Report Highlights $57.2 Million in BESE and Board of Regents Projects

BATON ROUGE, LA – The 2002 Louisiana Education Quality Trust Fund (LEQTF) Annual Report highlighting $57.2 million in Board of Elementary and Secondary Education (BESE) and Board of Regents projects is now available online at www.latreasury.com, according to State Treasurer John Kennedy.

Click Here to Download the
2002 LEQTF Annual Report

The LEQTF is one of the greatest success stories in state government, said Treasurer Kennedy. The fund’s number one priority is education, and this years report really shows that. Louisiana teachers, students and university researchers have a tremendous amount to offer the state as a result of LEQTF monies. The State Treasury divides a portion of LEQTF annual earnings between BESE and Regents and has distributed $842.3 million to the two groups since the funds inception.

Despite a downward trend in the stock market, the fund was able to maintain positive returns this past fiscal year, partly because only 17 percent of monies are invested in equities. The fund earned $69.75 million in income including interest, dividends, securities lending and royalties in FY 2002 and had a total return of 1.4 percent. We still have goals we want to reach, including increasing the fund to $2 billion, which will ultimately give us $25 million or more a year in recurring revenue, said Treasurer Kennedy.

The public understands that we’re invested in this fund for the long haul. The market will experience ups and downs, but the LEQTF will continue to grow because of our diversified investments. The LEQTF began in 1986 when the state won a $641 million settlement from the federal government over oil and gas revenues. The state placed $541 million of this amount into a trust fund similar to what was done with the funds from the sale of a portion of the tobacco settlement and the current market value of the fund is now almost $900 million.

To download a copy of this years 2002 LEQTF Annual Report, visit www.latreasury.com, click on News Room and Treasury Document Library.

Contact:
Sarah Mulhearn
(225) 342-0012