State Treasurer Roby Smith says short term investing of unspent state funds has yielded over $1 billion for the State of Iowa since he took office in January of 2023.

“You’ve heard of purchasing power. This is investing power and so we invest it and we have received over $1 billion in the last two and a half years, which is a record amount,” Smith told Radio Iowa. “We’re excited about that.”

A number of people in the treasurer’s office and outside money managers are investing pooled money the Iowa the Veterans Fund and the Road Use Tax Fund. That’s the fund where gas taxes are deposited and used to fix and build Iowa roads and bridges. Any investment earnings go back into those funds. The $4 billion in the Taxpayer Relief Fund where state budget surpluses have been funneled for the past 14 years is also being invested.

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