On Monday, state Chief Financial Officer (CFO) Jimmy Patronis announced the Florida Division of Treasury earned $412.4 Million in interest during the 2021-22 Fiscal Year.
Since Patronis took office in 2017, the Division of Treasury has earned more than $2.8 billion in interest.
“As your CFO, one of my top priorities is to ensure that the fiscal health of Florida remains strong, and that our state investments provide a good return for our customers – Florida’s taxpayers. Through prudent money management, I’m proud that my office was able to generate more than $412 million in interest during this last fiscal year that will be shared between general revenue and other pool participants. The interest generated is a huge savings to Florida taxpayers and will help ensure that our state has financial resources critical to supporting Florida’s health care system, law enforcement, schools, and our robust transportation network without costing Florida families a dime. While the Treasury Division is primarily tasked with keeping the state coffers safe and secure, there’s no doubt Florida has benefited from the interest generated from the hard work of our office. With inflation at a 40 year high, we must continue to do all we can to limit the tax burden on Floridians and ensure our economy can survive the growing threat of a recession,” Patronis said.
In June, S&P Ratings reaffirmed the Florida Treasury Investment Pool Rating as AA. The Department of Financial Services’ Treasury Division works to ensure that cash and other assets held for safekeeping within the Treasury are accurately accounted for, effectively invested, and competently protected. The Florida Treasury utilizes pooled investments for all funds not immediately needed for State of Florida business. The Treasury Investment Pool incorporates a combination of short, intermediate and longer-term fixed income investment strategies. The asset structure of the pool is designed to provide strong liquidity, preserve capital and provide excess returns to the State. This is done through the use of an internal shorter term, high-quality investment portfolios as well as additional investment income using longer term managed investments.
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