Treasurer Kennedy Says Department Will Build on Last Year's Success

BATON ROUGE, LA –The Louisiana Department of the Treasury has collected year-end data on state investments and department programs, and the results are good news for Louisiana, according to State Treasurer John Kennedy.

“Through our hard work and successful partnerships with the Louisiana Legislature, other state agencies and individuals in the private sector, we’ve been able to take the Louisiana Department of the Treasury to places it’s never been before,” said Treasurer Kennedy.

Year 2000 Highlights Include:

Good News for Louisiana Citizens

– Returned $3,265,672 in unclaimed property to Louisiana residents.

– Helped the Office of Student Financial Assistance improve the Student Tuition Assistance Revenue Trust program to include a $2,400 tax deduction and 2 percent to 14 percent matching state funds.

– Worked with the Legislature and the Governor to continue to reduce state debt, making Louisiana a leader in the United States for debt reduction over the past five years.

Good News for Louisiana Investments

– Louisiana’s credit rating from Standard and Poor’s improved from an A- to an A.

– Helped the Office of Motor Vehicles save $500,000 by improving their check deposit practices.

– Generated $106,248,409 in investment earnings for the state and $47,756,377 for the Louisiana Educational Quality Trust Fund.

Good News for Louisiana Projects

– Sold bonds online at an interest rate that resulted in savings of approximately $12.5 million for the state.

– Approved (through the State Bond Commission, of which the Treasurer is Chairman) over 250 bond issues and re-financings for local governments, political subdivisions, public trusts, non- profits and industrial development boards, the proceeds of which were used to build and improve infrastructure and to grow thousands of jobs.

“We will continue to build on our successes and will work hard to use technology to improve services to our customers,” said Treasurer Kennedy. “Our goals this year include making our Web site more interactive and accepting online bids for state investments including certificates of deposits.”

Sarah Mulhearn, Communication Director
(225) 342-0012