State Treasurer Wants Deposit Flexibility

Montgomery, AL – The state treasury received nearly 13-point-four billion dollars for deposit in fiscal year 2002. That's a record. However, the state earned only 20 million dollars in interest because of lower rates and restrictions on where to put the money. That's down from 70 million dollars in earlier years. State Treasurer Kay Ivey says she will ask the Legislature to give her office more flexibility in depositing the money and deciding how it will be invested. She says she wants to be able to take bids from state banks on the interest rate the state will receive for depositing the money.