The State Treasurer’s Office made a record $121.6 million in investment earnings from the state investment portfolio in July, according to Illinois State Treasurer Michael Frerichs on Tuesday.
Another $88.7 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.
“The State Treasurer’s Office is an economic engine for Illinois,” Frerichs said. “Every dollar we make through smart, safe investing is a dollar that does not need to be raised in taxes.”
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 at 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’s a detailed look at the investment earnings the State Treasurer’s Office made for July 2023:
The Treasurer’s Office earned $121.6 million in earnings for the state investment portfolio in July. The previous record was the nearly $115.7 million earned in June 2023.
The Treasurer’s Office has earned nearly $2.3 billion in investment earnings since Treasurer Frerichs took office in January 2015.
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 4.52% for July, also a record.
The Illinois Funds: The Treasurer’s Office made more than $88.7 million in gross investment earnings for the participants in the Illinois Funds investment pool in July. The previous record was the nearly $81.4 million earned in May 2023.
The Treasurer’s Office has earned more than $1.21 billion in gross investment earnings for the Illinois Funds since Treasurer Frerichs took office in January 2015.
The Illinois Public Treasurers’ Investment Pool, called The Illinois Funds, is a local government investment pool the State Treasurer’s Office runs for state and local government agencies. The program enables school districts, park boards, library boards, township governments and others to pool their money and invest in a safe, liquid investment vehicle that exceeds industry benchmarks. The Illinois Funds has received the highest rating of AAA from Fitch, a national credit ratings agency.
The interest rate earned for the Illinois Funds was 5.39% for July, also a record.
