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State treasurer programs earn hundreds of millions in interest; local pools and diversified funds explained to JFAC
Summary
Legislative analysts summarized four treasurer programs — Local Government Investment Pool, Diversified Bond Fund, Idle Pool and the Millennium Permanent Endowment Fund — and said the idle pool earned over $249 million in FY2024; members asked for fund‑by‑fund interest details posted to committee SharePoint.
Christopher Lahoset, a budget and policy analyst with the Legislative Services Office, summarized the state treasurer's investment programs for the Joint Finance‑Appropriations Committee and provided high‑level performance points and program purposes.
Lahoset described four programs managed by the treasurer's office: the Local Government Investment Pool (LGIP) for cities, counties and school districts; the Diversified Bond Fund (DBF) for longer‑term bond investments; the Idle Pool that manages the state's daily cash flow; and the Millennium Permanent Endowment Fund (MPEF), which invests the…
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