Arizona Treasurer Kimberly Yee announced that total assets under management have increased by 100.7% to over $30.87 billion since taking office in January 2019.
“I am proud of the accomplishments we have achieved during the first term of my administration. We have seen record earnings, growth in investments, and increased distributions to schools, state agencies, and local governments, even during an unpredictable global pandemic,” said Arizona Treasurer Kimberly Yee. “I am thankful that the people of Arizona have entrusted me to serve as State Treasurer for four more years.”
Since Treasurer Yee took office in January 2019, voluntary deposits into the Local Government Investment Pool (LGIP) increased by 76.8%. Treasurer Yee visited local leaders in all 15 Arizona counties during her first year in office. LGIP assets hit a record high of $5.98 billion in December 2022. The Permanent Land Endowment Trust Fund has also hit record highs under Treasurer Yee’s leadership. More than $1.54 billion has been distributed to PLETF beneficiaries over the past four years, the largest beneficiary being K-12 education.
In her first year in office, Treasurer Yee advocated for S.B. 1184, a law which now requires all Arizona students to take a semester of financial education before graduating from high school. She also appointed the first-ever statewide Financial Literacy Task Force, which works to ensure all Arizonans can attain proficiency in basic money management. Treasurer Yee met with and spoke to all Arizonans from across the state about financial literacy, such as students, senior citizens, professional associations and more.
Treasurer Yee advocated for the state-sponsored AZ529 Plan to be transferred to the Office of the Arizona State Treasurer, which was accomplished in October 2020. Since then, AZ529 accounts have increased by 23,561 accounts, with assets up 12.6% in that same time frame to $1.83 billion as of November 30, 2022. Treasurer Yee prioritized re-branding the AZ529 to emphasize educational opportunities to include career and technical training, in addition to college.
As Arizona’s chief banking and investment officer, Treasurer Yee is a statewide constitutional officer. Treasurer Yee safeguards approximately $30.87 billion in assets and stewards the cash management of Arizona’s $63.28 billion state budget and related payments to state agencies, local governments, and public schools. Treasurer Yee is also the Administrator of the AZ529 Education Savings Plan.
Please see below for the report of Treasurer Kimberly Yee’s accomplishments for the past four years as Arizona’s State Treasurer. The report is also available here.