State treasurer’s investment pool earns more than $56 million
State Treasurer Michael Fitzgerald today announced record earnings for the state’s fiscal year 2019, which ended on June 30. “Iowa earned over $56 million in its investment pool, the largest amount in over a decade,” Fitzgerald said in a release. “Increased interest income reduces the tax burden, and that is great news for Iowa taxpayers.” Fitzgerald’s office is responsible for investing idle funds in a combined short-term investment pool, which in fiscal 2019 totaled over $2.7 billion. This includes such funds as the state’s general fund, the road tax fund and the state’s two reserve funds. The funds are invested under a conservative investment policy that emphasizes the safety of the funds, then looks to ensure liquidity to make payments. The pool earned 2.04% on the funds in fiscal year 2019.