State Treasurer David McRae is reporting a strong return on investment in Mississippi.
The elected official announced on Monday that the state has earned a record-breaking $1 billion in interest income from Mississippi’s general fund and special funds since he took office in 2020. The general fund is a large collection of money utilized to subsidize common, everyday government affairs, whereas special funds are intended to support specific operations that are tied to a particular revenue source. Both typically derive their cash flow from taxes and fees.
The treasury, which acts as the state’s bank, invests surplus monies collected by the state to maximize earning potential. Per McRae, roughly $450 million of the $1 billion accrued through interest income has been directly deposited into the general fund, giving lawmakers more opportunities to fund additional projects.
“Every dollar the state government holds should be working as hard as the Mississippians who earned it. That’s been my mission from the start. By applying conservative, results-driven financial management, I’ve delivered over $1 billion in interest income off money that would have otherwise sat largely idle,” McRae said in a press release.
“That’s not just a number on a balance sheet. It’s hundreds of millions of dollars that have gone straight back to the State’s General Fund to support our schools, strengthen infrastructure, and reduce the need for future tax increases. This is what responsible government looks like.”
On top of this feat, McRae has also been involved in returning historic levels of unclaimed money to Mississippians. In 2024 alone, the state treasury returned $40 million to those who had not received funds owed to them by the government. Overall, around $120 million in unclaimed funds have been given back to rightful owners in the state.
