AUGUSTA– November 13 – The investment yield on the State’s Cash Pool is at an 8-year high, reaching 1.24% in October. In addition, total cash pool earnings of $3.37 Million earned during the 1st quarter of Fiscal Year 2018 have more than tripled since the 1st quarter of fiscal year 2016.
State Treasurer Terry Hayes believes that adapting to changing market conditions has allowed the State to improve the return on investment for its residents. “These earnings play a critical role in reducing the cost of state services to the residents of Maine. Every dollar earned is a dollar that does not need to be paid for by Mainers. At the same time, the Cash Pool retains a strong emphasis on safety, liquidity and diversification.”
The State Treasurer oversees management of the Cash Pool, which has adapted to changing market conditions and opportunities, while utilizing only those high-quality investments permitted by state statutes and the Treasurer’s conservative Cash Pool Investment Policy.
At present, the Treasurers Cash Pool is approximately valued at $1.191 Billion, consisting of Certificates of Deposit, Money Market Deposit Accounts, Federal Agency Securities, U.S. Treasury Notes, Corporate Bonds and Commercial Paper. For up-to-date information on the Cash Pool visit the Treasurer’s website here.