Jul 20, 2007: New MexiGROW Local Government Pool Reaches $1 Billion

Restored confidence in the State Treasurer's Office has resulted in a significant increase in contributions to the New MexiGROW Local Government Investment Pool (LGIP) from local governmental entities. On Friday, July 20, 2007, the LGIP reported funds in excess of $1 billion for the first time since the effects of the late-2005 scandal impacted the office's integrity and the LGIP's balance, reducing it from a high of $1.3 billion to a low of $650 million over the course of several months.



New MexiGROW LGIP participants have enjoyed consistently healthy returns on their investments in the pool during the past 12 months; a total of $40.5 million in investment earnings was distributed to the 137 participants. The rate of return equaled approximately 5.25% which was better than most retail money market funds offered over the same period.



Higher investment returns are made possible through the pooling of contributions in this large fund on behalf of New Mexico's local governmental entities and through the low fees charged to the participants. The extra money generated for these governmental participants enables community improvements, equipment purchases, even personnel additions.



For more information on the New MexiGROW LGIP, contact the LGIP Bureau at 505-955-1128, or visit the website at www.stonm.org.