Treasurer’s Annual Report Details Investment Returns For Connecticut Taxpayers

By Joe O’Leary

January 24 @ 2:53 pm

The 2024 Annual Report from Connecticut Treasurer Erick Russell detailed significant investment returns for taxpayers across the state while celebrating the first year of the state’s Baby Bonds program.

The report’s biggest takeaway shows that Connecticut’s portfolio of funds and trusts saw returns of approximately $7.5 billion during the 2024 fiscal year, representing gains of 11.5%. That reflects efforts to mitigate risk and lower fees, among other gains.

“Beyond any single program or accomplishment, we are proud of our role in helping build a future for our state where every person has the resources, knowledge, and opportunities they need to shape the future they want for themselves,” Russell said in a letter to Gov. Ned Lamont regarding the annual report.

The Treasurer’s Office celebrated the completion of its CT Baby Bonds program’s first year. More than 16,000 children have been enrolled in that program and received $3,200 each invested on their behalf; when enrolled children reach adulthood, they’ll be able to access those funds to support higher education, property ownership or other life experiences.

The report also focused on a variety of new achievements accomplished by Russell’s office, ranging from bond sales of $2.2 billion to support school and transportation construction, as well as refunding more than $61 million in existing bonds to save taxpayers money, to the state’s overhauled unclaimed property system.

More than 44,000 people have received $82 million in unclaimed property via www.CTBigList.gov, a web platform developed to significantly ease the process of connecting residents with funds or property they may not be aware of.

The Connecticut Higher Education Trust’s Dream Big! competition, now in its 11th year, delivered nearly half a million dollars in prizes to students and schools, bringing its total of submitted funds to more than $4.5 million supporting future education expenses. In 2024, more than 17,000 new CHET accounts were opened through the college savings program.

Russell’s office also touted the improvement of Connecticut transportation bonds, which climbed from a rating of AA+ to AAA, the highest possible, supporting future projects to support infrastructure improvements on highways, roads, bridges and waterway access.