BATON ROUGE, LA – The fiscal year 2010-2011 investment numbers are in for Louisiana’s major funds, and their performance this year has far outpaced comparable market investments, according to State Treasurer John Kennedy.
“Despite the turmoil in the market these days, the Louisiana Treasury has turned in incredible results on our state fixed income investments,” says Treasurer Kennedy. “Taxpayers should know that they are getting incredible bang for their buck from our state’s investment team.”
In a market environment where the return on United States Treasury Notes yielded 0.53%, the Louisiana State Treasury has delivered these strong returns:
Louisiana Education Quality Trust Fund - up 3.93%
Medicaid Trust Fund for the Elderly - up 3.47%
Millennium Trust Fund - up 3.24%
State General Fund - up 2.05%
“I commend our in-house investment team, Chief Investment Officer John Broussard, Lori Pierce, Diane Spurlin and Amy Mathews, for these exceptional results,” says Treasurer Kennedy. “Every dollar we earn in investments is one less dollar we have to ask from the taxpayers.”
The State Treasury has the responsibility of investing the state’s idle cash in the General Fund on a daily basis, as well as managing investment of nearly $3 billion in trust funds that are constitutionally dedicated to healthcare and education costs.