State Treasurer Reduces Service Fee to All-Time Low
OLYMPIA, Wa. – State Treasurer Duane Davidson reduces his service fee to an all-time low starting with the 2019–21 biennium which will credit more of the state treasurer’s earnings from investments to each recipient fund.
Starting this biennium, July 1, 2019, Treasurer Davidson reduced the Treasury’s fee to one-quarter of one percent (25 basis points), which allows more money to be deposited to each recipient fund, resulting in additional cash available for the programs that the legislature establishes within each fund.
Davidson’s action is comparable to a personal financial institution reducing its fees and increasing the interest rate earned on deposits. For state agencies this fee reduction translates to more cash in their budgets.
The service fee is used by the Office of the State Treasurer to pay for its investment expertise and operations, and can only be increased or decreased under the direct authorization of the treasurer.