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Subcommittee approves Board of Investments change to working-capital treatment to keep participant funds invested
Summary
The subcommittee approved language allowing the Board of Investments to operate without a 12-month working-capital pull-down, a change the board says will keep participant assets fully invested and could return an estimated $2 million a year to the treasurer’s cash account.
The Section A Subcommittee on Appropriations approved a change to the Board of Investments’ operating treatment that removes the requirement to pull down monthly working capital as a proprietary fund and instead allows the board to draw operating funds as needed. Board executive director Dan Villa said the change is intended to keep participant assets invested rather than holding cash idle in a short-term pool.
“[As a proprietary fund,] the board is required to pull down one-twelfth of our annual budget each month,” Villa told the committee. “When we pull that cash…
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