By Jonathan Eberle |
The Arizona State Treasurer’s Office announced a major financial milestone last week: the Local Government Investment Pool (LGIP) has reached a record $7.6 billion in total assets. According to State Treasurer Kimberly Yee, the fund has grown by $4.3 billion — a 131% increase — since she took office in 2019.
The announcement came during the July State Board of Investment meeting, where Treasurer Yee presented the latest performance report. The LGIP, a fixed-income investment pool managed by the Treasurer’s Office, serves as a centralized option for local governments — including cities, counties, towns, and special districts — to invest public funds with an emphasis on safety and competitive yields.
The report shows that assets under management are up 7.08% year-over-year, with June earnings totaling more than $27.4 million, a 3.18% increase compared to the same month last year.
“We are proud to provide responsible stewardship of public funds while ensuring liquidity, safety, and strong returns,” Treasurer Yee said at the meeting.
Yee’s career in public service spans more than a decade, including eight years in the Arizona Legislature, where she served as Senate Majority Leader. Since assuming leadership of the Treasurer’s Office, Yee has emphasized transparency, performance, and accessibility. Under her watch, the state has expanded participation in the LGIP, which provides local government entities a low-risk, professionally managed option for investing taxpayer dollars.
The Office operates four separate LGIP pools, each tailored to meet the liquidity and investment needs of its contributors. By pooling resources, smaller jurisdictions gain access to economies of scale and greater portfolio diversification.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
