División de Tesorería

The Chief Financial Officer is the constitutional officer with the fiduciary responsibility over the Division of Treasury. A core function of the Department of Financial Services, the Division of Treasury’s goals are to be effective stewards of the operational monies and other financial assets of the State and to assist state employees with tools to help them prepare for financial security during their retirement years.

The Division of Treasury has three bureaus:

• The Bureau of Funds Management;
• The Bureau of Collateral Management; and
• The Bureau of Deferred Compensation.

The Bureau of Funds Management operates a cash management system to maximize investments by speeding the flow of funds into the State Treasury. An emphasis on cash management consulting to state agencies has identified potential cost reductions and interest earning opportunities. The Bureau also performs standard treasury functions, such as operating a statewide deposit concentration system and receipts and payments posting systems. In addition, the Bureau manages a fixed income investment operation, the Treasury Investment Pool, for both general revenue and trust funds in the Treasury and funds of organizations participating in the Treasury Special Purpose Investment Accounts (SPIA). SPIA is an optional investment program open to any entities established by the Florida Constitution or Florida Statutes.

The Treasury Investment Pool is a combination of short and intermediate term fixed income investment strategies. The asset structure of the pool is designed to provide strong liquidity using short term investments and additional investment income provided by a substantial commitment to intermediate investments. During the 2007-2008 Fiscal Year, the Treasury Investment Pool exceeded more than $1 billion in interest earnings for the second straight year. This additional interest income provides additional state resources and is a major source of non-tax revenue.

The Bureau of Collateral Management is a centralized deposit location for specialized handling of regulatory collateral deposits. Regulatory collateral deposits are required of various entities by state agencies as a condition of doing business or acts of guarantee. Asset management staff is responsible for maintaining regulatory collateral deposits for 2,024 combined accounts that represent in excess of $16.7 billion dollars. Program administration staff is responsible for protecting more than $19 billion in public funds deposited in 205 Qualified Public Depositories statewide.

The Bureau of Deferred Compensation manages the Deferred Compensation Program, a pre-tax investment program designed to supplement state employees’ pension plans. The Deferred Compensation Program provides employees of the State of Florida with tools to help them prepare for financial security during their retirement years. To achieve this goal, the Bureau partners with investment vendors to offer excellent customer service and investment products at a reasonable cost. The program is currently reviewing these providers, with the goal of ensuring that state employees have access to high quality investment options for their supplemental retirement funds. The Deferred Compensation Program has more than 82,000 accounts and total assets over $2.26 billion.

Fund Name

Balance
June 30, 2006

Direct Receipts

Receipts
By Transfers

Disbursements
By Warrants

Disbursements
By Transfers

Balance Per Treasury

General Fund

$5,117,643,931.14

$25,653,427,670.87

$1,803,417,978.52

$8,068,705,430.76

$22,556,248,882.34

$1,949,535,267.43

Trust Fund

14,031,030,692.07

51,889,313,379.22

106,880,692,489.32

72,959,872,896.19

86,235,849,937.58

13,605,313,726.84

Budget Stabilization

1,236,826,145.43

0.00

107,988,352.08

0.00

0.00

1,344,814,497.51

Total Three Funds

20,385,500,768.64

77,542,741,050.09

108,792,098,819.92

81,028,578,326.95

108,792,098,819.92

16,899,663,491.78

FISCAL YEAR ENDING JUNE 30, 2008

RECIBOS

DESEMBOLSOS

NET RECEIPTS OR
(NET DISBURSEMENTS)

JULIO

6,495,980

6,482,835

13,145

AGOSTO

6,218,276

7,411,325

(1,193,049)

SEPTIEMBRE

5,787,614

6,248,064

(460,450)

OCTUBRE

6,522,285

6,653,356

(131,071)

NOVIEMBRE

5,924,332

7,077,718

(1,153,386)

DICIEMBRE

6,960,614

6,537,274

423,340

ENERO

6,757,597

6,784,250

(26,653)

FEBRERO

6,191,412

6,326,763

(135,351)

MARZO

6,271,386

6,420,812

(149,426)

ABRIL

7,016,183

6,561,377

454,806

MAYO

6,890,392

7,219,003

(328,611)

JUNIO

6,506,670

7,305,801

(799,131)

TOTALS

77,542,741

81,028,578

(3,485,837)

ASSETS

Footnote

30 de junio de 2008

30 de junio de 2007

Currency and Coins

$300,000.00

$300,000.00

Unemployment Compensation Investments    Due From U.S Treasury -Unemployment  TF

(1)

$2,080,073,826.48

$2,506,818,290.88

Deferred Compensation Assets

(2)

2,190,720,096.11

2,162,279,455.19

Bank Accounts

(3)

109,213,797.19

97,813,213.13

Consolidated Revolving Account

(4)

53,270.74

3,368,942.56

Total Cash, Receivables, and Other Assets

$4,380,360,990.52

$4,770,579,901.76

Certificates of Deposit

1,140,500,000.00

1,015,800,000.00

Valores

(6)

17,128,678,233.47

19,965,460,964.74

Total Investments

$18,269,178,233.47

$20,981,260,964.74

Total Assets of the Division of Treasury

$22,649,539,223.99

$25,751,840,866.50

LIABILITIES

30 de junio de 2008

30 de junio de 2007

Fondo General de Ingresos

1,949,535,267.43

5,117,643,931.14

Trust Fund

(7)

13,605,313,726.84

14,031,030,692.07

Budget Stabilization Fund

1,344,814,497.51

1,236,826,145.43

Total Three Funds

$16,899,663,491.78

$20,385,500,768.64

Adjustments

(8)

15,366,894.17

30,235,684.73

Due to Special Purpose Investment Accounts

(5)

3,543,735,471.19

3,170,456,015.38

Due to Deferred Compensation Participants and/or Program

(2)

2,190,720,096.11

2,162,279,455.19

Due to Consolidated Revolving Account Agency Participants

(4)

53,270.74

3,368,942.56

Total Liabilities of the Division of Treasury

$22,649,539,223.99

$25,751,840,866.50

Footnotes:

(1)     Unemployment Trust Fund represents U.C. Benefit Funds invested by the Federal government and due from the U.S. Treasury.

(2)     Plan assets held in the Deferred Compensation Trust Fund for the exclusive benefit of participants and their beneficiaries in the amount of $2,190,720,096.11. The plan assets include Statutory Reserves of $68,242,443.56, Communication Fund Balance of $124,539.18 and Operating Account Balance of $48,489.47.

(3)     Represents the "Per Reconciled Cash Balance" of $97,362,421.46 as of June 30, 2008, with receipted items in transit of $89,356,358.09 and disbursed items in transit of ($101,207,733.82), which nets to ($11,851,375.73). These items have cleared the bank but have not been posted to the state ledger. The Total Bank Accounts figure does not include $13,171,324.14 held in clearing and\or revolving accounts outside the Treasury.

(4)     The amount due to agency participants in the Consolidated Revolving Account as of June 30, 2008, is$9,287,490.64. Of this, $53,270.74 is in a financial institution account and $9,234,219.90 is invested in Special Purpose Investment Accounts.

(5)     Represents the CFO's Special Purpose Investment Accounts held in the Treasury Investment Pool and interest due to those accounts. The CFO's Special Purpose Investment Accounts are investments on behalf of state agencies with funds outside the CFO's Cash Concentration System and other statutorily or constitutionally created entities.

(6)     Includes Purchased Interest in the amount of $1,962,040.65.

(7)