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Board of Finance reviews Q3 investment returns, raises target rate and approves routine quarterly motions
Summary
The Board of Finance heard a Q3 FY2022 investment report showing stronger returns amid rising interest rates, set a higher target return for April–June, approved routine warrant purchases under Act 1088 (2013) and added Bank of Omaha to its broker list.
The Board of Finance heard the State Treasurer’s Q3 FY2022 investment report and approved a series of routine quarterly motions at its meeting. The Treasurer reported the long‑term portfolio — composed mainly of mortgage‑backed and government securities and corporate bonds — earned $16,500,000 for the quarter ending March 31, compared with $8,200,000 in the same quarter a year earlier. Total revenue for the quarter was $17,540,000 versus $9,050,000 the prior year.
The Treasurer said market drivers during the quarter included a robust labor market, the Federal Reserve’s initial rate increases and…
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