Local governments: they’re just like us. They need to manage their money and, when possible, earn a little interest on their savings.

That’s where Oregon State Treasury and the Oregon Short Term Fund (OSTF) come in. OSTF, managed by Treasury staff, provides Oregon governments a valuable tool to securely invest public funds and earn a reasonable return. All state agencies and certain public universities participate in the fund. Local governments, such as school districts and counties, and tribal governments have the option to access the fund by participating in the Local Government Investment Pool. More than one thousand local governments participate.

Treasury manages the investment of the funds in the OSTF a little differently than other funds under our management, with three main objectives. One, preserve the principal; two, maintain enough liquidity in the investments to ensure local governments can easily pay bills and meet payrolls; and three, earn a market rate of return that balances those risk and liquidity needs. As a result, the OSTF focuses on investing in short-term fixed income securities, such as U.S. Treasury bills and other low-risk, fixed financial instruments. Funds in the OSTF are not invested in the stock market.

The Oregon Short Term Fund Board advises the Oregon Investment Council and Treasury investment staff on the management of the Local Government Investment Pool and funds deposited in the OSTF. The Board also assists local governments in the development of investment policies concerning funds invested outside of the OSTF. The Board meets quarterly and is composed of the State Treasurer or designee, three public members appointed by the State Treasurer, and three local government members appointed by the Governor. Board members serve a four-year term without compensation.

Current Board members are:

Michael Kaplan
Deputy State Treasurer, designee for Treasurer

Douglas E. Goe (Chair)
Public member appointed by the Treasurer

Deanne Woodring
Public member appointed by the Treasurer

Bryan Wolf
Public member appointed by the Treasurer

Sharon Wojda
Appointed by the Governor at the recommendation of the League of Oregon Cities

Brian Nava
Appointed by the Governor at the recommendation of the Association of Oregon Counties

Michelle Morrison
Appointed by the Governor at the recommendation of the Oregon School Boards Association