Treasurer Frerichs Makes Record $1.5 Billion In Investment Earnings for State Portfolio During FY24
Treasurer Frerichs Makes Record $1.5 Billion In Investment Earnings for State Portfolio During FY24 (Chicago, IL) – The State Treasurer’s Office made a record $1.495 billion in investment earnings from the state investment portfolio during Fiscal Year 2024, Illinois Treasurer Michael Frerichs announced today.
Treasurer Frerichs is the state’s Chief Investment and Banking Officer. He is responsible for investing state revenue in the state investment portfolio.
“We have made common-sense reforms to increase how much we earn in investment returns for our state,” Frerichs said. “Every dollar we earn in interest is a dollar that lawmakers don’t have to raise in taxes.”
Also in Fiscal Year 2024, which ended June 30, the Treasurer’s Office made a record $1.05 billion in gross investment earnings for cities, villages, school districts, counties and other units of government that take part in the highly rated Illinois Funds local government investment pool the State Treasurer’s Office operates. The Illinois Funds has received the highest rating of AAA from Fitch, a national credit ratings agency.
Under state law, the Treasurer’s Office is prohibited from directly investing the state’s portfolio in the stock market. Treasurer Frerichs convinced the General Assembly to allow his office to invest in secure local government bonds, such as those issued by Illinois school districts to purchase land or erect buildings, and prime money market funds that emphasize security and liquidity.
Under Frerichs, the Treasurer’s Office has improved returns by increasing the average weighted maturity of our investments, which was made possible by a healthier fiscal situation in our state, and by working with the governor and General Assembly on innovative ideas.
Key monthly metrics and more are available in The Vault, the transparency website that allows Illinois residents to see how the State Treasurer’s Office is working for them. The site is at iltreasurervault.com.
Treasurer Frerichs Makes Record $1.5 Billion In Investment Earnings for State Portfolio During FY24
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