Short-Term Investing

The State Treasurer's Office manages the investment of the State's cash in its short-term investment program. The short-term portfolio earned over $7.333 million in interest income in fiscal year 2006 on average daily balances of $196.5 million. Of this interest amount, $2,530,000 was credited to interest earning funds and the balance of $4,803,000 remained in the general fund. The yield on the portfolio was 3.73% for the year. The Treasurer's Office solicits offerings daily from the institutional trading desks of dozens of national and local brokers in order to achieve maximum rate of return and diversification in the portfolio.