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For Immediate Release:
June 20, 2023
Contact:
Cassie Nichols
[email protected]
ICYMI: Kansas' Largesse Could Generate $300 Million in Interest Revenue From
Short-Term Investments
KEY QUOTE: “It has been even more important this year than a year ago or at other times to pay attention to where that money is sitting and what it can do for the state,” said Steven Johnson, Kansas State Treasurer. “We should make just over $300 million in interest on the float as it passes through our hands.”
Kansas’ largesse could generate $300 million in interest revenue from short-term investments
Tim Carpenter, Kansas Reflector
June 13, 2023
- Kansas Treasurer Steven Johnson expects the combination of stable economic conditions and unprecedented state government cash reserves to produce interest earnings of about $300 million on short-term investments before the year’s end.
- That windfall would be derived from otherwise idle funds that earn in the neighborhood of 5% interest, which would add to treasure members of the Kansas Legislature and Gov. Laura Kelly would have at their disposal when the 2024 session began in January. The latest projection was state lawmakers would end up with $3 billion in cash on hand with about $1.5 billion in a special rainy-day reserve fund.
- The state’s 3% unemployment rate was good news, Johnson said, and it appeared the state’s economy was generally working well despite concern about inflation.
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