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Story Archives: Louisiana saw solid Fiscal Year 2008


Louisiana saw solid Fiscal Year 2008
by John Kennedy - posted Thursday, April 23rd, 2009 @ 10:25 amE-mail Story E-mail Story | Print Story Print Story 
The mission of the Louisiana Department of the Treasury is to promote prudent cash management and investment strategies in the administration of state funds. Even in the midst of a national financial crisis, Fiscal Year 2008 proved to be another solid year in terms of investment and program performance for the Treasury.

Some of FY 2008's financial highlights include:

— Managing the state's cash flow of more than $33.4 billion and $12.6 billion in total invested funds.

— Exceeding the $3.7 billion mark for the General Fund investment portfolio's cumulative income (since 1968).

— Earning more than $576 million from investment activities including more than $344 million in the General Fund/Treasury Portfolios. Earnings on state investments increased by $102.5 million over the previous fiscal year.

— Generating more than $158.3 million in earnings for the state's three major trust funds which had the following cash basis simple yields: 5.39 percent for the Louisiana Education Quality Trust Fund, 4.47 percent for the Millennium Trust Fund, and 5.42 percent for the Medicaid Trust Fund.

— Growing the Millennium Trust Fund for health care, education and TOPS from an original investment of $912 million in 2001 to more than $1.2 billion today.

— Awarding $310 million worth of certificates of deposit to 70 banks statewide.

— Refinancing (through the State Bond Commission) debt for local governments statewide for a savings to taxpayers of nearly $32 million.

— Collecting a record $53.8 million in unclaimed money from Louisiana businesses and refunding another all-time record $21.7 million in unclaimed money to Louisiana residents.

— Working with the Office of Student Financial Assistance to expand the START Savings Program to 32,000 accounts and $185.6 million in total assets.

The rate of interest on START's Louisiana Principal Protection Option for this past calendar year was 4.65 percent. The program's Earning Enhancements rate for that same period was 4.39 percent. START was also ranked the nation's best 529 college savings plan in the five-year performance category in a nationwide analysis by savingforcollege.com.

The Treasury will continue to work to earn the best rate possible on taxpayer dollars and meet our goals of financial strength and durability of the state. We take our job very seriously and will continue to work to improve the state's finances, investment performance and bond rating.

For more information about our efforts, visit www.latreasury.com.

John Kennedy serves as treasurer of Louisiana.
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