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Arkansas Treasurer reports $6.83 million in Q1 portfolio revenue, touts $400 million returned to state since taking office
Summary
State Treasurer Milligan told the State Board of Finance that the Treasury earned $6,830,000 in Q1 FY2021 revenue (July 1–Sept 30), announced $400 million in cumulative returns since taking office, highlighted the Invest Arkansas program’s $50 million in state bond purchases, and noted a new investment-accounting hire; the board accepted the report.
Treasurer Milligan reported to the State Board of Finance that the Treasury’s investment portfolio generated $6,830,000 in revenue for the first quarter of fiscal 2021 (July 1–Sept. 30), consisting of about $1,000,000 from short-term holdings and roughly $5,750,000 from the long-term portfolio. The board accepted the report by voice vote.
Milligan said his administration has produced returns totaling $400,000,000 for the state since he took office. “As of September 30th, my administration is proud to have earned the state and the hard working taxpayers of Arkansas $400,000,000 since taking office,” he said. He also said the Treasury has earned about $58,000,000 for state agencies, including the Workers’ Compensation Commission and the State Employee Benefits Division.
The treasurer described Invest Arkansas, a program in which the Treasury buys municipal bonds issued by state universities, school districts, cities and counties. “I’m proud to announce that 1 year later, Invest Arkansas has secured more than $50,000,000 in Arkansas bonds,” Milligan said, adding that the program helps keep investment dollars in the state and can provide lower-cost refinancing for public entities.
Milligan told the board the Treasury now has an investment accountant on staff to strengthen internal controls. He introduced Steven Kilgore as the director of investment accounting and said the hire is intended to provide an additional set of eyes over the office’s $4–$5 billion in assets under management.
The presentation reviewed how the Treasury’s fixed-income-only mandate affects performance relative to stock-heavy 401(k) plans and examined historical recovery shapes following past recessions. Milligan said the office is actively managing duration and credit decisions to increase interest income where prudent while maintaining liquidity for state operations.
After Milligan’s presentation there were no questions; the board moved to accept the report and approved it by voice vote. The discussion was procedural and informational; no new formal policy changes were adopted during this agenda item.
