- Associated Press - Thursday, August 13, 2020

LITTLE ROCK, Ark. (AP) - Arkansas’ interest earnings in the fiscal year that ended in June dropped by nearly $36 million compared with the previous fiscal year, delivering what the state treasurer calls a “solid result” as interest rate declined.

The state’s interest earnings fell to $80.7 million in fiscal 2020 from last year’s $116.9 million, according to Treasurer Dennis Milligan’s report to the Board of Finance.

“We were able to navigate a changing investment environment, staffing changes and a global pandemic, all while maintaining a solid result for the state,” Milligan told the state board, the Arkansas Democrat-Gazette reported Thursday.

Figures show that in the last quarter of fiscal 2020, the treasury’s interest earnings totaled $11.4 million, which hasn’t been that low since the second quarter of fiscal 2017 in which earnings totaled $9.8 million.

“Revenue from our investments in the fixed-income market had been on a downward trend prior to the covid pandemic due to an uneasy investment climate amid geo-political tensions worldwide,” Milligan said. “Then covid hit. All of this created … a ‘perfect storm.’ But even amid the upheaval of the market, my team was able to deliver results.”

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