State Treasurer Roby Smith reports over $235 million in interest was earned on the Pooled Money Fund for the State’s 2023 fiscal year, which runs from July to June.
“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,” said Smith. “This is not only a win for the state, but also for Iowans.”
As Treasurer, Smith is the State’s banker and chief financial officer. One of his responsibilities is to invest funds in a combined short-term investment pool, known as the Pooled Money Fund. The Pool includes the State’s general fund, the road use tax fund, the State’s two reserve funds and a number of smaller State funds. Any funds not currently in use are invested until needed for payments.
“Any income reduces the burden on Iowa taxpayers, but one of this magnitude is impressive,” said Smith. “Each dollar earned is one less we need to collect from additional sources, and ultimately helps keep Iowans’ hard-earned money in their pockets.”
To learn more about Smith’s responsibilities as Treasurer and the duties of his office, visit IowaTreasurer.gov. Stay informed on the office and his consumer programs by following IowaTreasurer on Instagram, Facebook and Twitter.