Managers work on solutions for $14 billion frozen in fund
Nov 30, 2007
Florida Today, 11/30/2007
Florida Capital Bureau
TALLAHASSEE — Florida money managers expect today to hire an independent adviser to help guide the state through a financial panic that shut down local accounts in a $14 billion investment pool.
They also today are rounding up representatives of counties, cities, school boards and other local governments that had pooled their money in the fund. Those representatives will meet later today by phone to begin work on the touchy issue of who — if anyone — gets to withdraw money from the frozen investment pool when it could reopen on Tuesday.
The state’s chief financial officer, Alex Sink, is telling local governments upset by Thursday’s surprise emergency freeze to make their case with that advisory committee.
‘We’re trying to make sure that local governments understand the situation and make sure they’re aware of the investor committee the SBA is putting together so they can have a hand in crafting the withdrawal plan that will be enacted Tuesday, because it’s their money,’ said Tara Klimek, Sink’s spokeswoman.
‘I know a lot of them are very concerned,’ she said. ‘What would have been more concerning if there had been a run on the fund and they couldn’t get their money ever.’
WHO’S STILL INVESTED
Local governments have withdrawn more than $16.5 billion from Florida’s Local Government Investment Pool, money the state administers for more than 800 governmental entities like school boards and county commissions. On Thursday, Gov. Charlie Crist and the State Board of Administration temporarily froze the money to halt the run. There are $14 billion still in the fund. Here are the top 20 accounts by dollars still in the pool. Source: State Board of Administration.
Participant Name, Participant Balance
Citizens Property Insurance, $2 billion
Hillsborough County Commission, $871.7 million
Hillsborough County School Board, $573.2 million
Pasco County Commission, $486.5 million
City of Port St. Lucie, $425.9 million
Lee County Tax Collector, $302.3 million
Southwest Florida Water Management District, $285.4 million
City of Sunrise, $272.3 million
Lee County School Board, $231.9 million
Brevard County Tax Collector, $205.6 million
Sarasota County School Board, $196.8 million
Collier County School Board, $195.5 million
Polk County School Board, $166.7 million
Alachua County Commission/Clerk of Courts, $165.8 million
Brevard County Commission, $159.3 million
Pasco County School Board, $157.6 million
Charlotte County Commission, $147.2 million
Miami-Dade Community College, $146 million