphia finance for a number of years. "I knew Kathy as an MBA student and she was a phenomenal student," she said. "She had an active interest in urban finance." The two kept in touch while Engebretson was working for Shearson and met occasionally when Engebretson returned to pursue her doctorate. "I felt she was uniquely qualified for the job because of her work on Wall Street," Summers said. "She is also a good teamworker." Engebretson said she will serve as treasurer for as long as Rendell is in office, provided she does not quit or get fired. Should Rendell be re-elected, Engebretson said she could be asked to serve again. After completing her tenure as treasurer, Engebretson said she will pursue one of two paths. "I'll either find another job in government or on Wall Street," she said. "Ideally, I'd like to go back and forth between the public and the private sector, so I could make some money. My salary here is definitely lower than what I was making on Wall Street." Engebretson said she thinks it is good for students to do some work in the public sector. With public work comes what she calls "psychic benefits," a sense that one's job is important and contributes to society. Engrebretson also said that in the public sector, talented students can move up more quickly in terms of responsibility. Besides Engebretson, one of two deputy treasurers Scott Mills, the city's finance director Stephen Mullen and the mayor are former University students.

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