For Immediate Release
Wednesday, 14 July 1999
JUMP IN GENERAL FUND INVESTMENTS
Investments Yield $73 Million
Columbia, SC – State Treasurer Grady L. Patterson, Jr., today announced that General Fund Investments yielded a higher than projected $73,049,293.13 for fiscal year 1998-1999. The investments yielded almost 5% higher than the most recent estimates of $70 million. "We are excited and pleased that we have met and exceeded these projections," Treasurer Patterson stated. The State Treasurer’s office is responsible for the state’s investments.
"South Carolinians rightly expect that the state will be efficient in how we manage tax dollars," Patterson commented. "The Treasurer’s office realized these extra funds by prudent investment and management strategies. We are making the most of the hard earned tax dollars we receive to protect our citizens from higher state taxes and fees."
"Investments are monitored daily by our outstanding staff in order to get the best return on all funds. My office utilizes a conservative investing strategy, but at the same time we continually refine our investment and cash management techniques," the Treasurer continued. "Thus, we are paying good dividends for the taxpayers through sound fiscal management."
The State Treasurer’s office is tasked with investing all monies not needed to pay bills immediately. These funds are invested until they are needed to pay for the state’s obligations.
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For more information contact:
David A. Adams, 803/734-0380