OKLAHOMA CITY (AP) -- The investment of state funds produced almost $9 million more than estimated during the first three months of the fiscal year, State Treasurer Robert Butkin said Wednesday.
Investments generated more than $29.4 million during the first quarter -- 44 percent more than projected for the period that ended Sept. 30, Butkin said. Earnings in September alone totaled more than $8.6 million, a whopping 85 percent more than estimated.
Interest earnings on investments managed by Butkin's office are the largest non-tax source of revenue for state government. Butkin said earnings of almost $30 million "would be sufficient to pay the average yearly salary for approximately 950 Oklahoma school teachers."
Butkin said the use of electronics to speed up the flow of state deposits from remote banks has increased the investable base.
Interest rates have also been higher than originally forecast.
"The higher percentage rate for interest earnings shows how well the state's investments are being managed," Butkin said.
Our first consideration is always the safety of each investment.
Next, we consider liquidity, or how fast the money can be turned into cash, and we finally consider the rate of return," he said.
Butkin's office managed the investment of more than $2 billion during the fiscal year 2000 and will likely match or exceed that amount in fiscal year 2001.