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Committee advances measure to pool idle agency accounts for investment
Summary
The appropriations subcommittee approved a measure to allow agency accounts to be pooled for investment so small or dormant balances can earn interest. Chair said the change aims to maximize dollars held across agencies; the motion passed on a voice vote.
The appropriations subcommittee voted to advance a measure to allow state agency accounts currently sitting idle in the treasury to be included in a pool investment, enabling those balances to earn interest. The chair explained that some agency accounts are “old accounts that don't have much money at all in them” and that the proposal would allow those funds to be pooled so “we're earning interest on every account that's out there in the various agencies.”
The chair invited operational details from staff and questions from members; no substantive objections were raised and the committee moved the measure forward on a title-sufficient motion and voice vote. The chair called the question: “Title sufficient, do pass,” and after the voice vote declared, “The ayes have it.” The committee did not record a roll-call tally in the transcript.
