SPRINGFIELD – The Illinois State Treasurer’s Office made $1.33 billion in investment earnings from the state investment portfolio during 2023, Illinois State Treasurer Michael Frerichs announced today.
Get The Latest News!
Don't miss our top stories and need-to-know news everyday in your inbox.
Another $978.8 million in gross investment earnings was earned for cities, villages, school districts, counties and other units of government that take part in the highly rated Illinois Funds local government investment pool operated by the State Treasurer’s Office.
“Every dollar we make through smart investing is a dollar that does not need to be raised in taxes for our cities, counties, and schools,” Treasurer Frerichs said. “That means they have more money for public safety, road maintenance, and teaching materials as well as other programs vital to communities across the state.”
“We cannot solve all of the state’s challenges,” Treasurer Frerichs said, “but we can be part of the solution.”
Treasurer Frerichs is the state’s Chief Investment and Banking Officer. He is responsible for the state investment portfolio and an investment pool for units of local government called Illinois Funds.
Key monthly metrics and more are available in The Vault, the transparency website that allows Illinois residents to see how the State Treasurer’s Office is working for them. The site is at iltreasurervault.com.
Here is a detailed look at the investment earnings the State Treasurer’s Office made during 2023:
*State portfolio. The Treasurer’s Office earned nearly $1.33 billion in earnings for the state investment portfolio in 2023. That includes nearly $122.4 million in December.
State legislators budget public money that is collected, but that money is not spent all at once. State agencies, boards and commissions require assistance managing their cash and investing all remaining funds. That's where the Office of the Illinois Treasurer steps in.
The interest rate earned for the state investment portfolio was 4.60% for December.
More like this:
