Illinois State Treasurer Michael Frerichs proudly announced this week that the Illinois State Treasurer's Office achieved $1.33 billion in investment earnings from the state's investment portfolio throughout the year 2023. Additionally, an outstanding $978.8 million in gross investment earnings was generated for various local entities, including cities, villages, school districts, and counties participating in the highly regarded Illinois Funds local government investment pool operated by the State Treasurer's Office.

Treasurer Frerichs spoke on the positive impact of these earnings on communities, stating that every dollar the treasurer’s office makes through smart investing is a dollar that does not need to be raised in taxes for Illinois’ cities, counties, and schools. That means they have more money for public safety, road maintenance, and teaching materials, as well as other programs vital to communities across the state.

As the state's Chief Investment and Banking Officer, Treasurer Frerichs oversees both the state investment portfolio and the Illinois Funds investment pool for local government units. He addressed the office's commitment to being part of the solution to the state's challenges, acknowledging the limitations but emphasizing the positive contribution they can make.

The detailed breakdown of the investment earnings in 2023 reveals that the Treasurer's Office earned nearly $1.33 billion for the state investment portfolio, with December contributing nearly $122.4 million. The interest rate earned for the state investment portfolio in December was an impressive 4.60%. 

The Vault, the office's transparency website, can be found at iltreasurervault.com, where key monthly metrics and more information about the State Treasurer's Office's activities are available for the public to review.