State Treasurer Fitzgerald earns more than $33 million for Iowa in FY18
July 10, 2018
Earnings for FY18 are largest in the last eight years
State Treasurer Michael Fitzgerald announced today that his office earned $33.6 million in interest for the State of Iowa in the fiscal year that ended June 30th. This was an increase of $12.8 from the previous fiscal year and represents the seventh straight year of increased interest earnings.
“The money we earn each year funds state programs and reduces the need to collect money from other sources,” said State Treasurer Michael Fitzgerald. “It is our job to safely invest these funds for the state. We take great pride in the additional revenue we are able to add to Iowa’s budget every year.”
The Treasurer invests the funds of state agencies together in one investment pool. The investment pool includes such funds as the State’s general fund, the road tax fund, and the State’s two reserve funds. This practice of pooling reduces the investment cost to the State by making the investment process more efficient. Funds are invested under a conservative investment policy that stresses safety of funds as the number one investment goal.