Florida Department of Financial Services - Press Releases

MY SAFE FLORIDA HOME PROGRAM NEARS 35,000 GRANTS

Tue, 13 May 2008 17:54:46 GMT

Contact: Tara Klimek or Kevin Cate
(850) 413-2842

Program will continue offering free wind inspections until it reaches goal of 400,000

TALLAHASSEE— Florida Chief Financial Officer Alex Sink today announced that the My Safe Florida Home (MSFH) program is projecting it will exceed the Florida Legislature’s goal of approving 35,000 homeowners for grants by the end of May. The first-come, first-served program will stop accepting new grant applications at that time. MSFH will continue to work with homeowners currently making improvements to their homes.

The MSFH program will transition to an inspection-focused program beginning June 2008, offering free wind inspections for eligible homeowners until it reaches the Legislature’s goal of performing 400,000 inspections or until the program sunsets in June 2009.

“With hurricane season less than one month away, I encourage Floridians to sign up for a free wind inspection to learn how to harden their homes against hurricane damage,” said CFO Alex Sink, who oversees the Department of Financial Services. “The response from homeowners has been overwhelming, and I thank the Legislature for creating this program and allowing us to enable more than 35,000 Floridians to make their homes more storm-resistant.”

Homeowners who have already received an inspection and meet other statutory requirements may apply for a grant online at www.MySafeFloridaHome.com or by calling toll-free 1-866-513-MSFH (6734). In addition to completing an application online or over the phone, homeowners are required to provide the MSFH program with proof of homestead and insurance for matching grants or proof of homestead and income for low-income grants. Deadlines for applying for a MSFH grant and the submission of these required application documents are listed below.

Grant Application Methods        Grant Application Deadlines

Apply online                                 Saturday, May 31, 2008

Apply over the phone                    Friday, May 30, 2008

Mailed proof of homestead and insurance for matching grants must be postmarked by Friday, June 13, 2008.

Mailed proof of homestead and income for low-income grants must be postmarked by Friday, June 13, 2008.

In 2007, the Florida Legislature directed the MSFH program to provide inspections for at least 400,000 site-built, single-family, residential properties and provide grants to at least 35,000 applicants before June 30, 2009. To date, the MSFH program has approved approximately 32,292 homeowners for mitigation grants and has paid 6,930 grants totaling more than $22.4 million. The MSFH program has also provided more than 222,981 free wind inspections. Participating homeowners receive a wind inspection report, which suggests ways homeowners can harden their homes against storm damage and informs homeowners if they are currently eligible to save money on their wind insurance premiums. To date, 59 percent of homeowners who have received a free wind inspection are eligible for discounts on their wind insurance premiums averaging $217 statewide. For additional information, log on to www.MySafeFloridaHome.com.

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

STATE FIRE MARSHAL SINK PROMOTES ARSON AWARENESS WEEK

Fri, 09 May 2008 18:22:20 GMT

CONTACT:

Kevin Cate or Brannon Jordan
(850) 413-2842

TALLAHASSEE— This week, Florida State Fire Marshal Alex Sink joined the United States Fire Administration during Arson Awareness Week in recognizing the dangers of toylike lighters. This year’s theme is “Toylike Lighters—Playing with Fire.”

“Novelty lighters are not toys, and children playing with toylike lighters are at extreme risk,” said State Fire Marshal Sink. “Arson Awareness Week was an important opportunity to help educate Floridians and to recognize our Fire Marshals committed to combating arson.”

The goal of this year’s Arson Awareness Week was to focus public attention on the dangers of toylike or novelty lighters in the hands of children. Toylike or novelty lighters have been responsible for injuries, deaths, and accidents across the nation. Children are attracted to novelty lighters because they look like toys. Many of these lighters look like animals, miniature cars, mobile phones, cameras, fishing lures, stacks of coins, markers and doll accessories. Some novelty lighters also look like tools, such as tape measures, drills, hammers and paint brushes.

The State Fire Marshall’s Office hosted events throughout Florida recognizing Arson Awareness Week, including coloring contests, demonstrations, educational school visits, meetings and essay contests.

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

CFO SINK SIGNS SETTLEMENT AGREEMENT FOR ALAN CROTZER

Tue, 06 May 2008 15:57:36 GMT

CONTACT: Kevin Cate or Brannon Jordan
(850) 413-2842

TALLAHASSEE — Florida Chief Financial Alex Sink today signed an agreement for the state of Florida to provide a $1.25 million settlement to compensate Alan Jerome Crotzer for more than 24 years of wrongful incarceration.

“The compensation provided by the State of Florida today is no match for the pain caused during Alan’s 24 years of wrongful imprisonment,” said CFO Sink. “However, I thank the Florida Legislature for appropriating these funds in order to restore some sense of justice in Mr. Crotzer’s life.”

Crotzer was arrested and prosecuted in 1981 for crimes he did not commit, which included robbery with a weapon, aggravated assault, false imprisonment and rape. He received a 130 year prison sentence. Despite an appeal, Crotzer served over 24 years in prison, until a DNA test confirmed his innocence. He was exonerated on January 23, 2006.

During the 2008 Legislative Session, the Legislature passed HB 7037, a bill to compensate Crotzer for his wrongful incarceration. The bill provided $1.25 million to fund an annuity for Mr. Crotzer. Under this annuity, he will receive an initial lump sum payment of $250,000 and receive $6,700 per month for 20 years. Compensation to Mr. Crotzer will begin on June 1, 2008. State Representative Ray Sansom (R Fort Walton Beach) and State Senators Dave Aronberg (D-Greenacres) and Alex Villalobos (R-Miami) sponsored the bill.

STATEMENT BY CFO SINK ON THE LEGISLATURE’S PASSAGE OF THE ANNUITY FRAUD BILL

Fri, 02 May 2008 21:01:02 GMT

CONTACT: Tara Klimek or Kevin Cate
(850) 413-2842

~~Legislation Targets Agents Using Predatory Annuity Practices Against Seniors~~

TALLAHASSEE-- Florida Chief Financial Officer Alex Sink today congratulated members of the Florida Legislature for passing legislation (SB 2082) that seeks to combat annuity fraud, including strengthening fines against agents who target Floridians using fraudulent annuities sales practices. The legislation also makes it a third degree felony to submit a fraudulent signature, prohibits agents from using fake designations to falsely imply financial expertise, and clarifies and strengthens suitability requirements that agents must meet when selling an annuity to a consumer.

“This legislation represents a good first step. We were able to increase protections for seniors and punish agents who commit financially devastating crimes. That said, I’m disappointed that we were unable to make it a felony to intentionally deceive a senior into an inappropriate annuity product. And I’m not going to rest until we’re able to put unscrupulous agents that prey on our seniors behind bars.”

STATEMENTS BY CFO SINK & INSURANCE CONSUMER ADVOCATE ON PASSAGE OF PRO-CONSUMER PUBLIC ADJUSTER LEGISLATION

Fri, 02 May 2008 20:59:51 GMT

CONTACT: Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink and interim Insurance Consumer Advocate Terry Butler today applauded the Legislature’s passage of the important public adjuster reforms within Senate Bill 2012. CFO Sink’s Department of Financial Services licenses and regulates public adjusters, who are retained by policyholders to assist in preparing, filing and adjusting insurance claims.

The reforms arose out of the Task Force on Citizens Property Insurance Claims Handling and Resolution, which is managed by the Office of the Insurance Consumer Advocate and chaired by State Senator Mike Fasano (R-New Port Richey). Originally sponsored by Sen. Fasano and State Representative Julio Robaina (R-Miami), the reforms limit the contingency fees charged by adjusters, prohibit intrusive solicitation practices, and require that a person must work as an apprentice under the supervision of a licensed public adjuster for one-year before being eligible to be licensed as a public adjuster.

“These reforms will better protect Floridians who have suffered losses after a hurricane and are trying to rebuild and restore their lives and homes,” said CFO Sink, who oversees the Office of the Insurance Consumer Advocate. “I am thankful we were able to increase protections for consumers who need help in the wake of a hurricane.”

“I am very pleased that Floridians will see greater protection with the passage of these reforms generated by the Citizens Task Force members,” said interim Insurance Consumer Advocate Terry Butler. “These new laws will benefit homeowners who need the help of a public adjuster to settle their insurance claims.”

CFO SINK ENCOURAGES FLORIDA HIGH SCHOOL STUDENTS TO PARTICIPATE IN 2008 NATIONAL FINANCIAL LITERACY CHALLENGE

Thu, 01 May 2008 19:02:07 GMT

CONTACT:

Kevin Cate or Brannon Jordan
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink today encouraged Florida high school students and teachers to participate in the 2008 National Financial Literacy Challenge (NFLC), available online until May 16, 2008. The President Advisory Council on Financial Literacy prompted the U.S. Department of Treasury to encourage financial literacy education among students by enacting the NFLC competition.

“Financial literacy education is essential for our high school students to be prepared with the necessary knowledge to be successful in life,” said CFO Sink. “I encourage Florida’s high school teachers to register their students for this exciting and important national challenge.”

Florida high school students at least 13 years of age are eligible to participate in a 35-question financial literacy test, as part of a national challenge aimed at raising awareness about financial literacy education.

Participants scoring in the top 25th percentile will receive national recognition from the federal government and the top scores will win the NFLC challenge award.

The test is available at no cost online at http://FLC.treas.gov/teacher. High school teachers must first register their class at the above link before their students are eligible to participate.

CFO Sink has long been a strong proponent of financial literacy, and oversees Florida’s Financial Literacy Council. Through regional outreach coordinators, her Department of Financial Services (DFS) aggressively educates consumers in their local communities on topics such as the wise use of credit cards, identity theft, hurricane preparedness, small business security, life insurance policies and first-time homebuyer workshops. During 2007, DFS conducted more than 2,680 outreach events around the state.

For more information on CFO’s financial literacy efforts or the Financial Literacy Council, please visit www.MyFloridaCFO.com.

MY SAFE FLORIDA HOME PROGRAM ANNOUNCES HIGH CUSTOMER SATISFACTION BEFORE HURRICANE SEASON 2008

Mon, 28 Apr 2008 16:39:10 GMT

CONTACT:

Tara Klimek or Kevin Cate
(850) 413-2842

Survey Highlights Customer Service, Savings, & Ease of Mitigation Program

TALLAHASSEE— Chief Financial Officer Alex Sink today released survey results from Floridians participating in the My Safe Florida Home (MSFH) program showing 97 percent of homeowners rate the application process as easy or somewhat easy, 80 percent rate their overall experience as excellent or good, and 82 percent of respondents say they are willing to recommend the program to neighbors as hurricane season draws closer.

“One year ago, we reorganized the My Safe Florida Home program to help Floridians harden their homes against hurricane damage,” said CFO Sink. “I’m pleased that hundreds of thousands of Floridians are working with the program to build a culture of mitigation in our state.”

The My Safe Florida Home program, re-launched by Chief Financial Officer Alex Sink in April 2007, has provided more than 214,100 free wind inspections to Floridians. Participating homeowners receive a wind inspection report, which suggests ways homeowners can harden their homes against storm damage and informs homeowners if they are currently eligible to save money on their wind insurance premiums.

More than 60 percent of homeowners receiving free wind inspections have learned they are already eligible for an average savings of $226 and 34 percent of respondents report taking advantage of these savings—without making a single improvement. Floridians whose homes have received free wind inspections from the MSFH program may also be eligible to apply, on a first come, first served basis, for matching tax-free grants of up to $5,000 to make improvements to their homes. To date, the MSFH program has given 5,769 homeowners grants totaling more than $19.2 million, with an additional 26,973 homeowners currently working with the program to make improvements. MSFH may meet the 35,000 statutory grant goal as early as May 2008 and reports 81 percent good or excellent ratings from participants.

Floridians in single-family, site-built homes are eligible for a free wind inspection performed by a qualified hurricane mitigation inspector. Properties not eligible for free wind inspections include mobile and manufactured homes, apartments, condominiums, multi-family dwellings and businesses. The MSFH program has also partnered with local governments and the Volunteer Florida Foundation to offer low-income homeowners an opportunity to strengthen their homes against natural disasters.

The inspection survey was sent to 19,795 participants with a response rate of 23 percent (4,636). For more information, please visit www.MySafeFloridaHome.com or contact the program toll-free at 1(866) 513-MSFH (6734). Complete survey results available upon request.

CFO & STATE FIRE MARSHAL SINK ANNOUNCES FREE TRAINING FOR FLORIDA’S VOLUNTEER FIREFIGHTERS

Wed, 16 Apr 2008 19:56:46 GMT

CONTACT:

Brannon Jordan 850-413-2842
Michael Cox 352-369-2846

OCALA -- Florida Chief Financial Officer and State Fire Marshal Alex Sink today announced over 150 volunteer firefighters from across the state will journey to the Florida State Fire College in Ocala for an intensive five-day training. At the training, which begins today and ends Sunday, firefighters will get the latest on firefighting and investigative techniques dealing with potential threats from agribusiness chemical accidents to bombs.

“The State Fire Marshal’s Office is proud to host free training sessions for volunteer firefighters, who so courageously give of their time to protect Floridians,” said CFO Sink. “There is no better way to thank them for their service and reduce fire damage in Florida, than to provide these volunteers with the training they need to help protect themselves, their families and their communities.”

The 15th annual training week provides volunteer firefighters access to high quality training. Participating firefighters will receive four to 40 hours of training from ten classes and are awarded continuing education credits to help them build their careers.

Training subjects include: basic fire skills, special survival techniques, bomb and drug lab awareness, and flammable liquid fires. Saturday evening at dusk propane flames will light the sky, shooting 60 feet into the air so that participants can practice how to safely mitigate potentially dangerous situations.

The Florida State Fire College is located at 11655 NW Gainesville Road in Ocala. The best photo opportunities will be Friday and Saturday afternoon. Interviews can be arranged through Michael Cox at the number above.

CFO AND STATE FIRE MARSHAL ALEX SINK PRESENTS FIRE SERVICE AWARDS

Tue, 15 Apr 2008 16:30:35 GMT

CONTACT: Kevin Cate or Brannon Jordan
(850) 413-2842

TALLAHASSEE-- Florida Chief Financial Officer and State Fire Marshal Alex Sink this week recognized the Coral Springs Fire Academy and honored 10 fire and rescue service personnel for exceptional dedication to fire and rescue services during the past year. CFO Sink presented each honoree with an individual resolution signed by Governor Charlie Crist and members of the Cabinet at Monday evening’s Fire Service Awards ceremony. The honorees were also recognized jointly at Tuesday’s Cabinet meeting in the Capitol.

“Every day, brave firefighters across the state risk their lives to protect Florida’s families,” said CFO Sink. “Today, we honor the men and women who went above and beyond the call of duty and exemplify a deep commitment to their profession.”

In addition to honoring these individuals, the Florida Cabinet designated April 13-19, 2008, as Florida Firefighter Appreciation Week. During the week, Florida’s firefighters and paramedics are recognized for efforts to raise funds for the Muscular Dystrophy Association. Last year, Florida’s firefighters raised a record amount-- nearly $2.6 million-- during their annual “Fill the Boot” campaign.

CFO Sink presented the following individuals with a Fire Service Award:

• Volunteer Firefighter of the Year-- Chad Destories, Hillsborough County Fire-Rescue Department
• Fire Service Inspector of the Year-- Kevin M. Rausch, Clermont Fire Department
• Fire Instructor of the Year-- Gregory L. Lanning, City of St. Petersburg Fire Rescue
• Forestry Firefighter of the Year-- Sidney Brown, Department of Agriculture and Consumer Services, Division of Forestry
• Fire Marshal of the Year-- Randall A. Mells, Division of State Fire Marshal
• Florida Professional Firefighter of the Year-- George Sucarichi, Miami-Dade Fire Rescue
• Florida Firefighter of the Year-- Martha Scott, Miami-Dade Fire Rescue
• Fire Chief of the Year-- Bill Gulbrandsen, West Palm Beach Fire-Rescue Department
• Fire Investigator of the Year-- Tim Robles, Sanford Fire Department
• Emergency Preparedness Manager of the Year-- Dan Summers, Collier County Department of Emergency Management
• Training Center of the Year-- Coral Springs Fire Academy, accepted by Chief Robert Bertone, Chief of Training

Fire Service Awards are coordinated through the State Fire Marshal’s Office annually and are sponsored by one or more of the following fire-service related organizations: the Florida Joint Council of Fire & Emergency Services, the Fire Training Director’s Association, the Florida State Firefighters Association, the Fire Chiefs’ Association, the Fire Marshal and Inspectors Association, the Professional Firefighters Association and the Emergency Preparedness Association.

STATEMENT BY CFO SINK ON SENATE COMMITTEE’S PASSAGE OF CAT FUND PROPOSAL

Tue, 08 Apr 2008 18:00:36 GMT

CONTACT:

Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink today applauded the Florida Senate Committee on General Government Appropriations for unanimously passing Senate Bill 2156 by State Senator Bill Posey (R-Rockledge), which reduces Floridians’ risk of hurricane assessments from the Florida Hurricane Catastrophe Fund.

“Eliminating $5.5 billion of hurricane assessment risk after a bad storm is the fiscally responsible thing to do,” said CFO Sink. “I thank Senator Alexander, Senator Lawson, Senator Posey and their colleagues for their leadership and support of this bipartisan proposal to reduce the risk of hurricane assessments on Floridians and businesses.”

The companion bill is HB 7021, sponsored by State Representative Ron Reagan (R-Sarasota/Bradenton).

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

STATEMENT BY CFO SINK ON THE SENATE PASSAGE OF THE ANNUITY FRAUD BILL

Thu, 03 Apr 2008 19:23:02 GMT

CONTACT:
Tara Klimek or Kevin Cate

Legislation Targets Agents Using Predatory Annuity and Life Insurance Practices Against Seniors

TALLAHASSEE-- Florida Chief Financial Officer Alex Sink today congratulated members of the Florida Senate for unanimously passing legislation (SB 2082) that comprehensively addresses the issue of annuity fraud, including strengthening penalties against agents who target Floridians, especially seniors and the mentally-disabled, using predatory annuity and life insurance practices.

“We need to deter and punish manipulative agents committing financially devastating crimes on Florida’s seniors,” said CFO Alex Sink, who oversees the Department of Financial Services. “I applaud Senate President Pruitt and Senator Bennett for their leadership and for helping my department reduce this widespread and growing problem.”

The House Companion, HB 1003, sponsored by State Rep. Clay Ford (R-Pensacola), after unanimously passing the Committee on Financial Institutions, is currently in the House Jobs & Entrepreneurship Council.

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

CFO SINK TURNS UP THE HEAT ON THIEVES STEALING ESSENTIAL FIRE EQUIPMENT

Thu, 03 Apr 2008 15:22:18 GMT

CONTACT:

Tara Klimek or Kevin Cate
(850) 413-2842

Theft of Sprinkler Backflows from Commercial Buildings Jeopardizes Public Safety

TALLAHASSEE— Florida State Fire Marshal and Chief Financial Officer Alex Sink today announced the arrest of two men in connection with the theft of meters on fire department sprinkler backflows throughout Broward and Dade counties. Fire sprinkler backflows provide essential water to sprinkler systems in commercial buildings, a life-saving resource in the event of a fire emergency.

“These individuals knowingly put hundreds of lives in danger,” said State Fire Marshal Alex Sink. “I commend our State Fire Marshal’s Office for their diligence in pursuing these criminals willing to put the public at risk for their own petty benefit.”

A multi-agency investigation, including the Plantation Fire Department and the State Fire Marshal’s Office, led to the arrest of Brian Williams, 30, charged with six counts of grand theft, six counts of tampering with fire equipment, and one count of violating probation; and Kevin Durkin, 48, charged with four counts of grand theft and four counts of tampering with fire equipment.

“This is a national epidemic,” said Les Hallman, Division Director of the State Fire Marshal's Office. “If anyone is out there is still thinking they can make a quick buck by stealing fire equipment, they better be prepared to serve some serious time—we’re on to them.”

The investigation was prompted by surveillance video from a Target store, obtained by the Plantation Fire Department and handed over to the State Fire Marshal’s Office, showing Williams removing fire protection equipment. Williams, previously employed by a fire equipment company that installed fire protection devices, wore his former employer’s uniform to avoid suspicion by a Hollywood scrap metal recycler accepting the brass meters. Another subject, Durkin, was identified, and stole 19 meters on the first day of surveillance. The meters bring $7 to $10 each, but cost businesses up to $1500 to replace.

If you have any information regarding the theft of fire equipment please call the Bureau of Fire and Arson Investigations at (850) 413-3173, or contact local law enforcement immediately.

STATEMENT BY CFO SINK ON SENATE COMMITTEE’S PASSAGE OF CAT FUND PROPOSAL

Thu, 03 Apr 2008 13:59:05 GMT

CONTACT: Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink today applauded the Florida Senate Committee on Governmental Operations for unanimously passing Senate Bill 2156 by State Senator Bill Posey (R-Rockledge), which reduces the amount of exposure Florida’s consumers have to hurricanes.

“I thank Senator Al Lawson, Senator Bill Posey, and their Senate colleagues for their leadership and support of this bipartisan proposal to reduce the risk of hurricane assessments on Floridians and businesses. With their support, we will eliminate the risk of $5.5 billion in hurricane assessments if we have a bad storm.”

The companion bill is HB 7021, sponsored by State Representative Ron Reagan (R-Sarasota/Bradenton).

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

CFO SINK ANNOUNCES LAWSUIT TO RECOVER ADDITIONAL MONEY FOR POE COMPANIES’ CLAIMS

Tue, 01 Apr 2008 15:15:12 GMT

CONTACT: Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink announced today that the Department of Financial Services (DFS) filed a civil lawsuit against the officers, directors and affiliates of three former Florida insurance companies.

Lawyers for DFS, the court-appointed Receiver of Atlantic Preferred Insurance Company, Florida Preferred Property Insurance Company and Southern Family Insurance Company (Poe Companies), have now determined the state has the right to recover additional money. DFS’ lawsuit, filed Friday in the Second Judicial Circuit Court, seeks damages in excess of $100 million from the officers, directors and affiliates of the now-insolvent insurance companies.

“Florida’s insurance consumers were forced to foot the bill when the Poe Companies became insolvent so that policyholders could have their claims paid,” said CFO Alex Sink, who oversees DFS. “We will aggressively pursue any opportunity to recoup additional funds to reduce the assessments levied against Florida’s insurance consumers.”

DFS has served as the court-appointed Receiver of the Poe Companies since the Second Judicial Circuit Court ordered the Poe Companies into liquidation on May 31, 2006. As Receiver, DFS took control of the Poe Companies’ operations and liquidated the companies’ assets to pay outstanding claims. More than 320,000 Floridians held insurance policies from one of the Poe Companies when the companies were ordered to be liquidated, and most policies were automatically transferred into Citizens Property Insurance Corporation in July 2006.

The Florida Insurance Guarantee Association (FIGA), which was established by the Florida Legislature to handle the claims of insolvent insurance companies, has paid $1.2 billion in claims from the three Poe Companies as of January 31, 2008. More than 46,600 policyholder claims have been filed against the Poe Companies, and FIGA expects to pay approximately an additional $123.5 million for claims still needing to be paid. As a result of the Poe Companies’ liquidation and need to pay outstanding claims, FIGA assessments could total approximately $790 million on Floridians’ insurance policyholders.

Additional information about the Poe Companies’ Receivership can be found at www.floridainsurancereceiver.org.

CFO SINK: MILLIONS OF FLORIDIANS ELIGIBLE FOR FEDERAL ECONOMIC STIMULUS, BUT ONLY IF THEY FILE

Wed, 26 Mar 2008 14:57:16 GMT

CONTACT:

Tara Klimek or Brannon Jordan
(850) 413-2842

CFO joins with IRS and AARP to promote free “Super Saturday” tax filings statewide

TALLAHASSEE-- Florida Chief Financial Officer Alex Sink, along with representatives from the Internal Revenue Service (IRS) and the AARP, held a press conference Wednesday to alert millions of Floridians who are normally not required to file a tax return that they may be eligible for federal economic stimulus payments to be issued beginning May 2008.

While Floridians already filing a 2007 tax return do not need to take any additional steps to receive their federal economic stimulus payments, the IRS estimates this special filing requirement affects approximately 1.5 million Floridians receiving Social Security, certain Veterans’ and Railroad Retirement benefits, and low-income workers.

“It is my goal to reach the 1.5 million seniors, veterans and low-income Floridians who do not normally file tax returns but who may be eligible for the federal government’s economic stimulus money this year,” said CFO Sink, who oversees the Department of Financial Services. “I encourage all Floridians to help their parents, grandparents, family, friends and neighbors receive the tax rebates they deserve.”

Additionally, CFO Sink announced free tax filing services from the IRS’ Volunteer Income Tax Assistance (VITA) program available to these low-income residents, seniors and veterans. With the free tax services available at more than 30 sites statewide Friday or Saturday, the IRS has made it easier for Floridians who qualify to file tax returns to receive their stimulus payments.

“The IRS and local partners are making it as simple as possible for people who need to file a return for the first time or for those who haven't had to file for a long time,” said Gloria Sutton, Media Relations Specialist for the IRS. “Free tax assistance will be available on Super Saturday (3/29) for Social Security and VA recipients.”

“As their food, fuel, housing and medical costs continue to rise, older Floridians face rising economic pressures. This economic stimulus payment will be very welcome for hundreds of thousands of AARP members and other Florida seniors,” said Lori Parham, AARP’s state director for Florida. “We are pleased to work with CFO Sink and the IRS to help Florida’s seniors understand how to file and receive this benefit.”

Special guidelines exist for these recipients, who must have qualifying income of at least $3,000, to be eligible for up to $300 on a single return or up to $600 on a joint return. Qualifying income includes: Social Security benefits, certain Railroad Retirement benefits, certain veterans’ benefits and earned income, such as income from wages, salaries, tips and self-employment. For taxpayers filing joint tax returns, only a total of $3,000 of qualifying income from both spouses is required to be eligible for a payment.

For additional information on the special guidelines, please see IRS Fact Sheet FS 2008-16 Stimulus Payments: Instructions for Low-Income Workers and Recipients of Social Security and Certain Veterans’ Benefits, available online at www.irs.gov. The IRS’ free tax filing locations are listed following this release, and consumers with questions may contact the IRS’ rebate helpline toll-free at 1-800-906-9887. The AARP is also providing tax counseling services to Floridians throughout the tax season; consumers can visit the Web site at www.aarp.org. Floridians living in certain counties, including: Broward, Indian River, Martin, Miami-Dade, Okeechobee, St. Lucie, and West Palm Beach, can also dial 211 to request free tax assistance.

BAY COUNTY
March 29, 2008
9:00 a.m. – 3:00 p.m.
Bay IRS Walk-In Office
651-F West 14th Street

GAINESVILLE
March 29, 2008
9:00 a.m. – 3:00 p.m.
Gainesville IRS Walk-In Office
104 N. Main Street

GULF COUNTY
March 29, 2008
10:00 a.m. – 4:00 p.m.
Washington Improvement Group
402 Peter’s Street, Port St. Joe
850-773-0028

HOLLY HILL
March 29, 2008
9:00 a.m. – 3:00 p.m.
Holly Hill IRS Walk-In Office
921 N. Nova Rd.

JACKSONVILLE
March 29, 2008
9:00 a.m. – 3:00 p.m.
Jacksonville IRS Walk-In Office
400 W. Bay Street

March 29, 2008
10:00 a.m. – 1:00 p.m.
Cathedral Townhouses
501 N. Ocean St.

MAITLAND
March 29, 2008
9:00 a.m. – 3:00 p.m.
Maitland IRS Walk-In Office
850 Trafalgar Ct.

MELBOURNE
March 29, 2008
9:00 a.m. – 3:00 p.m.
Melbourne IRS Walk-In Office
129 W. Hibiscus Blvd.

MIAMI
March 29, 2008
9:00 a.m. – 3:00 p.m.
Miami IRS Walk-In Office
51 S.W. First Ave.

March 29, 2008
10:00 a.m. – 2:00 p.m.
Jorge Mas Canosa Youth Center
250 South West 114th Ave, Miami

ORLANDO

March 28, 2008
9:00 a.m. – 3:00 p.m.
United Way – Heart of Florida
United Way, 1940 Traylor Blvd.
Orlando, Florida 32804

March 29, 2008
2:00 p.m. – 5:00 p.m.
Barry University
6441 E. Colonial Drive
Orlando, Florida 32807

PENSACOLA
March 29, 2008
9:00 a.m. – 3:00 p.m.
Pensacola IRS Walk-In Office
125 W. Romana St.

PLANTATION
March 29, 2008
9:00 a.m. – 3:00 p.m.
Plantation IRS Walk-In Office
7850 S.W. Sixth Ct.

PORT ST. LUCIE
March 29, 2008
9:00 a.m. – 3:00 p.m.
Port St. Lucie IRS Walk-In Office
7410 S. US 1

SARASOTA
March 29, 2008
9:00 a.m. – 3:00 p.m.
Sarasota IRS Walk-In Office
5971 Cattle Ridge Blvd.

ST. PETERSBURG
March 29, 2008
9:00 a.m. – 3:00 p.m.
St. Petersburg IRS Walk-In Office
9450 Kroger Blvd.

TALLAHASSEE
March 29, 2008
9:00 a.m. – 3:00 p.m.
Tallahassee IRS Walk-In Office
227 N. Bronough St.

March 27, 2008
6:00 p.m. – 10:00 p.m.
Downtown Get Down
1 ½ blocks north of City Hall in front of First Baptist Church – Booth 27C
850-570-2039

March 28, 2008
9:00 a.m. – 3:00 p.m.
ESP Day
Smith Williams Community Center
5295 Pasco St., Tallahassee
850-570-2039

TAMPA BAY AREA

March 29, 2008
9:00 a.m. – 3:00 p.m.
Tampa IRS Walk-In Office
3848 Columbus Drive

March 29, 2008
11:00 a.m. – 3:00 p.m.
Washington Mutual Bank
4200 Mariner Blvd., Spring Hill

March 29, 2008
9:00 a.m. – 3:00 p.m.
University Community Resource Center
13605 North 22nd Street, Tampa
813-975-2154

March 29, 2008
9:00 a.m. – 3:00 p.m.
Lee Davis NCS
3402 North 22nd Street, Tampa
813-272-5220

March 29, 2008
9:00 a.m. – 3:00 p.m.
West Tampa Neighborhood Service Center
2103 N. Rome Ave., Tampa
813-272-5074

March 29, 2008
9:00 a.m. – 3:00 p.m.
Plant City Neighborhood Service Center
307 n. Michigan Ave., Tampa
813-757-3871

March 29, 2008
9:00 a.m. – 3:00 p.m.
United Community Church
LaJolla Ave. & Pebble Beach Blvd.

March 29, 2008
9:00 a.m. – 3:00 p.m.
Java Port
3330 Lithia-Pinecrest Rd., Valrico

March 29, 2008
10:00 a.m. – 3:00 p.m.
Beulah Baptist Institutional Church
106 Cypress St., Tampa

March 29, 2008
9:00 a.m. – 1:00 p.m.
Thirty-Forth Street Church of God
3000 North 34th Street, Tampa
813-241-2840

March 29, 2008
9:00 a.m. – 3:00 p.m.
Children’s Board
1002 East Palm Ave., Tampa
813-204-1741

PALM BEACH AREA
March 29, 2008
9:00 a.m. – 3:00 p.m.
West Palm IRS Walk-In Office
1700 Palm Beach, Lakes Blvd.

March 29, 2008
8:00 a.m. – 12:00 p.m.
(American Sign Language will be provided)
Cilo Center for Independent Living Options
3800 Forest Hill Blvd., Greenacres, FL 33413

March 29, 2008
10:00 a.m. – 2:00 p.m.
(American Sign Language available for clients)
Palm Beach Habilitation Center
4522 S. Congress Ave., Lake Worth

March 29, 2008
9:00 a.m. – 12:00 p.m.
United Way of Martin County
50 Kindred Street, Suite 207, Stuart

STATEMENT BY CFO SINK ON THE SENATE BANKING & INSURANCE COMMITTEE’S PASSAGE OF CAT FUND PROPOSAL

Tue, 25 Mar 2008 15:41:31 GMT

CONTACT:

Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink today applauded the Florida Senate Banking & Insurance Committee for unanimously passing Senate Bill 2156 by State Senator Bill Posey (R-Rockledge), which reduces the amount of exposure Florida’s consumers have to hurricanes.

“I thank Senator Posey and his Senate colleagues for their leadership and support of this bipartisan proposal to reduce the risk of hurricane assessments on Floridians and businesses,” said CFO Alex Sink. “With their support, we are eliminating the risk of $5.5 billion in hurricane assessments if we have a bad storm this year.”

The companion bill is HB 7021, sponsored by State Representative Ron Reagan (R-Sarasota/Bradenton).

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

CFO SINK DESIGNATES APRIL AS FINANCIAL LITERACY MONTH

Tue, 25 Mar 2008 15:28:38 GMT

CONTACT: Kevin Cate or Brannon Jordan
(850) 413-2842

TALLAHASSEE — At a meeting of the Florida Cabinet, Florida Chief Financial Officer Alex Sink today announced her resolution designating April as Financial Literacy Month. During the month of April, CFO Sink will raise awareness about the need for increased financial literacy among Floridians, as well as increased availability to financial information and assistance.

“Whether it’s purchasing your first home, saving for retirement or avoiding excessive debt levels, it is truly important for Floridians to make wise decisions with their financial resources,” said CFO Sink. “During the month of April, my office will be working to help educate Floridians about the importance of prudent money management and the resources available in their communities.”

CFO Sink is a strong proponent of financial literacy. Through regional outreach coordinators, her Department of Financial Services (DFS) aggressively educates consumers in their local communities on topics such as the wise use of credit cards, identity theft, hurricane preparedness, small business security, life insurance policies and first-time homebuyer workshops. During 2007, DFS conducted more than 2,680 outreach events around the state.

CFO Sink’s Financial Literacy Council was created to study the financial problems that affect consumers, particularly young persons, seniors, working adults and small business owners, which arise from a lack of basic knowledge of financial issues. The council will also develop recommendations to aid DFS in developing programs and resources aimed at increasing financial literacy among Floridians

For more information on financial literacy or the CFO’s Council please visit www.MyFloridaCFO.com.

STATEMENT BY CFO SINK ON THE HOUSE COMMITTEE ON FINANCIAL INSTITUTIONS’ UNANIMOUS PASSAGE OF THE ANNUITY FRAUD BILL

Thu, 20 Mar 2008 16:24:29 GMT

CONTACT: Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink today applauded the Florida House Committee on Financial Institutions for unanimously passing House Bill 1003, sponsored by State Representative Clay Ford (R-Pensacola), which addresses annuity fraud and strengthens penalties against agents who target Floridians, especially seniors and the mentally disabled.

“Deceitful, manipulative agents are not welcome in our state,” said CFO Alex Sink. “I thank Rep. Clay Ford and his House colleagues for their support of this good legislation to provide harsher punishments for those who commit financial crimes upon Floridians.”

HB 1003 will now proceed to the House Jobs and Entrepreneurship Council, before heading to the House Floor. The Senate Companion, PCS/SB 2082, is sponsored by State Senator Michael “Mike” Bennett (R-Naples) and was passed by the Senate Banking and Insurance Committee Tuesday.

STATEMENT BY CFO & STATE FIRE MARSHAL SINK ON THE HOUSE COMMITTEE’S UNANIMOUS PASSAGE OF FIRE SAFETY BILL

Thu, 20 Mar 2008 16:18:51 GMT

CONTACT: Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer and State Fire Marshal Alex Sink today applauded the Florida House Committee on Financial Institutions for unanimously passing House Bill 1041, “Fire Prevention and Control Bill.” CFO Sink’s legislation is sponsored by State Representative Luis Garcia, Jr. (D-Miami Beach), a retired Miami Beach fire chief, and enhances the State Fire Marshal’s authority in arson investigations and related crimes and improves requirements for firefighter training and certification.

“I thank Rep. Luis Garcia, Jr. and his House colleagues for their efforts to champion fire safety and support those who serve bravely,” said CFO Alex Sink. “This bill will strengthen all areas of fire safety, including arson investigation, resulting in better fire protection throughout our great state.”

HB 1041 will now proceed to the House Jobs and Entrepreneurship Council and the Policy and Budget Council before heading to the House Floor. The companion bill, SB 2388, is sponsored by State Senator Burt Saunders (R-Naples).

CFO SINK: SOUTH FLORIDA MAN PLEADS GUILTY TO PIP FRAUD; SENTENCED TO 4½ YEARS IN PRISON

Wed, 19 Mar 2008 18:08:08 GMT

CONTACT:

Brannon Jordan or Kevin Cate
(850) 413-2842

MIAMI — Florida Chief Financial Officer Alex Sink today announced the conviction of a Miami-Dade County man on Personal Injury Protection (PIP) fraud charges.

Wilfred Cyriaque, 57, pled guilty to involvement in a staged accident ring in South Florida last week and was sentenced to 54 months in prison, followed by five years of reporting probation. As a condition of his plea agreement, he was also ordered to pay restitution of $329,366 to the following insurance companies: Allstate, Direct General, State Farm, Bristol West, Illinois National/AIG and Budget Rent-A-Car.

“Insurance fraud costs us all more, and we will aggressively investigate anyone suspected of defrauding others,” CFO Sink said. “I commend our investigators for their work on this case and encourage their continued pursuit of criminals who take advantage of others by committing insurance fraud.”

Cyriaque was the suspected ringleader of a 24-person staged accident ring, and in 2005 was charged with 51 counts each of insurance fraud and grand theft, four counts of staging an accident, and organized scheme to defraud. Investigators believe Cyriaque may have staged as many as 90 crashes.

The charges stem from investigations by the Department of Financial Services’ Division of Insurance Fraud (DIF), a sworn statewide law enforcement agency responsible for the investigation of insurance fraud. DIF made more than 800 insurance fraud-related arrests in the last fiscal year.

Insurance fraud in Florida has been estimated to cost Floridians as much as $1,400 a year for the average Florida family. The DIF investigates various forms of fraud in insurance, including health, life, auto, property and workers' compensation insurance. Depending on the estimated loss amount, the department will pay up to $25,000 for information directly leading to an arrest and conviction. Anyone with information about this or any other suspected insurance fraud is asked to call the department's Fraud Fighters Hotline at 1-800-378-0445 or log on to www.MyFloridaCFO.com/fraud. Complaints can be tracked online.

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. Sink also serves as the State Fire Marshal.

CFO SINK WORKS WITH FLORIDA SENATE ON LEGISLATION TO INCREASE PENALTIES ON ANNUITY FRAUD

Wed, 19 Mar 2008 11:52:22 GMT

CONTACT:

Tara Klimek (850) 413-2842
Kathy Mears (850) 487-5632
Cheryl Ennis (850) 487-5078

Legislation targets agents using predatory annuity and life insurance practices against seniors

TALLAHASSEE-- Florida Chief Financial Officer Alex Sink today congratulated members of the Florida Senate’s Banking and Insurance Committee for unanimously passing legislation (PCS/SB 2082) that comprehensively addresses the issue of annuity fraud, including strengthening penalties against agents who target Floridians, especially seniors and the mentally-disabled, using predatory annuity and life insurance practices. CFO Sink has been working with Senate President Ken Pruitt (R- Port St. Lucie) and State Senator Michael “Mike” Bennett (R-Bradenton) to better combat annuity fraud, which is investigated and administratively prosecuted by CFO Sink’s Department of Financial Services (DFS).

“We need to deter and punish those who commit financially devastating crimes on Florida’s seniors,” said CFO Alex Sink. “I applaud Senate President Pruitt and Senator Bennett for their leadership and for working with me to reduce this widespread and growing problem.”

Florida consumers, and especially seniors, are commonly targeted through the use of deceptive life insurance and annuity sales practices known as “twisting” and “churning.” Twisting occurs when an insurance agent knowingly makes misleading representations or material omissions regarding insurance policies to induce a consumer to take out an insurance policy with another insurer. Churning is similar, but involves the surrender of a current policy to buy a policy from the same insurance company.

Specifically, the legislation makes twisting and churning a third-degree felony, and in instances where a pattern or practice exists of victimizing consumers age 65 and older or who suffer from a mental incapacity, penalties under the proposed legislation are increased to a second-degree felony. The bill also prohibits insurance agents from submitting applications or policy-related documents bearing fraudulent signatures to insurers, making such a violation a third-degree felony.

Consider the story of Virginia, a 75-year-old Boynton Beach consumer who lived alone and suffered from undiagnosed dementia. In 2005, an insurance agent knocked on Virginia’s door with the goal of selling her an annuity. By the time the agent left Virginia’s house, he had caused her to liquidate six fully-liquid in-force annuities that Virginia could have accessed in full without penalty at any time had she or her family needed those funds to pay for her living or medical expenses. Because of this unscrupulous agent’s actions, Virginia used her already-liquid funds to purchase new annuities carrying 15 years of surrender charges as high as 19 percent. DFS prosecuted the agent for his actions against Virginia and other consumers. The agent lost his license and was ordered to pay $40,000 in administrative penalties.

“This important legislation will go a long way to protect our Greatest Generation," said Senate President Pruitt. "I hope this bill sends a shudder down the spines of those who try to deceive and confuse our seniors out of their hard-earned savings.”

The legislation also strengthens suitability criteria and requires increased disclosure from the agent selling the annuities or life insurance policies. The new suitability criteria will require agents to establish an objectively reasonable basis that the policies they recommend are suitable for the consumer, and to document their suitability determination in writing prior to making any sale. The agent will also be required to disclose important information about the new product, including a comparison of the consumer’s current and proposed new policy, and to document for the consumer any surrender charges he or she will suffer as a result of the proposed transaction.

“When I see citizens being taken advantage of by unscrupulous agents, I think it’s time we in the Legislature step up to ensure that the citizens of Florida are protected,” said Sen. Bennett.

During the past several years, DFS has witnessed a growing number of cases where Florida seniors have been persuaded to purchase a life insurance or annuity product that is harmful or financially devastating. DFS opened 351 investigations related to annuity transactions during the 2006-2007 fiscal year, a 41 percent increase over the previous year. Since July 1, 2007, DFS has already opened more than 260 annuity-related investigations, which trends to a 58 percent cumulative increase since the 2005-2006 fiscal year.

PCS/SB 2082 will now proceed to the Senate General Government Appropriations Committee before it heads to the Senate Floor. Companion House Bill 1003, sponsored by State Rep. Clay Ford (R-Pensacola), has been referred to the House Jobs and Entrepreneurship Council.

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

CFO SINK: BARTOW MAN ARRESTED FOR ARSON; GIANT FIRE CAUSED AT LEAST $22-MILLION IN DAMAGES

Fri, 14 Mar 2008 20:17:27 GMT

Bartow firefighters spent four days on site extinguishing flair-ups

BARTOW – Florida Chief Financial Officer Alex Sink today announced the arrest of a Polk County man who allegedly set fire to a manufacturing plant, destroying the building, causing more than $22 million in damages and leaving 309 employees out of work for approximately three months.

Efrain “Frankie” Castro, 23, was arrested Thursday in Lakes Wales on charges of first degree arson. Castro could face up to 30 years in prison if convicted.

“The criminal who set this fire callously risked hundreds of peoples’ lives,” said CFO Sink. “We are very fortunate that no one was injured, and I commend the local and state officials who worked diligently for several months to get to the bottom of this case.”

Thursday’s arrest follows a seven-month investigation by the State Fire Marshal Bureau of Fire and Arson into allegations Castro set fire to Flanders PrecisionAire Factory in Bartow. Set July 10, 2007, it took local firefighters four days to fully extinguish the fire and is believed to have originated from the ignition of stock boxes located on the side of the building. At the time of the fire, 153 employees were working.

The Bureau of Fire and Arson Investigations is a law enforcement branch of the Division of State Fire Marshal that assists other state and local fire and law enforcement agencies in the investigation of fires of suspicious origin. Anyone with information about this case or any incident of fire is asked to call 1-877-662-7766 (1-877-NOARSON).

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.

CFO SINK ANNOUNCES PALM BEACH COUNTY PIP FRAUD ARREST

Fri, 14 Mar 2008 16:05:34 GMT

CONTACT:

Brannon Jordan or Kevin Cate

(850) 413-2842

LAKE WORTH —Florida Chief Financial Officer Alex Sink today announced the arrest of a Palm Beach County man on Personal Injury Protection (PIP) fraud charges. This week’s arrest concludes the arrest of four South Florida residents on charges they perpetrated a PIP fraud scheme.

Werbs Prevot, 25, of Lake Worth, is accused of participating in a staged traffic accident. After the accident, bodily injury claims were submitted to Republic Western Insurance (REPWEST) Company. To date, REPWEST has paid $32,511.33 in expenses related to this staged accident claim. Prevot, arrested Monday, is charged with one count of insurance fraud, a third degree felony, and could face up to five years in prison if convicted.

“Auto insurance helps protect and safeguard Florida drivers, and when criminals commit insurance fraud, it costs us all,” CFO Sink said. “My department’s insurance fraud investigators are dedicated to holding anyone who seeks to abuse this system accountable.”

The charges stem from investigations by the Department of Financial Services’ Division of Insurance Fraud (DIF), a sworn statewide law enforcement agency responsible for the investigation of insurance fraud. The DIF made more than 800 insurance fraud-related arrests in the last fiscal year.

Insurance fraud in Florida has been estimated to cost Floridians as much as $1,400 a year per family. The DIF investigates various forms of fraud in insurance, including health, life, auto, property and workers' compensation insurance. Depending on the estimated loss amount, the department will pay up to $25,000 for information directly leading to an arrest and conviction. Anyone with information about this or any other suspected insurance fraud is asked to call the department's Fraud Fighters Hotline at 1-800-378-0445 or log on to www.MyFloridaCFO.com/fraud. Complaints can be tracked online.

As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. Sink also serves as the State Fire Marshal.

MY SAFE FLORIDA HOME INSPECTION PROGRAM USES HUMOR TO SPOTLIGHT MONEY-SAVING BENEFITS

Mon, 10 Mar 2008 19:21:41 GMT

Contact: Kevin Cate or Brannon Jordan
(850) 413-2842

TALLAHASSEE— The Florida Department of Financial Services (DFS) today launched a statewide public awareness campaign highlighting MySafeFloridaHome.com—a Web site where Floridians can apply online for a free wind inspection and learn how to strengthen their homes against hurricanes and windstorm damage.

The commercials asking, “How fast can you save money?” compare the ease of applying for a free wind inspection, which can lead to discounts on homeowners’ wind insurance, to other satirical things people might do to save money. Floridians in every part of the state will be exposed to the humorous promotional campaign on either TV or radio through May, including commercials in Spanish and Haitian-Creole.

(Click link to play via YouTube.com)

My Safe Florida Home - Two-ply

My Safe Florida Home - Haircut

The My Safe Florida Home (MSFH) program, re-launched by Chief Financial Officer Alex Sink in April 2007, has provided more than 172,000 free wind inspections to Floridians. Homeowners receive a wind inspection report, which suggests ways homeowners can harden their homes against storm damage and informs homeowners if they are currently eligible to save money on their wind insurance premiums.

More than 70% of homeowners receiving free wind inspections have learned they are already eligible for an average savings of $224—without making a single improvement. Floridians whose homes have received free wind inspections from the MSFH program may also be eligible to apply for matching tax-free grants of up to $5,000 to make improvements to their homes. To date, the MSFH program has given 4,402 homeowners grants totaling more than $14.3 million, with an additional 15,000 homeowners are currently working with the program to make improvements.

The TV spots will begin airing today in the Tampa/St. Petersburg, Miami/Fort Lauderdale, West Palm/Ft. Pierce, and Tallahassee/Thomasville markets while radio spots air in Orlando/Daytona Beach/Melbourne, Jacksonville, Fort Myers/Naples, Pensacola/Ft. Walton, Gainesville/Ocala, and Panama City. Hispanic radio will air in Orlando, Tampa, and Miami. Creole radio will air in Miami/Fort Lauderdale.

For more information, please visit www.MySafeFloridaHome.com or contact the program toll-free at 1(866) 513-MSFH (6734).

CFO SINK UNVEILS PROPOSALS TO INCREASE SAFEGUARDS OVER INVESTMENTS AT THE STATE BOARD OF ADMINISTRATION

Thu, 06 Mar 2008 19:31:36 GMT

CONTACT: Tara Klimek or Kevin Cate

(850) 413-2842

TALLAHASSEE— On the third day of the 2008 Legislative Session, Florida Chief Financial Officer Alex Sink unveiled ten proposals to strengthen financial safeguards over investments at the State Board of Administration (SBA). Bringing her nearly three decades of business experience to Florida government, CFO Sink’s proposals were offered to provide a framework of ideas early in the Legislative Session.

“Today’s investments are different than the investments of thirty years ago, and that means we’ve got to adapt and strengthen our safeguards at the State Board of Administration,” said CFO Sink.

“I’m pleased to offer a number of strong proposals today that will increase oversight over public funds and further protect our investors. I’m also pleased that a number of Legislators are working to strengthen our state’s financial oversight of public funds this session.”

CFO Sink was joined today by Jeannie Garner, the Chair of the Local Government Investment Pool (LGIP) Advisory Committee, and Wayne Blanton, Executive Director of the Florida School Board Association, who applauded her proposals on behalf of the local investors and government retirees they represent.

“CFO Sink’s recommendations directly address a number of concerns that local investors have had with the SBA,” said Garner. “We’re glad the CFO is working with our local investors to highlight the importance of enacting stronger reforms this year.”

“I commend CFO Sink for her efforts to restore confidence in the fund and most importantly-- transparency-- in how the board conducts their business in the future,” said Blanton. “Her proposal of increased ethics, communication and transparency will go a long way in getting the SBA back on track.”

In strengthening the oversight of Florida’s investments, CFO Sink’s three goals are to: protect local investors and Florida’s retirees, increase transparency and communication, and improve governance over public investments. CFO Sink’s proposal, detailed below, included the following ten recommendations:

1. Determine if there is a Basis for a Lawsuit Regarding Investments Sold to the State by Investment Firms
2. Continue Recent Stabilization of Local Government Investment Pool
3. Expand and Formalize Role of Local Government Investment Pool Members
4. Increase Transparency and Communication About Investments
5. Enact New Ethics and Disclosure Legislation for Investment Advisors to State Agencies
6. Strengthen Statutory and Performance Requirements for Executive Director of the State Board of Administration
7. Expand State Board of Administration to Include Two Appointed Financial Professionals
8. Strengthen and Restructure the State Board of Administration’s Audit Committee
9. Enhance State Board of Administration’s Investment Advisory Committee
10. Segregate Risk Management Functions from Investment Decisions

Chief among CFO Sink’s recommendations Thursday was to perform a litigation analysis for the SBA Trustees. Last year, Florida’s LGIP was sold several financial investments that within a short period of time defaulted or had to be restructured. Several news reports have suggested that some financial firms may have been selling or offering advice inconsistent with their own investment strategies. A litigation analysis prepared by the independent law firm already working for the SBA would reveal whether the LGIP has legal remedies with regard to the purchase of these investments. CFO Sink also recommended today that companies should be required to publicly disclose when they are selling assets or offering financial advice in conflict with their own investment strategies.

“The people of Florida deserve to know if there was wrongdoing with the sale of these investments to the LGIP,” said CFO Sink. “If so, we must hold those companies that sold the investments accountable.”

From Florida’s cities and counties to our retired state and local employees, millions of Floridians expect sound professional financial management at the SBA. The SBA is a constitutional entity of Florida state government that manages 30 investment funds, comprising over $184 billion in assets. Standard and Poor’s has consistently ranked Florida’s pension fund at or among the top states, and a recent Pew Charitable Trust analysis praised Florida as a “national leader” and a “top performer” as one of only five states with a fully-funded pension. CFO Sink is one of three Trustees of the SBA, along with Florida Governor Charlie Crist and Attorney General Bill McCollum.

Ten Proposals to Strengthen Safeguards over Florida Investments

From Florida’s cities and counties to our retired state and local government employees, millions of Floridians expect sound professional financial management at the State Board of Administration (SBA). The SBA, a constitutional entity of Florida state government, manages 30 investment funds, comprising over $184 billion in assets. Standard and Poor’s has consistently ranked Florida’s pension fund at or among the top states, and a recent Pew Charitable Trust analysis praised Florida as a “national leader” and a “top performer” as one of only five states with a fully-funded pension.

As one of three trustees, CFO Sink is presenting ten proposals to strengthen financial safeguards at the SBA and provide greater protection to the people’s investments. CFO Sink’s ten proposals provide a framework of ideas designed to:

• Protect investors;
• Increase transparency; and
• Improve governance.

Protecting Florida’s Local Government Investments

1. Determine if there is a Basis for a Lawsuit Regarding Investments Sold to the State by Investment Firms

• Perform Litigation Analysis for SBA Trustees to determine if legal remedies with regard to the purchase of downgraded or defaulted investments are available.

Reforming the Local Government Investment Pool (LGIP)

2. Continue Recent Stabilization of Local Government Investment Pool

• Provide Investors with Convenient SBA-administered Local Government Investment Pool.
• Utilize Independent Financial Firm (currently Federated) to Manage Assets at Competitively Negotiated Fee.
• Maintain AAAm Rating of Fund A by Standard and Poor’s.

3. Expand and Formalize Role of Local Government Investment Pool Members

• Allow Investors to Serve as Trustees of the LGIP.
o New Board will Approve Investment Strategies & Guidelines.
• Formalize Local Government Investment Pool Advisory Committee.
o Majority of Advisory Committee Members must be Investors.
o Other Members to Include Accounting and/or Investment Experts.
o Advisory Committee to Meet Quarterly (at a minimum); Will Recommend Approved Investment Classes, Review/Approve Competitively-Bid Contracts.

4. Increase Transparency and Communication About Investments

• Provide Investors and the Public with Weekly Valuation Reports.
• Communicate with Investors All Decisions Made by LGIP Trustees or Local Government Investment Pool Advisory Committee.

Reforming the State Board of Administration

5. Enact New Ethics and Disclosure Legislation for Investment Advisors to State Agencies.

• Require Financial Firms to Disclose to the State Board of Administration if they are Selling or Offering Advice Inconsistent with their own Investment Strategies.
• Consider Texas Model: Requires full disclosure of “all direct or indirect pecuniary interests” that a financial advisor has in a transaction when it is connected with any financial advice the advisor provides to the state.

6. Strengthen Statutory and Performance Requirements for Executive Director of the State Board of Administration

• Expand Florida Statutes Section 215.441 to include minimum qualifications for State Board of Administration Executive Director.
o Consider Virginia Model, which requires “extensive experience in any two or more of the following areas: domestic equity or fixed-income securities, international equity or fixed-income securities, cash management, alternative investments, managed futures or large real estate investments.”
• Establish Full and Timely Reporting Requirements, Including Any and All Information Necessary to Make Informed Decisions about SBA Investments.
o Increase Current Quarterly Reporting Requirement to Monthly Reporting on All Investment Matters.
• Continue Performance Contract with Executive Director.

7. Expand State Board of Administration to Include Two Appointed Financial Professionals

• Amend Florida’s Constitution to Add Two Appointed Financial Professionals to the Board of the SBA.
• Require One Appointment to have Extensive Accounting and/or Auditing Experience; This Board Member will Chair the SBA’s Audit Committee.
• Require One Appointment to have Extensive Investment Experience; This Appointment will Chair the SBA’s Investment Advisory Committee.
• Confirm Appointments with a 2-1 Vote of Elected Trustees; Governor must be on prevailing side.
• Appointed Board Members will Deliver Quarterly Reports to SBA Trustees and the Public about the Audit and Investment Committees.

8. Strengthen and Restructure the State Board of Administration’s Audit Committee

• Require Audit Committee to Appoint and Approve the Budget of the Internal Auditor.
• Require Timely Management Responses to Audit Reports-- within 90 Days.
• Designate one SBA Trustee as Chair of Audit Committee and Expand Audit Committee to Five Members (at least three members from the private sector).
• Implement Sarbanes Oxley Requirements where Applicable—New Accounting and Investing Standards Required of All Public Company Boards.
o Federal Government Instituted these Accounting Reform and Investor Protections After Major Corporate Scandals such as Enron and WorldCom.
o Establish a Confidential Hotline for the Anonymous Submission of Questionable Practices.
• Provide Written Reports and Public Presentations to SBA Trustees on Quarterly Basis.
• Allow, with SBA Board Approval, for the Hiring of Consultants and Financial Professionals as Needed to Fulfill Responsibilities.

9. Enhance State Board of Administration’s Investment Advisory Committee

• Designate one SBA Trustee as Chair of Investment Advisory Committee.
• Require At Least One Member of the Committee to be an FRS-Participant.
• Charge Committee with Closely Scrutinizing New Products and Approving Types of Investments Used
• Give Annual Recommendation on Asset Allocations to SBA Trustees.
• Require Investment Decisions About Downgraded Assets to be Communicated to SBA Trustees within Two Weeks.
• Provide Written Reports and Public Presentations to SBA Trustees on Quarterly Basis.

10. Segregate Risk Management Functions from Investment Decisions

• Provide Strategic Overview of Broad Range of Risk Management Issues.
• Establish Separate Team within State Board of Administration to Solely Review Investment Mandates, New Products and Downgrades.
• Require Disclosure of Findings to State Board of Administration’s Investment Advisory Committee and Trustees on a Timely Basis.

CFO SINK ANNOUNCES ARREST OF A DUVAL COUNTY MAN ON CHARGES OF INSURANCE FRAUD, GRAND THEFT, AND FORGERY

Tue, 04 Mar 2008 22:48:58 GMT

CONTACT: Brannon Jordan or Kevin Cate
(850) 413-2842

JACKSONVILLE —Florida Chief Financial Officer Alex Sink today announced the arrest of a Duval County man on charges he fraudulently received nearly $400,000 in life insurance from an accelerated death claim. The arrest involves charges of alleged insurance fraud, grand theft, forgery and uttering a forged instrument.

Raymond J. Martinez, Jr., 49, of Jacksonville, is accused of forging a doctor's signature on a claim form submitted to New York Life Insurance Company (NYLIC). In the form, Martinez stated he had terminal cancer and would likely live 12-months or less. In response to his fraudulent claim Martinez received a $375,000 check from NYLIC. Martinez, arrested last week, is currently being held in the Duval County Jail. If convicted, he could potentially face up 30 years in prison.

“Insurance fraud affects everyone, from an increase in premiums for policyholders to the monetary loss of the company,” CFO Sink said. “My office will continue to ensure those who commit insurance fraud are aggressively pursued and held accountable for their devious actions.”

Insurance fraud in Florida has been estimated to cost Floridians as much as $1,400 a year per person. The DIF investigates various forms of fraud in insurance, including health, life, auto, property and workers' compensation insurance. Depending on the estimated loss amount, the department will pay up to $25,000 for information directly leading to an arrest and conviction. Anyone with information about this or any other suspected insurance fraud is asked to call the department's Fraud Fighters Hotline at 1-800-378-0445 or log on to www.MyFloridaCFO.com/fraud. Complaints can be tracked online.

BAY COUNTY MAN RECEIVES LIFE IN PRISON FOR MURDER/ARSON

Wed, 27 Feb 2008 14:19:00 GMT

CONTACT: Kevin Cate or Brannon Jordan

(850) 413-2842

SPRINGFIELD – Florida Chief Financial Officer Alex Sink announced a Bay County man was sentenced today by County Circuit Judge Glenn Hess to life in prison after a jury convicted him late last month of first degree murder and second degree arson in the murder of Tanya Farmer. Clint Martin Stagg, 33, was arrested in July 2006, and charged with murder and arson.

The Springfield Police Department, the Bay County Sheriff’s Office, the State Fire Marshal’s Office, the Florida Department of Law Enforcement, and the 14th Circuit Office of the State Attorney all participated in the successful investigation and prosecution of Stagg.

Evidence presented during the trial suggested that Stagg had gone to Farmer in an attempt to purchase drugs. She got into his vehicle and a short time later an argument ensued ending with Stagg forcefully striking Farmer with a hammer multiple times. After the attack, Stagg drove the deceased to northern Bay County where he buried her body in a wooded area off County Road 388. At some point later that afternoon, Stagg drove to a gas station and purchased a small gasoline container. The store’s video surveillance recorded him picking out the container before taking it outside and filling it with gasoline. Stagg’s truck was reported on fire a mere 15 minutes after leaving the gas station. Detectives with the State Fire Marshal’s Office believe he intentionally burned the truck in an attempt to destroy any evidence, which may have been left behind.

The Bureau of Fire and Arson Investigations is a law enforcement branch of the Division of State Fire Marshal that assists other state and local fire and law enforcement agencies in the investigation of fires of suspicious origin. Anyone with information about this case or any incident of fire is asked to call 1-877-662-7766 (1-877-NOARSON).

CFO SINK DESIGNATES FLORIDA SAVES WEEK, FEB. 24th – MAR. 2nd

Tue, 26 Feb 2008 14:35:42 GMT

CONTACT: Kevin Cate or Brannon Jordan
(850) 413-2842

TALLAHASSEE — Today, at a meeting of the Florida Cabinet, Florida Chief Financial Officer Alex Sink announced a resolution designating February 24 – March 2, 2008, as “Florida Saves” Week. “Florida Saves” Week, a part of the national “America Saves” campaign, aims to help Floridians better learn how to manage their money by stressing the importance of saving money and building wealth.

“During this volatile economic climate, financial literacy education is essential,” said CFO Sink. “Too many Floridians are living paycheck-to-paycheck, not saving for a rainy day and living above their means. This week and throughout the year, my office is working to educate Floridians how to better manage their money and plan for a more financially secure future.”

Representatives from CFO Sink’s office are partnering with University of Florida Extension offices, local Saves campaigns and the Financial Literacy Council to host financial literacy events across the state. The Department of Financial Services, Division of Consumer Services will hold events on topics ranging from investor education to finding money to save. Consumers interested in participating in Florida Saves activities should visit our Web site at www.myfloridamoney.com/FLSaves.htm and contact their local Consumer Services office for more information.

CFO Sink is a strong proponent of financial literacy. Through outreach coordinators, DFS aggressively reaches out to local communities to educate consumers on topics such as the wise use of credit cards for teens, credit card identity theft, hurricane preparedness, small business security, life insurance and first-time homebuyer workshops. Last year alone, the department conducted over 2,680 outreach events around the state.

For more information on “America Saves” please visit http://www.americasaves.org/.

STATEMENT BY CFO SINK ON THE HOUSE JOBS & ENTREPRENEURSHIP COUNCIL’S UNANIMOUS PASSAGE OF HER LEGISLATION TO REDUCE RISK OF ASSESSMENTS

Thu, 21 Feb 2008 15:39:15 GMT

CONTACT: Tara Klimek or Kevin Cate
(850) 413-2842

TALLAHASSEE— Florida Chief Financial Officer Alex Sink today applauded the Florida House Jobs & Entrepreneurship Council for unanimously passing PCB JEC 08-01 – the Florida Hurricane Catastrophe Fund Risk Reduction Bill.

“On the eve of another Hurricane Season, the Legislature has taken an important step to reduce the risk of billions in assessments forced on Floridians when we have a bad storm,” said CFO Sink. “I thank Chairman Reagan and the members for their leadership on this bipartisan proposal and for recognizing the tremendous impact of these hidden taxes on the people of Florida.”

CFO SINK JOINS U.S. AND EUROPEAN INVESTORS CONFRONTING CLIMATE CHANGE RISKS AND OPPORTUNITIES

Thu, 14 Feb 2008 19:25:41 GMT

CONTACT: Tara Klimek or Kevin Cate
850-413-2842

Investors Make Bold Commitments to Energy Efficiency and Other Clean Technologies Require Closer Scrutiny of Carbon-Intensive Investments

NEW YORK, NY— Florida Chief Financial Officer Alex Sink today joined nearly 50 leading U.S. and European institutional investors managing over $1.75 trillion in assets in releasing a climate change action plan at the United Nations that will boost investments in energy efficiency and clean energy technologies and require tougher scrutiny of carbon-intensive investments that may pose long-term financial risks.

The action plan was announced at the Investor Summit on Climate Risk, hosted by Ceres and the United Nations Foundation and attended by more than 450 investor, financial and corporate leaders from around the world. Signatories to the action plan include state treasurers, controllers, pension fund leaders, asset managers and foundations from London, California, Florida, New York, Connecticut, North Carolina, Pennsylvania and a dozen other states.

"With today’s action plan, investors are advancing the need for closer scrutiny of investments to include the financial risks of climate change, while also harnessing emerging opportunities," said Florida Chief Financial Officer Alex Sink. "Florida is on board as the first State Treasury in the nation to require fund managers to disclose how they incorporate climate risk into prudent investment management."

Noting that climate change presents both material risks and significant opportunities, the investors pledged to collectively invest $10 billion in clean technology opportunities over the next two years and to incorporate green building standards —such as LEED (Leadership in Energy Efficiency and Design) and Energy Star — into their investment decisions. Calling energy efficiency "one of the fastest, easiest and cheapest ways to significantly reduce emissions and improve the bottom line," the investor group pledged to reduce energy use in core real estate holdings by 20 percent over the next three years.

A new McKinsey Global Institute (MGI) report, also announced at the investor summit, concludes that major investments over the next decade in energy productivity — the level of output achieved from the energy consumed — could earn double-digit rates of return for investors. Such investments would cut global energy demand growth by at least half and achieve up to half of the reductions of greenhouse gas emissions that experts say is required to prevent the world's mean temperature from increasing by more than 2 degrees centigrade.

The action plan calls for a series of specific steps by investors to address the growing risks and opportunities from climate change. The nine goals include policy actions aimed at the Securities and Exchange Commission (SEC) and Congress, engagement with companies to improve their disclosure and responses to climate change, minimizing climate investment risks and maximizing climate-related investment opportunities. Among the investor commitments:

• Support clean technology, with a goal of deploying $10 billion collectively over the next two years.
• Aim for a 20 percent reduction in energy used in core real estate investment holdings over a three-year period, and consider green building standards in making investment decisions.
• Require and validate that investment managers, investment consultants and advisors report on how they are assessing climate risks in their portfolios, whether from new carbon-reducing regulations, physical impacts or competitive risks.
• Encourage Wall Street analysts, rating agencies and investment banks to analyze and report on the potential impacts of foreseeable long-term carbon costs, in the range of $20 to $40 per metric ton of CO2, particularly on carbon-intensive investments such as new coal-fired power plants, oil shale, tar sands and coal-to-liquid projects.
• Push the SEC to issue guidance leading to full corporate disclosure of climate risks and opportunities.
• Push Congress for a mandatory national policy to reduce national greenhouse gas emissions in accordance with the 60-90 percent reductions below 1990 levels by 2050 that scientists suggest is urgently needed to avoid the worst and most costly impacts from climate change.

"This action plan reflects the many investment opportunities that exist today to put a dent in global warming pollution, build profits and benefit the global economy," said Mindy S. Lubber, president of the Ceres investor coalition and director of the Investor Network on Climate Risk. "Leveraging the vast energy efficiency opportunities at home and abroad holds especially great promise for investors."

The summit comes as worldwide investor attention on climate change dramatically increases. In the last two years, investor and asset manager participation in the Investor Network on Climate Risk has more than doubled, to more than 60 institutional investors and with collective assets totaling $4.5 trillion. At today's summit, Deutsche Asset Management, which manages over $800 billion in assets, announced it was joining INCR, increasing INCR's total member assets to over $5 trillion.

Today's climate risk meeting was hosted and organized by the United Nations Foundation, the United Nations Fund for International Partnerships and Ceres, which directs the Investor Network on Climate Risk. Ceres is a U.S. coalition of investor and environmental leaders that has spearheaded national and international investor activity on climate risk issues. A webcast of the summit and press conference can be found at www.un.org/webcast.

STATEMENT BY CFO SINK ON THE GOVERNOR’S RECOMMENDED BUDGET FOR 2008-2009 FISCAL YEAR

Thu, 31 Jan 2008 20:51:27 GMT

CONTACT: Tara Klimek or Brannon Jordan
(850) 413-2842

TALLAHASSEE – Florida Chief Financial Officer Alex Sink issued the following statement in response to Gov. Charlie Crist’s budget recommendations for the 2008-2009 Fiscal Year:

“I applaud the Governor for his dedication to recommending a budget for the upcoming Fiscal Year that includes increased funding for essential services, such as education, health care and public safety. As the Chair of the Healthy Kids Corporation, I am particularly encouraged that the Governor recommended a $60.6 million increase for Florida’s KidCare program that will allow more than 46,000 children access to affordable health care. I am also pleased to see his continued commitment to environmental programs and an invigorated effort to advance a clean energy economy.

“While I understand the current challenge to find resources in this year’s budget, I am concerned about the recommendation to sweep $129.5 million from the Workers’ Compensation Administration Trust Fund. Through efficient management and reform of the Workers’ Compensation system, our state has been able to reduce Workers’ Compensation Administrative Trust Fund assessments from 2.75 percent to 0.25 percent, which is a 91 percent reduction over an eight-year period. A trust fund sweep of this magnitude will require the state to raise Workers’ Compensation assessments—taxes—on Florida businesses as early as January 2009. I look forward to working with the Governor and the Legislature to prevent assessment increases on Florida’s business owners, many of whom are struggling to balance their own budgets.”

CFO SINK ENCOURAGES FLORIDIANS TO BE MORE ENGAGED IN LOCAL DECISIONS ABOUT THEIR TAX DOLLARS

Wed, 30 Jan 2008 16:25:04 GMT

CONTACT: Tara Klimek or Brannon Jordan
(850) 413-2842

Announces new Web site to educate Floridians about local government finances

TALLAHASSEE — In an effort to educate Floridians about their own local government income and spending, Chief Financial Officer Alex Sink today announced the launch of “Your Local Government Dollars and Cents,” which can be found on her Web site, www.MyFloridaCFO.com. “Your Local Government Dollars and Cents” is a new tool that provides Floridians easy access to their local government’s revenues and expenditures.

With greater information about the finances of Florida’s local governments and Tuesday’s passage of the property tax amendment, CFO Sink is encouraging Floridians to work with their local governments in determining local priorities and ways to streamline services.

“I’m launching ‘Your Local Government Dollars and Cents’ to help Floridians get educated and more engaged in local government spending,” said CFO Sink, who oversees the Department of Financial Services (DFS). “I encourage every Floridian to use this tool and get more involved in how their local tax dollars are spent. With governments actively cutting their budgets, it is essential that Floridians make it clear what their priorities are for their communities.”

At “Your Local Government Dollars and Cents,” Floridians can search by city, county or special district for a variety of revenue information, including: ad valorem taxes, grants, fees, fines and more. They can also look up their local government’s expenditure information, including amounts spent on schools, transportation, public safety, general government and more. Floridians can create reports comparing governments, revenues and expenditures, and electronic data is available by year from 1993 through 2007. Floridians may also be interested in revenue and expenditures data for local school districts, which can be found at Florida’s Department of Education.

Since 1973, Section 218.32, Florida Statutes has required DFS to collect this financial information from local governments. CFO Sink launched the site to make the information more easily available to the public and help educate Floridians local government spending.