Arizona investments experienced a record-breaking year in 2019.
Arizona Treasurer Kimberly Yee says the return on investments in the fiscal year broke an 11-year record in the state.
In 2008, the state made $502 million on its investment opportunities. In 2019, that number jumped to $567 million.
“This is great news for Arizona taxpayers,” Yee said.
The money earned through investments in fiscal 2019 was distributed across a number of state agencies and governmental organizations including:
• $50 million went to the state general fund;
• $75.7 million which was provided to local government investment pools;
• $95.6 million was shared amongst state agencies;
• The bulk of the return, $321.2 million, went to K-12 education programs. The remaining funds were disbursed to various endowment beneficiaries.
The treasurer's office in the state operates four local government investment pools (LGIP). These allow states, towns, counties, and other Arizona government organizations to pool their investment resources in fixed-income opportunities.
Yee described the record breaking windfall as a benefit to all residents of the state.
“The more we earn, the less Arizonans have to pay in direct taxes," she said in a statement. "Each investment dollar we earn is one less dollar that has to be collected from taxpayers while staying committed to our investment philosophy of ‘safety, before liquidity, before yield’.”