SPRINGFIELD — An interactive website that details how Illinois invests taxpayer money, manages state debt, and tracks bond ratings is part of an ongoing effort to increase transparency and accountability in Illinois finances, Illinois State Treasurer Michael Frerichs said today.
The Vault, a new online open data portal, provides details on the treasury’s $25 billion investment portfolio.
It also includes historical data on banking and business activities. The information is presented so that users can easily compare, click through, filter and expand charts, tables, and graphs. Data also can be shared directly to social media or exported to allow for investment comparisons.
“Too many people do not trust our state government. That needs to change,” Frerichs said. “Providing information in a format that is easy to use, understand and compare is a step we can take to repair the damaged relationship Illinois government has with its residents.” Available at www.ILTreasurerVault.com, The Vault presents data on investment assets and earnings, tracks bond ratings related to tax-backed loans and shows the treasury’s business transactions with firms based in Illinois and firms owned by minorities, women, Veterans, or persons with a disability.
“We want the public to have the tools to follow the money,” Frerichs added. “This interactive website will make it easier to see how the treasury invests taxpayer dollars and how the state manages its debt.” Research firms, investment houses, and companies that wish to do business with the treasury are expected to be early users of the data, as well as taxpayers interested in state investment and banking activity. Daily updates to The Vault are possible, although monthly updates are more likely.
About the Illinois Treasurer The Illinois Treasurer is the state’s chief investment officer and Frerichs is a Certified Public Finance Officer. He protects consumers by encouraging savings plans for college or trade school, increasing financial education among all ages, and removing barriers to a secure retirement. As the state’s Chief Investment Officer, he actively manages approximately $25 billion. The portfolio includes $13 billion in state funds, $7 billion in college savings plans and $5 billion on behalf of local and state governments. The investment approach is cautious to ensure the preservation of capital and returns $28 to the state for every $1 spent in operations. The Treasurer’s Office predates Illinois incorporation in 1818. Voters in 1848 chose to make it an elected office.
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