In recent years, public entities in Utah—including school districts, municipalities, counties, special districts, and the state itself—have accumulated substantial financial reserves. These funds are governed by the Utah Money Management Act and may be held in the Public Treasurers’ Investment Fund (PTIF), in separately managed accounts (SMAs) overseen internally or by certified investment advisors, and/or in deposits at local financial institutions. For context, the PTIF invested on behalf of state and local governments approximately $19 billion of these public reserves in 2020; today, it holds $35 billion. While many public entities choose to invest their cash reserves in the PTIF, they are not required to do so. No comprehensive analysis currently quantifies the total reserves across all vehicles or evaluates how those funds are deployed within Utah’s economy.
In response to the rapid growth of public entity reserves, some legislators have expressed interest in requiring a portion of reserves to be deposited with local financial institutions and/or placing limits on how much public entities may accumulate. As a result, the Utah Legislature enacted S.B. 323 (2025 General Session), establishing the Asset and Investment Review Task Force, chaired by Treasurer Marlo Oaks, to:
- Identify and Evaluate Reserve Levels
- Determine current reserve levels and appropriate thresholds for public entities.
- Analyze drivers of recent reserve growth and assess if adjustments are needed.
- Examine Investment Strategies for Public Reserves
- Evaluate investment strategies that consider safety, liquidity, return, and economic impact.
- Develop Recommendations
- Identify potential policy or statutory changes to support responsible reserve management and investment practices.
- Submit the results of the study to the Executive Appropriations Committee by November 30, 2025.
Task Force Members
Treasurer Marlo Oaks, CFA, CAIA
State Treasurer of Utah
Auditor Tina Cannon
State Auditor of Utah
Senator Keven Stratton
Utah Senate
Representative Val Peterson
Utah House of Representatives
Daniel Gardiner
Utah Department of Financial Institutions
Howard Headlee
Utah Bankers Association
Rusty Cannon
Utah Association of Credit Unions
Billy Hesterman
Utah Taxpayers Association
Paul Jerome, West Jordan Deputy City Manager
Utah League of Cities & Towns
Kim Jackson, Utah County Treasurer
Utah Association of Counties
LeGrand Bitter
Utah Association of Special Districts
Advisory Task Force Members
Scott Jones
Utah State Board of Education
Todd Hauber, Granite School District
Utah Association of School Business Officials