The Florida Senate

17.61  Chief Financial Officer; powers and duties in the investment of certain funds.--

(1)  The Chief Financial Officer shall invest all general revenue funds and all the trust funds and all agency funds of each state agency, and of the judicial branch, as defined in s. 216.011, and may, upon request, invest funds of any board, association, or entity created by the State Constitution or by law, except for the funds required to be invested pursuant to ss. 215.44-215.53, by the procedure and in the authorized securities prescribed in s. 17.57; for this purpose, the Chief Financial Officer may open and maintain one or more demand and safekeeping accounts in any bank or savings association for the investment and reinvestment and the purchase, sale, and exchange of funds and securities in the accounts. Funds in such accounts used solely for investments and reinvestments shall be considered investment funds and not funds on deposit, and such funds shall be exempt from the provisions of chapter 280. In addition, the securities or investments purchased or held under the provisions of this section and s. 17.57 may be loaned to securities dealers and banks and may be registered by the Chief Financial Officer in the name of a third-party nominee in order to facilitate such loans, provided the loan is collateralized by cash or United States government securities having a market value of at least 100 percent of the market value of the securities loaned. The Chief Financial Officer shall keep a separate account, designated by name and number, of each fund. Individual transactions and totals of all investments, or the share belonging to each fund, shall be recorded in the accounts.

(2)  By and with the consent and approval of any constitutional board, the judicial branch, or agency now having the constitutional power to make investments and in accordance with this section, the Chief Financial Officer may make purchases, sales, exchanges, investments, and reinvestments for and on behalf of any such board.

(3)(a)  Except as otherwise provided in this subsection, it is the duty of each state agency, and of the judicial branch, now or hereafter charged with the administration of the funds referred to in subsection (1) to make such moneys available for investment as fully as is consistent with the cash requirements of the particular fund and to authorize investment of such moneys by the Chief Financial Officer.

(b)  Monthly, and more often as circumstances require, such agency or judicial branch shall notify the Chief Financial Officer of the amount available for investment; and the moneys shall be invested by the Chief Financial Officer. Such notification shall include the name and number of the fund for which the investments are to be made and the life of the investment if the principal sum is to be required for meeting obligations. This subsection, however, shall not be construed to make available for investment any funds other than those referred to in subsection (1).

(c)  Except as provided in this paragraph and except for moneys described in paragraph (d), the following agencies shall not invest trust fund moneys as provided in this section, but shall retain such moneys in their respective trust funds for investment, with interest appropriated to the General Revenue Fund, pursuant to s. 17.57:

1.  The Agency for Health Care Administration, except for the Tobacco Settlement Trust Fund.

2.  The Agency for Persons with Disabilities, except for:

a.  The Federal Grants Trust Fund.

b.  The Tobacco Settlement Trust Fund.

3.  The Department of Children and Family Services, except for:

a.  The Alcohol, Drug Abuse, and Mental Health Trust Fund.

b.  The Social Services Block Grant Trust Fund.

c.  The Tobacco Settlement Trust Fund.

d.  The Working Capital Trust Fund.

4.  The Department of Community Affairs, only for the Operating Trust Fund.

5.  The Department of Corrections.

6.  The Department of Elderly Affairs, except for:

a.  The Federal Grants Trust Fund.

b.  The Tobacco Settlement Trust Fund.

7.  The Department of Health, except for:

a.  The Federal Grants Trust Fund.

b.  The Grants and Donations Trust Fund.

c.  The Maternal and Child Health Block Grant Trust Fund.

d.  The Tobacco Settlement Trust Fund.

8.  The Department of Highway Safety and Motor Vehicles, only for:

a.  The DUI Programs Coordination Trust Fund.

b.  The Security Deposits Trust Fund.

9.  The Department of Juvenile Justice.

10.  The Department of Law Enforcement.

11.  The Department of Legal Affairs.

12.  The Department of State, only for:

a.  The Grants and Donations Trust Fund.

b.  The Records Management Trust Fund.

13.  The Executive Office of the Governor, only for:

a.  The Economic Development Transportation Trust Fund.

b.  The Economic Development Trust Fund.

14.  The Florida Public Service Commission, only for the Florida Public Service Regulatory Trust Fund.

15.  The Justice Administrative Commission.

16.  The state courts system.

(d)  Moneys in any trust funds of the agencies in paragraph (c) may be invested pursuant to the provisions of this section if:

1.  Investment of such moneys and the retention of interest is required by federal programs or mandates;

2.  Investment of such moneys and the retention of interest is required by bond covenants, indentures, or resolutions;

3.  Such moneys are held by the state in a trustee capacity as an agent or fiduciary for individuals, private organizations, or other governmental units; or

4.  The Executive Office of the Governor determines, after consultation with the Legislature pursuant to the procedures of s. 216.177, that federal matching funds or contributions or private grants to any trust fund would be lost to the state.

(4)(a)  There is hereby created in the State Treasury the Treasury Administrative and Investment Trust Fund.

(b)  The Chief Financial Officer shall make an annual assessment of 0.12 percent against the average daily balance of those moneys made available pursuant to this section and 0.2 percent against the average daily balance of those funds requiring investment in a separate account. The proceeds of this assessment shall be deposited in the Treasury Administrative and Investment Trust Fund.

(c)  The moneys so received and deposited in the fund shall be used by the Chief Financial Officer to defray the expense of his or her office in the discharge of the administrative and investment powers and duties prescribed by this section and this chapter, including the maintaining of an office and necessary supplies therefor, essential equipment and other materials, salaries and expenses of required personnel, and all other legitimate expenses relating to the administrative and investment powers and duties imposed upon and charged to the Chief Financial Officer under this section and this chapter. The unencumbered balance in the trust fund at the close of each quarter shall not exceed $750,000. Any funds in excess of this amount shall be transferred unallocated to the General Revenue Fund. However, fees received from deferred compensation participants pursuant to s. 112.215 shall not be transferred to the General Revenue Fund and shall be used to operate the deferred compensation program.

(5)  The transfer of the powers, duties, and responsibilities of existing state agencies and of the judicial branch made by this section to the Chief Financial Officer shall include only the particular powers, duties, and responsibilities hereby transferred, and all other existing powers shall in no way be affected by this section.

History.--s. 4, ch. 81-295; s. 5, ch. 84-137; s. 2, ch. 87-331; s. 2, ch. 89-549; s. 4, ch. 90-357; s. 4, ch. 92-87; s. 6, ch. 92-142; s. 2, ch. 94-166; s. 1313, ch. 95-147; s. 1, ch. 96-216; s. 1, ch. 99-159; ss. 66, 67, ch. 2002-402; ss. 60, 61, ch. 2003-261; s. 4, ch. 2003-400; s. 5, ch. 2004-390; s. 69, ch. 2006-227; s. 3, ch. 2007-13; s. 3, ch. 2008-16.

Note.--Former s. 215.535; s. 18.125.