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May 13, 2008

SCHMIDT ANNOUNCES RECORD TREASURY BALANCE OF ONE BILLION DOLLARS

Bismarck, ND – State Treasurer Kelly Schmidt announced today that the State Treasury currently has a record balance of $1 billion.

"The current balance is a reflection of the strong economic growth that North Dakota is currently experiencing,” Schmidt said. “My role as treasurer is to take advantage of our state's strong fiscal position and invest these dollars to maximize our returns."

The investments recently purchased total $168 million and will be invested for just over 200 days. This will generate in excess of $1.3 million in interest income for the State of North Dakota’s Treasury. This biennium, interest to the general fund is more than $16.5 million which is a $10 million increase from the same period last biennium.

"This is good news for the citizens of North Dakota," Schmidt said. "By effectively investing our general fund dollars, we strengthen our overall financial position and ensure that the state has the necessary resources to provide needed services to its citizens," Schmidt added.

Effective cash management and the implementation of BidND have contributed to the increase in interest income. BidND is an investment program developed by Schmidt. Through a bid process, certificates of deposit are purchased from North Dakota community financial institutions which lend these dollars back into their communities, fostering economic growth.

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