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Board sets booked-rate target at 0.70%–0.80% after debate over total-return metrics
Summary
After presentations showing how total-return and booked-return measures can diverge, the State Board of Finance voted to set a booked-rate target of 0.70%–0.80% for Q2 FY2022 and asked Treasury staff to continue reporting both booked and total-return figures quarterly.
The State Board of Finance voted to set a target booked rate of return for Q2 FY2022 at 0.70%–0.80%, with 0.80% characterized as a stretch goal. The motion was made by the chairman, seconded and approved by voice vote.
The decision followed a staff presentation explaining the difference between a booked (realized) rate of return and a total-return approach that includes unrealized capital gains and losses. Steven Kilgore, director of…
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