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Treasurer staff briefs JFAC on LGIP, diversified bond fund, idle pool and interest reporting
Summary
Treasury and legislative staff told JFAC about the state's four public investment programs — LGIP, DBF, Idle Pool and the Millennium Permanent Endowment Fund — and said the Idle Pool earned about $249 million in FY2024; they also noted statute determines where interest earnings are directed.
The State Treasurer's Office and legislative analysts presented an overview of the state's cash‑management and investment programs and discussed how interest earnings flow back to funds.
Christopher Lahoset, a budget and policy analyst with the Legislative Services Office who presented materials prepared with the treasurer's staff, described four programs managed or overseen by the treasurer: the Local Government Investment Pool (LGIP), the Diversified Bond Fund (DBF), the state's Idle Pool (which manages day‑to‑day cash), and the Millennium Permanent…
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