Volume 4 Number 48
November 30, 2007
some of you may know, I called for a special meeting of the State Board of
Administration (SBA) on Thursday, November 29, 2007. It was essential the
Board of Directors of the SBA (Gov. Charlie Crist, Attorney General Bill
McCollum and I) meet to discuss the SBA’s Local Government Investment Pool.
Local governments and school boards invest some of their funds in this pool,
which was seeing an accelerated rate of withdrawals during the past two
weeks. If continued, these withdrawals could have left some unlucky
investors shouldering the Pool’s riskiest investments, possibly at a
The Board discussed immediate actions that would maximize fairness to all
current investors. At the meeting, the Board enacted the following plan:
withdrawals from the Pool;
Hire an independent
financial advisor to work over the weekend and recommend a course of
action to the SBA on December 4, 2007; and
Require the SBA to
establish an “Investors Committee” among local government investors to
develop a fair and orderly withdrawal plan.
Also, I share your concerns about shifting this unknown risk to our state’s
pension fund. As your Chief Financial Officer, I take my fiduciary duty to
safeguard the pensions of our many retirees very seriously.
The Board expects to implement a withdrawal plan early next week and the SBA
is working around the clock to develop recommendations for the next
meeting. I will provide another update on this issue next week.
UNCLAIMED PROPERTY PHONE BANK RETURNS OVER
$127,000 TO TALLAHASSEE AREA
Wednesday evening, members of CFO Sink’s Bureau of Unclaimed Property hosted
a phone bank at the WTXL studios in Tallahassee. During the phone bank,
Bureau Chief Walter Graham was interviewed about how Floridians can contact
the bureau to search for unclaimed property. The ABC 27 segment also
featured two Floridians who discovered the state was holding their unclaimed
funds at a previous phone bank the station conducted in earlier this month.
Unclaimed property can be claimed for free at any time by the rightful
owners or heirs by logging on to
or by calling the Bureau at 1-88-VALUABLE. Until claimed, the
unclaimed funds are transferred to the state’s School Trust Fund to benefit
public schools. Since the program’s inception in 1961, more than $1.5
billion has been transferred to the fund.
During the two hours at WTXL, Bureau staff answered approximately 450
calls. As a result of the phone bank, since Wednesday evening, over $127,000
in unclaimed property has been claimed by citizens in the Tallahassee area
WIND INSPECTION BENEFITS CONTINUE EVEN THOUGH
HURRICANE SEASON IS OVER
CFO Sink is pleased
to announce that in the past four days, the My Safe Florida Home (MSFH)
program has received nearly 5,000 applications for a free wind
inspection. The program attributes the increase in applications to its
efforts to raise awareness about the safety and financial benefits
available to homeowners who receive a free wind inspection.
By obtaining a free wind inspection, homeowners can learn how safe
their home is and ways they can harden their home to protect against
storms. Furthermore, the program is finding that 76% of Floridians
receiving a free wind inspection are eligible for discounts on their
wind insurance premium – without making a single improvement!
To date, 92,755 homeowners are eligible to receive an average wind
insurance premium discount or credit of $204.31, based on the current
structure of the home during the free MSFH wind inspection.
Any Floridians that lives in a single family site-built home is
eligible for a free wind inspection at
or by calling our toll-free number at 1-866-513-MSFH (6734)
And it's easy to
apply. Just fill out an online application - it takes about two minutes
- and homeowners receive a call within two weeks to schedule a free
CFO SINK HIGHLIGHTS FLORIDA STATE
EMPLOYEE CHARITABLE CAMPAIGN AT THE UNITED WAY OF THE BIG BEND
Florida Chief Financial Officer Alex Sink, chair of the
Florida State Employees’ Charitable Campaign (FSECC) of the Big Bend, spoke
at the United Way of the Big Bend’s press conference and discussed the progress of fundraising efforts by state employees.
About $1.7 million has been raised so far as a result
of the Florida State Employee's Charitable Campaign.
CFO Sink commented how state employees are such a big part of the Big Bend
Community. She praised their hard work and generosity.
The FSECC is the only state-sanctioned charity drive among state employees
in the workplace, formally authorized in 1993 by the Florida Legislature.
Each year, state employees generously contribute more than $4 million to
their favorite charities through the campaign.
FLORIDA BOARD OF REALTORS
On Tuesday, CFO Sink spoke to about 50 members of the Florida Realtors
Association at their 2008 Legislative Strategy Session dinner. At the
meeting, the CFO spoke about the state Florida’s insurance market, property
taxes and the My Safe Florida Home (MSFH) program. Dinner attendees gave
personal accounts about their experience with the MSFH program and
highlighted the insurance savings they received by obtaining a free wind
WHAT YOU NEED TO KNOW ABOUT INSURANCE BEFORE REACHING
THE CAR RENTAL COUNTER
A large percentage of U.S. consumers are confused about whether to buy
insurance when renting a car, according to new research by the National
Association of Insurance Commissioners (NAIC), of which Florida is a member.
In fact, many people purchase insurance at the rental counter without
knowing whether their existing auto policies or credit card benefits already
cover their needs. With the holiday season in full swing and many travelers
on the road, CFO Sink is sharing the following tips to those planning to
travel by rental car:
Review your auto insurance policy or call your insurance agent
before you reach the rental car counter.
If your current policy doesn’t offer coverage for a rental car, see
if an insurance rider can be added for a small fee.
Many credit cards include some level of collision and theft
protection. In most cases, these benefits are secondary to your personal
auto insurance or the car rental company’s insurance, meaning the credit
card company will only pay claims after other insurance coverage has
been exhausted. The NAIC recommends you call your credit card company
and ask about benefits.
If you lack personal auto insurance and your credit card does not
provide benefits, it might be wise to purchase the liability insurance
and collision damage waiver at the car rental counter.
Keep in mind that if it is a longer-term rental (e.g., a week, a
month or more); there might be limitations on the coverage your existing
auto insurance policy provides. Check with your insurance company or
agent for details.
If you don’t own a car, you might want to consider purchasing a
non-owner auto insurance policy, because it provides benefits in
addition to coverage for a rental car.
When traveling on business, a personal auto policy will generally
not apply, so check with your employer for guidance.
Car Rental Insurance Tips from the NAIC’s Insure U Web Site
Get more information about the types of insurance products car rental
companies tend to provide, as well as additional auto insurance information
You can also get extensive information, tips and considerations regarding
life, health and home insurance by life stage. The entire site is available
in Spanish at