CHARLESTON, WV (LOOTPRESS) – State Treasurer Riley Moore today announced the West Virginia Board of Treasury Investments, which manages short-term operating funds for the state and local governments, surpassed $8 billion in assets under management in the most recent quarter – the highest amount ever.
“With an influx of stimulus funds, bond proceeds and local governments trusting us to manage more of their funds, we’ve seen a surge in new revenue this year,” Treasurer Moore said. “West Virginians can have confidence we will manage these funds in a responsible and effective manner.”
The Board of Treasury Investments, which is chaired by the State Treasurer, 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 bond pools, 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, the Board had nearly $6.3 billion in assets under management. By the close of the quarter ending June 30, that amount had grown to more than $8.1 billion. Much of the influx was due to American Rescue Plan funds for state and local governments, as well as short-term revenue from Roads to Prosperity bond sales.
“As the state’s chief financial officer, I’m committed to ensuring these funds are managed in a responsible manner until the Legislature and various agencies are ready to spend them,” Treasurer Moore said. “Even before we received these funds, we had already worked with the Legislature during the regular session to pass reforms that give us greater flexibility to invest BTI funds. That law is now helping us receive increased interest payments on these funds.”
In April, Gov. Jim Justice signed Senate Bill 297, which was proposed by Treasurer Moore to modernize 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, S&P Global Ratings recently gave its highest possible rating (AAAm) for the BTI’s money market pools, reaffirming that the funds are highly stable and protected from risk.
The Government Finance Officers Association also recently awarded the BTI with its Certificate of Achievement for Excellence in Financial Reporting – the 15th consecutive year BTI has received the prestigious award.