(The Center Square) – The Spokane County Treasurer’s Office announced Thursday that its investments earned local taxpayers more than $47 million this past year alone.
Treasurer Michael Baumgartner, recently elected to the U.S. House of Representatives, issued a news release Thursday morning touting the success. In addition to collecting property taxes, Baumgartner and his team manage the Spokane Public Investment Fund.
Over 80 local government entities contribute to the SPIF, from airport and transit authorities to school, fire and cemetery districts. Each commits portions of their cash reserves, which the treasurer invests in fixed-income assets before returning the earnings to SPIF members.
“Every dollar we earn is another dollar that county residents don’t have to pay in taxes,” Baumgartner wrote in the release. “Local government can meet financial needs with this income rather than with tax increases.”
Investment Officer Dan Bisbee told The Center Square that historically high interest rates are driving SPIF earnings to new heights. However, as nice as that is, he said it’s not the primary goal.