Scottsdale Mayor Jim Lane closed the door on a long-rumored candidacy for state treasurer, saying he made a commitment to the voters who re-elected him last year.

In a press statement, the Republican said he had considered running for state treasurer if Doug Ducey, who holds the office now, ran for governor. But while he would be proud to follow Ducey, who has created an exploratory committee for the 2014 governor’s race, Lane said he would instead continue his work in Scottsdale.

“When I asked Scottsdale voters to re-elect me last year, I made a commitment to serve the full term if they saw fit to give me another four years. Re-elect me they did, so it is for that reason that I have decided not to run. I love this city and I will not walk away from my commitment to Scottsdale,” Lane said in the statement.

Lane touted the progress that Scottsdale has made since he was elected mayor in 2008, at a time when Scottsdale faced a $48 million deficit. Since then, he said, the city has cut spending, increased its credit rating and amended Scottsdale’s city charter to create an independent city treasurer position that answers to the City Council.

Even without Lane in the race, the GOP field for treasurer is getting crowded. Jeff DeWit, a Peoria businessman who serves as CEO of the online securities trading firm Echotrade, is seeking the seat, as is former Chandler city councilman and former 9th Congressional District hopeful Martin Sepulveda. Former Arizona Republican Party Chairman Randy Pullen is considering a run as well.

On the Democratic side, only businessman Jon Hulburd has expressed interest in the race. The former congressional candidate said he is considering running for treasurer and secretary of state.