Illinois State Tax Office reports record profit of $1.495 billion in fiscal year 2024

SPRINGFIELD, Ill. (WICS) — Illinois State Treasurer Michael Frerichs today announced that the State Treasurer’s Office achieved record returns from the state’s investment portfolio of $1.495 billion in fiscal year 2024.

Treasurer Frerichs is the state’s chief investment and banking official. He is responsible for investing state revenues in the state’s investment portfolio.

“We have implemented common sense reforms to increase investment returns for our state,” Frerichs said. “Every dollar we earn in interest, lawmakers don’t have to collect in taxes.”

Also in fiscal year 2024, which ended June 30, the Treasury Department generated a record $1.05 billion in gross investment income for cities, villages, school districts, counties and other governmental units participating in the highly rated Illinois Funds investment pool for local governments operated by the state’s Treasury Department.

The Illinois Funds have received the highest rating of AAA from Fitch, a national credit rating agency.

State law prohibits the Treasury Department from investing the state portfolio directly in the stock market. Treasury Secretary Frerichs persuaded the General Assembly to allow his department to invest in safe local government bonds, such as those issued by Illinois school districts to buy land or buildings, as well as in high-quality money market funds.

The Treasury Department has improved returns by increasing the weighted average life of our investments, made possible by our state’s healthier fiscal position, and by working with the Governor and the General Assembly on innovative ideas.

Key monthly metrics and more are available here.