Lowered fees and other improved terms have been reached in separate pacts with six different firms during the past year, and the efforts are ongoing. Treasury and Treasury consultants are currently negotiating new agreements with two additional fund managers.

Based on the performance of the subject investments, the savings in the negotiations thus far could add to more than $8 million.

“The State Treasury is negotiating to cut costs and squeeze additional value from our investments, and that’s smart business,” said State Treasurer Ted Wheeler. “We are negotiating the best deals possible for Oregon taxpayers and public retirees.”

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The independent panel is part of a comprehensive review effort that has been convened by Wheeler, who took office in March, to examine Treasury travel policies and recommend changes. He has requested an evaluation by the Secretary of State Audit Division, and that review is under way, and a comparison of Oregon’s policies to other state investment funds, which is being prepared by the Deputy Treasurer.

Treasurer Wheeler also will ask the Oregon Government Ethics Commission to endorse the new policies, when they are finalized.

“I am committed to making the right changes to strengthen the Treasury’s travel policies, and Oregonians deserve to know that those will be well-thought-out, rational and will ensure travel is focused on business,” Wheeler said. “These are important decisions with long-term implications and I am grateful to these Oregon leaders who have offered their expertise.”

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That alleged deceit ultimately cost Oregon: The Oregon Public Employee Retirement Fund was induced to invest $200 million into home loans originated by Countrywide, and lost $29 million as a result of misrepresentations by Countrywide and its financial underwriters, the lawsuit says.

“Oregon is taking a stand against predatory lenders and the financial wreckage they caused for families and for investors including Oregonians,” said Treasurer Wheeler. “With this lawsuit, we are attempting to recover losses from lenders that took advantage of innocent families, whose only fault was wanting to participate in the American dream and own a home.”

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The Treasury completed the first stage of a computing redesign on May 31 that adopts what’s known as a “virtual server” format. Under that design, systems share many hardware components, and as a result it reduces costs for equipment, electricity and cooling.

In the month since, electricity consumption in the Treasury’s computing center has fallen by 25 percent. At the same time, the system continues to provide essential security, reliability and data recovery capacity.

“Innovation is what we do at the State Treasury,” said State Treasurer Ted Wheeler. “This is just one example that shows how Oregonians benefit because we are thinking like a business, making dollars stretch further and are being more sustainable by using less power.”

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Treasurer Wheeler on Thursday announced returns of $5 million from the Oregon Growth Account, which invests a portion of Oregon Lottery proceeds to help develop startup companies. The earnings will be deposited in the Education Stability Fund and available to help the state cope with the current budget shortfall, Wheeler said at the quarterly meeting of the Oregon Growth Account Board.

“Oregonians have invested Lottery dollars in Oregon-based companies in order to help build a better future and to help create jobs, and now the returns from one of those successful investments will help schools and other vital programs,” Treasurer Wheeler said. “Everybody knows there is a clear need.”

The Oregon Growth Account was created by the Legislature in 1995 to help spur economic development by providing seed capital to growth businesses. One of the purposes of the Oregon Lottery is to facilitate economic development.

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The latest figures show that the trust fund, which receives the proceeds from economic activity on state-owned lands, posted returns of 44.4 percent over the 12-month period that ended March 31. That performance exceeded the comparison industry benchmark, which was 41.6 percent, according to statistics presented to the Oregon Investment Council today.

As of March 31, the value of the Common School Fund had a value of $1.015 billion. Strong investment performance and inflows from state lands translated into more than $295 million in gains for the 12-month period, after $40 million was distributed to schools during the same span.

“Oregon’s investment officers are doing their research and beating the markets, and Oregon’s schoolchildren are the beneficiaries,” said State Treasurer Wheeler. “The wise investment of the Common School Fund is one of the ways the State Treasury is helping Oregon to a brighter future.”

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