For Immediate Release
Monday, 10 July 2000

STATE EARNS $73.6 MILLION ON
TREASURER’S INVESTMENTS

 
(Columbia, SC)  State Treasurer Grady L. Patterson, Jr., today announced that General Fund Investments yielded a higher than projected $73.6 million for fiscal year 1999-2000. The investments yielded almost 5% higher than the most recent estimates. "We are excited and pleased that we have met and exceeded these projections," Mr. 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 State 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 investment strategy, but at the same time we continually refine our investment and cash management techniques," continued Patterson. "That means we are doing a great job for our citizens through sound fiscal management."

The State Treasurer’s office is tasked with investing all monies not needed to pay state 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