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Legislative budget panel hears reports on surging investment earnings, Cash Management Board plans
Summary
State budget and investment officials told the Legislative Budget Committee on Sept. 29 that higher interest rates produced sharp increases in investment income across multiple state portfolios and that the state will soon consider coordinated cash-management decisions.
State budget and investment officials told the Legislative Budget Committee on Sept. 29 that higher interest rates produced sharp increases in investment income across multiple state portfolios and that the state will soon consider coordinated cash-management decisions.
Joe Morrissette of the Office of Management and Budget said the 2023-25 biennium’s investment forecasts missed in both assumed interest rates and account balances. “We were way off on both marks in the 23-25 biennium,” Morrissette said, explaining that unexpected higher balances and higher market rates produced a positive variance but created uncertainty about transfers from the Budget Stabilization Fund. Morrissette…
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