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State treasurer and auditor brief committee on rising PTIF balances and why local reserves are high
Summary
Utah State Treasurer Marlo Oakes and the State Auditor’s financial audit director, Jason Allen, told the Public Education Subcommittee that rising PTIF and LEA balances reflect federal inflows, tax timing, bond proceeds and local policy decisions, and urged a targeted study before policy changes.
Marlo Oakes, Utah State Treasurer, and Jason Allen, financial audit director for the State Auditor’s office, briefed the Public Education Subcommittee on why local education agency (LEA) reserves and balances in the Public Treasurers’ Investment Fund (PTIF) have risen sharply.
Oakes said the PTIF functions as a short‑term money market vehicle used by the state and more than 700 local entities. She noted overall fund growth tied to pandemic‑era federal inflows and that many entities choose PTIF because it charges low fees compared with private managers:…
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