Treasurer Frerichs Eclipses $5 Billion In Investment Earnings for State Portfolio (Springfield, IL) – Illinois Treasurer Michael Frerichs announced that he has made more than $5 billion in investment earnings from the state portfolio during his time in office.
With one month to go in the state’s Fiscal Year 2025, investment earnings are up 6.07% over the same 11 months in Fiscal Year 2024.
“Every dollar we earn in interest for the people of Illinois is a dollar that lawmakers don’t have to raise in taxes,” Frerichs said. “We are trying to maximize earnings for our state at a time when the Trump administration is looking to strip away health care for working families to give billionaires a tax cut.”
Treasurer Frerichs also has surpassed $3 billion in gross investment earnings for cities, villages, school districts, counties and other units of government that take part in the highly rated Illinois Funds local government investment pool the State Treasurer’s Office operates. The Illinois Funds has received the highest rating of AAA from Fitch, a national credit ratings agency.
“Working with local government to earn cities and school districts more through smart, safe investing helps at a time when costs are rising,” he said.
Treasurer Frerichs is the state’s Chief Investment and Banking Officer. He is responsible for investing state revenue in the state investment portfolio.
Under state law, the Treasurer’s Office is prohibited from directly investing the state’s portfolio in the stock market. Treasurer Frerichs convinced the General Assembly to allow his office to invest in secure local government bonds, such as those issued by Illinois school districts to purchase land or erect buildings, and prime money market funds that emphasize security and liquidity.
Under Frerichs, the Treasurer’s Office has improved returns by increasing the average weighted maturity of our investments, which was made possible by a healthier fiscal situation in our state, and by working with the governor and General Assembly on innovative ideas.
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.
Treasurer Frerichs Eclipses $5 Billion In Investment Earnings for State Portfolio
