Maricopa County Treasurer, Royce T. Flora announced today that his office is willing to loan the State of Arizona $1 billion dollars to fight the economic damage from the Coronavirus outbreak in Arizona.
“The State of Arizona is a COVID-19 hotspot. We are experiencing significant damage to local businesses. Arizona’s Health Care industry needs additional resources for testing and personal protective equipment and Maricopa County is in a position to help the State financially to combat this virus,” said Royce T. Flora, Maricopa County Treasurer. “We can loan one billion dollars to the State from our portfolio to fight COVID-19 and the loan will have little effect on County taxpayers,” he added.
The funds would come from Maricopa County’s investment portfolio which as of last month, had an annual high balance of $6.7 billion. The Maricopa County Treasurer’s Office invests funds in short-term investment opportunities to generate revenue that is dispersed back into our economy. With interest rates near zero, this money is in our accounts and needs to be put into production.