Illinois Treasurer Michael Frerichs
Another $1.75 billion earned for cities, school districts through Illinois Funds
The State Treasurer’s Office has made more than $3 billion in investment earnings from the state investment portfolio during Illinois Treasurer Michael Frerichs’ tenure.
An additional $1.75 billion in gross investment earnings has been 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 is a dollar that does not need to be raised in taxes,” Treasurer Frerichs said in announcing the financial accomplishments on Tuesday. “The earned income can be used to fix roads, repair bridges, purchase school supplies and invest in our local communities.”
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.
The state investment portfolio is one of the primary duties of the Illinois State Treasurer’s Office. 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 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.
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.
