CHARLESTON, W.Va. (WVDN) – State Treasurer Riley Moore today announced the West Virginia Board of Treasury Investments produced a new record amount of interest and investment earnings during the recent fiscal year, generating more than $612 million for the state and participating local governments.
“We’re proud to continue setting new records for the amount of money we’re able to generate for the people of West Virginia and the government agencies that serve them,” Treasurer Moore said. “The reforms we’ve championed over the past three-and-a-half years have produced greater returns for our people and demonstrated our continued commitment to being effective stewards of the taxpayers’ money.”
The Board of Treasury Investments is responsible for managing what is typically referred to as the Consolidated Fund, a group of investment accounts containing the short-term operating funds from various state and local government agencies. The Board invests these funds in various money market and fixed-income securities, providing the agencies a vehicle to invest their operating funds in interest-bearing accounts while preserving the liquidity needed for day-to-day operations.
During the most recent 2024 fiscal year, which ended June 30, the Board’s funds generated more than $612.4 in interest and investment earnings for the state and participating agencies – well above the previous record of $390 million generated in Fiscal Year 2023.
At the beginning of 2021, when Treasurer Moore took office, the Board had nearly $6.3 billion in assets under management. The Board’s total assets under management has steadily increased over the past three years, plateauing around the $11 billion-level since mid-2023.
State general fund surpluses and increased federal aid dollars, plus an increase in local government participation with the Board, have all contributed to the increase in assets under management.
Additionally, in 2021, the Legislature passed Senate Bill 297 , proposed by Treasurer Moore, which modernized state code governing the Board’s investment options, providing greater investment flexibility which has allowed the Board to give the state and local governments a higher short-term return on their cash while better protecting it from inflation.
“These forward-thinking reforms which we championed have now yielded millions of dollars’ worth of results for our citizens, and I thank the Legislature and Gov. Jim Justice for embracing our proposals,” Treasurer Moore said.
Also during the past year, the Board of Treasury Investments launched the West Virginia Term Deposit Program , a new initiative that invests state operating funds with West Virginia banks and financial institutions using a competitive bidding process. The inaugural auction in March resulted in $40 million being invested across five West Virginia banks.
“The West Virginia Term Deposit Program is an innovative way to use state resources to invest funds in our local communities,” Treasurer Moore said. “By placing these deposits through a competitive bidding process, we ensure fairness for our taxpayers while also giving our state’s financial institutions the opportunity to access a stable source of funds at favorable rates. These deposits can then be used throughout our communities to stimulate economic growth through home mortgages, auto loans and small business loans and credit.”
Board of Treasury Investments Executive Director Kara Hughes said the program has been viewed favorably by the state’s banking community.
“We’ve received tremendously positive feedback on this new program from our state’s regional and community banks,” Hughes said. “With this first year under our belts, we look forward to continuing and potentially expanding this successful program in the future.”
The Board of Treasury Investments continues to receive top ratings from various financial organizations.
S&P Global Ratings earlier this year once again reaffirmed its highest possible rating (AAAm) for the BTI’s money market pools. The Government Finance Officers Association also recently awarded the BTI with its Certificate of Achievement for Excellence in Financial Reporting – the 18 th consecutive year BTI has received the prestigious award.
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