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(Des Moines, IA) -- A state investment fund just made Iowa taxpayers a billion dollars.
The Iowa Pooled Money Fund consists of money allocated to Iowa state agencies that hasn't been spent yet.
Those funds are invested in a mixed portfolio by State Treasurer Roby Smith in keeping with guidelines set forth by the legislature.
Smith says the fund earned around half-a-billion dollars for the second year in a row due to a strong market and good interest rates.
He points out that the Iowa Pooled Money Fund gives lawmakers extra income to budget while keeping taxes in Iowa low.
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