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Treasurer’s office briefs JFAC on investment pools and reported $249 million interest earnings in FY2024
Summary
Legislative staff and the state treasurer’s analyst described four state investment programs (LGIP, Diversified Bond Fund, idle pool and the Millennium Permanent Endowment Fund), explained statutory direction of interest earnings, and reported the state pool had earned more than $249 million in interest in fiscal 2024.
Christopher Lahoset, a budget and policy analyst with the Legislative Services Office, briefed the Joint Finance‑Appropriations Committee on the treasurer’s office investment programs and the way interest is reported and distributed.
Lahoset described four main programs overseen by the treasurer’s office: the Local Government Investment Pool (LGIP) for shorter‑term local government cash, the Diversified Bond Fund (DBF) for longer‑term agency investments, the state’s daily idle pool that manages treasury cash flow, and the Millennium Permanent Endowment Fund (MPEF) that invests Master Settlement Agreement tobacco dollars for long‑term public health programs.
He said the state’s idle pool earned over $249,000,000 in interest in…
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