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State treasurer's office outlines four investment pools and reports $249 million in idle-pool interest in FY2024
Summary
Legislative staff briefed the committee on four state investment programs managed by the treasurer's office — LGIP, diversified bond fund, idle pool, and the Millennium Permanent Endowment Fund — and reported the idle pool generated about $249 million in FY2024 interest earnings.
Christopher Lahoset, budget and policy analyst with the Legislative Services Office, summarized the treasurer's investment programs for JFAC and provided earnings context for FY2024.
Lahoset described four programs the treasurer manages: the Local Government Investment Pool (LGIP), the Diversified Bond Fund (DBF), the idle pool (which handles the state's daily cash flow), and the Millennium Permanent Endowment Fund (MPEF) created to invest the Master Settlement Agreement proceeds for tobacco prevention programs.
Key points…
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