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Treasurer's office briefs committee on LGIP, diversified bond fund, idle pool and Millennium endowment; staff request interest reports by fund
Summary
The state treasurer's office outlined four investment programs used to manage local government cash, state daily cash, longer-term bond investments and the Millennium Permanent Endowment Fund; staff agreed to post fund-level interest reports to SharePoint and answer follow-up questions about how interest postings are directed by statute.
Christopher Lahoset, a budget analyst with Legislative Services Office, reviewed the treasurer's office investment vehicles and summarized recent interest-generation figures.
Program descriptions: Lahoset summarized four state-run investment vehicles: - Local Government Investment Pool (LGIP): a short-term, low-risk pooled account for cities, counties, school districts and other local governments seeking liquidity and modest yields; investments emphasize high-quality short-term securities. - Diversified Bond Fund (DBF): a longer-horizon bond fund for…
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