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State Treasurer programs explained to JFAC: LGIP, Diversified Bond Fund, idle pool and Millennium Permanent Endowment; interest reporting discussed
Summary
The committee heard from Legislative Services staff summarizing treasurer-managed investment programs (Local Government Investment Pool, Diversified Bond Fund, Idle Pool, and the Millennium Permanent Endowment Fund) and asked staff to provide granular interest-by-fund reports and statutory directions for interest distribution.
Christopher Lahoset, a Legislative Services Office budget analyst, walked JFAC through the state treasurer—s major investment vehicles and the way interest earnings are reported and directed by statute.
Lahoset described four programs: the Local Government Investment Pool (LGIP), which helps local governments invest idle cash in short-term high-quality securities; the Diversified Bond Fund (DBF), intended for longer horizons (roughly three to five years) and benchmarked to a blended corporate/government mortgage index; the Idle Pool, which manages the…
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