WV Press Release Sharing
CHARLESTON, W.Va. – State Treasurer Riley Moore has announced the state Board of Treasury Investments, which he chairs, returned a record of nearly $390 million in interest earnings to the state and participating local governments and agencies during the most recent fiscal year.
“We’re proud that through the reforms we’ve championed over the past few years the Board of Treasury Investments is generating the highest returns for our taxpayers in state history,” Treasurer Moore said. “In the past year, our team has had to navigate banking crises and turbulent credit markets and has still produced top-rated returns for the state and our people. This demonstrates our continued commitment to being effective stewards of the taxpayers’ money.”
The Board of Treasury Investments is responsible for managing what is typically referred to as the Consolidated Fund, which contains the short-term operating funds from various state and local government agencies. They invest these funds in various money market and fixed-income securities, providing the agencies a vehicle to invest their operating funds in interest-bearing accounts while preserving the liquidity needed for day-to-day operations.
At the beginning of 2021, when Treasurer Moore took office, the Board had nearly $6.3 billion in assets under management. The Board’s total assets under management has steadily increased over the past two years, topping $11 billion in the most recent quarter.
“In addition to the record surpluses our state has brought in due to responsible budgeting and economic growth over the past few years, we have seen a significant increase in local governments and agencies that wish to participate in the BTI’s investment pools due to its performance compared to other options available in the market,” Treasurer Moore said.
During the second quarter of 2023, the BTI’s West Virginia Money Market Pool ranked #1 compared to the 239 other investment options available in the $915 billion Prime Money Market Universe, according to data compiled by Segal Marco Advisors.
Treasurer Moore said the increased performance is due to reforms he proposed and the Legislature passed during his first year of office.
In April 2021, Gov. Jim Justice signed Senate Bill 297, proposed by Treasurer Moore, which modernized the Board of Treasury Investments’ statutory investment options, allowing the Board to give the state and local governments a greater short-term return on their cash while better protecting it from inflation.
In addition to the new law, the BTI continues to receive top ratings from various financial organizations.
S&P Global Ratings in March reaffirmed its highest possible rating (AAAm) for the BTI’s money market pools. The Government Finance Officers Association in July awarded the BTI with its Certificate of Achievement for Excellence in Financial Reporting – the 17th consecutive year BTI has received the prestigious award.