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Utah task force formed to probe rising public reserves, weigh investment trade-offs
Summary
State Treasurer Marlo Oakes convened the Asset and Investment Review Task Force to analyze growing reserve balances across Utah governments, evaluate whether reserves should be reinvested locally versus pooled, and recommend policy or statutory changes; a report is due to the Executive Appropriations Committee by Nov. 30, 2025.
Marlo Oakes, State Treasurer and chair of the Asset and Investment Review Task Force, opened the group's first convening and framed its charge: "I am Marlo Oakes, the, state treasurer and, am chairing the task force," she said. The panel was created by legislation (SB 323), includes legislative sponsors joining online, and will deliver a written report to the Executive Appropriations Committee by 2025-11-30.
The task force will examine (1) reserve levels across public entities and appropriate thresholds, (2) the drivers of reserve growth, (3) investment strategies for public reserves (safety, liquidity, return, and economic impact), and (4) potential policy or statutory options. Oakes said the office has selected — and is finalizing negotiations with — an outside firm to model the economic impact of directing reserve dollars to local deposits or loan activity. She told members the firm’s work and staff analyses will be available at future meetings.
Members representing banks, credit unions, school districts, counties, the state auditor and other stakeholders stressed the need for clear, comparable data and careful definitions (cash vs. reserves, restricted vs. unrestricted). The treasurer and auditor's staff agreed to provide trend analyses and examples that will explain growth in balances and recommended next steps for the June meeting.
