Recently, Illinois lawmakers passed their newest state budget but that didn’t come without concern for the taxpayers wallet. An estimated shortfall in the budget of $700 million to $1 billion dollars, has to be made up somehow. While Illinois State Treasurer Michael Frerichs has no control over the budget itself, he is determined to be part of the solution.

Frerichs explains that a large part of the work he does revolves around earning interest income. Government funds can be put to better use than sitting idly, gaining nearly 5% interest on bonds and other investments.

Last year, the total interest earned by the State Treasurer, surpassed the tax fund totals of cannabis sales, gaming revenue, and even the lottery.

Not all of Frerich’s investments come at the state level. County or town governments in Illinois can call upon the treasurer’s office to invest their dollars and increase their return.

Another key component to Illinois State Treasurer Michael Frerichs job is returning unclaimed property. Frerichs is excited to share a story involving a ‘purple heart’ medal that has been returned to a veteran’s family.

Learn more about the Illinois State Treasurer’s Office at www.illinoistreasurer.gov.

Michael Frerichs appeared as a guest on the WTIM Morning Show.