by Lauren Scott
Arizona State Treasurer Kimberly Yee said the local government investment pool’s total assets in April and the permanent land endowment trust fund’s market value increased since she took office in January 2019.Â
“The local government investment pool’s total assets in April reached an all-time record high of $6.25 billion,” Yee (pictured above) said in the meeting. “That is a $2.86 billion increase in assets since I took office in 2019, an 84.8% increase.”
Yee said Arizona’s earnings for the fiscal year 2022 is $161.6 million which is an increase of 1,851%. A total of $293.8 million has been earned for the state general fund this year.
“The permanent land endowment trust fund’s market value was $7.56 billion at the end of April, Yee said in the meeting. “That’s a 36.93% increase since taking office in January of 2019.”
Over the last year, the 10-year annual total return outperformed the benchmark by 109 basis points.
“Our 10-year annual return of 8.24% as of June 30, 2022, continues to rank very well when compared to most of the endowments across the country, averaging at 7.83% in their 10-year return,” Yee said.
Yee also discussed the celebration of 529 Day on May 29.
“Arizona’s Education Savings Plan is a state-sponsored 529 plan designed to provide a parent, grandparent or future students an opportunity to save for educational expenses in a tax-advantaged manner,” according to the Arizona 529Â website. “You can open an account today for as little as $15 a month.”
Yee said the 529 plan has been operating in Arizona since October 2020. Since that time, 28,396 new accounts have been added. She said assets are up 18.3% and $1.92 billion.
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Lauren Scott is a senior at Hillsdale College studying history and journalism. Last year she was the assistant opinions editor at her college newspaper, the Hillsdale Collegian, and this year she is the city news editor. She is program director at Hillsdale’s student-run radio station, WRFH Radio Free Hillsdale 101.7 FM. Lauren is also a documentary filmmaker and has been involved in the production of several biographical history documentaries.
Photo “Kimberly Yee” by Kimberly Yee.
