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State Board of Finance hears Treasurer Milligan report, approves quarterly cash-management motions
Summary
Treasurer Dennis Mulligan told the State Board of Finance that Q2 FY2021 investment receipts fell from pre-pandemic levels and outlined portfolio diversification; the board approved routine quarterly motions directing no new CD deposits and authorizing the treasurer to purchase warrants under Act 1088 of 2013.
Treasurer Dennis Mulligan told the State Board of Finance that the states investment receipts declined markedly in the quarter ending Dec. 31, 2020, attributing the drop largely to the Federal Reserves low-rate policy during the COVID-19 pandemic. "Our short term portfolio earned a little over $961,000 in the Q2 that ended December 31," Mulligan said, adding that long-term receipts totaled $7,400,000 compared with $13,300,000 for the same period before the pandemic.
Mulligan said total revenue for Q2 of fiscal year 2021 was $8,390,000, down from $23,400,000 the prior year, and…
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