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HB 6003 — Participant Local Government Advisory Council

by Rep. White (CS/SB 614 by Community Affairs Committee and Senators Montford, Simmons, Powell, and Taddeo)

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Community Affairs Committee (CA)

The Local Government Surplus Funds Trust Fund (Florida PRIME) was created in 1977 to promote, through state assistance, the maximization of net interest earnings on invested surplus funds of local governments. All units of local government in Florida are permitted to invest their surplus funds in Florida PRIME. The State Board of Administration is responsible for administering Florida PRIME, and independent oversight is provided by the Investment Advisory Council and the Participant Local Government Advisory Council (PLGAC).

The six member PLGAC was created by the Legislature in 2008 following an unanticipated liquidity crisis in Florida PRIME for the purpose of regularly reviewing the administration of Florida PRIME and making recommendations regarding such administration to the Trustees. In its 2017 report, the PLGAC expressed that it had achieved all of its objectives, and recommended discontinuing the PLGAC.

The bill abolishes the Participant Local Government Advisory Council and makes conforming changes due to the abolishment. The State Board of Administration anticipates a reduction in expenditures of approximately $25,000 associated with the abolishment of the PLGAC.

If approved by the Governor, these provisions take effect upon becoming law.

Vote: Senate 36-0; House 112-1