PEORIA, Ill. (WMBD) – Illinois reaches a new financial milestone under the leadership of State Treasurer Michael Frerichs.
Monday, March 15, Frerichs announced that Illinois has surpassed $1 billion dollars in investment earnings since 2015, the year he became treasurer.
He credits working with the General Assembly to modernize investment strategies as a reason for the achievement.
Frerichs says recent reforms include being able to invest in highly rated corporate bonds and public sector bonds.
“When you are getting just a few extra basis points more on millions of dollars of investments, that’s some real money for the state. It makes a real difference in the number of miles of roads that we can build, fire trucks that can be purchased,” Frerichs said.
According to Frerichs, 1999 was the last time Illinois reached $1 billion dollars in investment earnings. The State Treasurer at that time was Judy Baar Topinka.