February 25, 2025 – Illinois State Treasurer Michael Frerichs has announced that investment earnings on the state portfolio are up more than 11% as state government faces tough budgeting decisions this spring.
Investment earnings stand at $803.8 billion for the first six months of Fiscal Year 2025, up from $723.2 billion the first six months of Fiscal Year 2024. That’s an increase of $80.65 million.
“This is money that doesn’t have to be raised in taxes or cut from things like our schools and our roads and our bridges,” Frerichs said after Gov. JB Pritzker’s annual budget speech at the Capitol.
The Commission on Government Forecasting and Accountability’s monthly report showed how important this extra income the Treasurer’s Office is earning is for state finances.
“My office cannot solve all of Illinois’ problems, but we can be part of the solution,” Frerichs added. “We are especially happy to be bringing in more money for the state at a time when President Trump and Elon Musk are determined to bring chaos and destruction. And with Congressional Republicans hapless and unable to pass funding for health care, veterans, agriculture, and other essential services our state budget will be under even greater strain.”
Treasurer Frerichs is the state’s Chief Investment and Banking Officer. He is responsible for investing revenue in the state investment portfolio. In Fiscal Year 2024, Frerichs’ office set a record by making $1.5 billion in investment returns for the state.
According to state law, the Treasurer’s Office is prohibited from directly investing the state’s portfolio in the stock market. Treasurer Frerichs convinced the General Assembly to allow his office to invest in secure local government bonds, such as those issued by Illinois school districts to purchase land or construct buildings, and prime money market funds that emphasize security and liquidity.
