State Treasury Sees Record Quarterly Investment Earnings of $40 Million

Report shows state’s investment portfolio able to withstand extreme market swings

Nov. 1, 2022 (Little Rock, Ark.) – The state earned more than $40 million from its investment receipts during the first quarter of fiscal 2023, Treasurer of State Dennis Milligan reported to the State Board of Finance on Monday.

“If we keep going at this rate, the State Treasury could be looking at the highest investment receipts earned since 2002, which is as far back as our records go,” Milligan told the board. “With this quarter’s figures, I’ve earned the State roughly $540 million dollars since I was elected in 2015.”

Earnings for the first quarter, which ran from July 1 through September 30, totaled $40.6 million. A significant reason for the total earnings was a hike in federal interest rates, which the state’s short-term investments are heavily dependent upon, Milligan said. The short-term portfolio earned $12.7 million while the long-term portfolio earned $27.8 million during the quarter. Short-term earnings were up from $615,000 during the same quarter one year ago, and long-term earnings increased from $12.5 million for the same period one year ago.

The board also heard from one of the Treasury’s investment brokers, Raymond James, who gave a report on the condition of the state’s portfolio.

“From our review of where the portfolio is today, regardless of the interest rate environment… the state portfolio is in a very, very well-positioned place, very balanced,” said Chad Puryear, a chartered financial analyst and managing director for Raymond James. “In the years to come, the income will be much more stabilized.”

Milligan explained his investment team’s strategy: “We have developed a strategic approach to our investment portfolio that has included purchasing diverse securities across a diverse duration timeline,” he said. “We have created a solid foundation for the treasury that future treasurers can rely on for years to come. Simply put, we are putting the state’s money to work smarter.

“By diversifying the portfolio – not just in the type of securities we invest in, but also in lengths of duration – we are now able to better protect the State’s money from market volatility,” Milligan continued. “This is the legacy that I have worked hard to fulfill since my first day in office.

“Thank you for the trust you have placed in me and the honor of allowing me to serve as your State Treasurer these last eight years.”


Dennis Milligan was elected Treasurer of State in 2014 and re-elected in 2018. The State Treasury is responsible for overseeing the state’s $9 billion portfolio. Since taking office in 2015, Milligan has receipted the state more than $539 million in investment returns and has grown the investment portfolio’s receipts to record highs.