HELENA, Mont., July 25 -- Gov. Steve Bullock, D-Mont., issued the following news release:
Governor Bullock announced today that Montana's investment earnings were 17.17 percent in fiscal year 2014, near historic highs. The high rate of return and solid investment performance helps ensure that the state's obligations in the public employee pension system will continue to be met, without increasing taxes on Montanans, or cutting services.
The 17.17 percent earnings were on all public pension investments held by the Montana Board of Investments. Inception to date earnings are 7.93 percent, exceeding the 7.75 percent needed to fund the public pension systems.
"The taxpayers of Montana are the winners with today's announcement. At a time when other states are forced to raise taxes to fix their pension problems, Montana has fixed our public pensions without increasing taxes," Bullock said. "We are continuing to improve our state's financial picture through prudent investments of our cash holdings and investments."
Montana was recently named the most fiscally prudent state in the nation according to a study in GOVERNING Magazine completed by JP Morgan.
"Montana has a track record of being fiscally responsible with taxpayer's money. Governor Bullock and his administration will continue to utilize sound investment strategies to maximize the returns for Montanans," said Budget Director Dan Villa. "My thanks to the great work of the Montana Board of Investments and their staff for a wonderful year."