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State Treasurer Roby Smith Smith announces $235 million earned for Iowa

State Treasurer Roby Smith announced that the state of Iowa earned more than $235 million in interest on the Pooled Money Fund for the 2023 fiscal year.

Mary StrokabyMary Stroka
July 24, 2023
in State Government
Reading Time: 2 mins read
State Treasurer Roby Smith Smith announces $235 million earned for Iowa

(The Center Square) – State Treasurer Roby Smith announced Wednesday that the state earned more than $235 million in interest on the Pooled Money Fund for the 2023 fiscal year.

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“The State of Iowa earned a striking amount of interest in the last year, mainly due to the Pool’s high balance and the increase in interest rates,” Smith said. “This is not only a win for the state, but also for Iowans.”

Smith’s responsibilities as the state’s banker and chief financial officer include investing funds in the Pooled Money Fund, which is a combined short-term investment pool, the release said. The pool includes the state’s general fund, road use tax fund, two reserve funds and smaller state funds, and any funds not currently used are invested until they’re needed for payments.

All state funds are combined for banking and investment purposes to create efficiencies and reduce administration costs, according to the office. The objectives are safety of state money, liquidity that allows the state to meet cash needs and achievement of a market-average rate of return that considers the safety and liquidity goals. The State Treasurer follows an investment policy, which is posted here.

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“Any income reduces the burden on Iowa taxpayers, but one of this magnitude is impressive,” he said. “Each dollar earned is one less we need to collect from additional sources, and ultimately helps keep Iowans’ hard-earned money in their pockets.”

The state’s fiscal year runs from July to June.

Tags: Iowa State Treasurer's OfficeRoby Smith
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Mary Stroka

Mary Stroka

Mary Stoka is a freelance writer, editor, journalist, and public relations professional who lives in Chicago, Ill.

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