Division of Treasury

The Chief Financial Officer is the constitutional officer with the fiduciary responsibility over the Division of Treasury. A core function of the Department of Financial Services, the Division of Treasury’s goals are to be effective stewards of the operational monies and other financial assets of the State and to assist state employees with tools to help them prepare for financial security during their retirement years. This year, the Division of Treasury also increased its services outside the Department, holding seminars to remind other state agencies about the cost-saving services offered by the Division.

The Division of Treasury has three bureaus:

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

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

The Treasury Investment Pool is a combination of short and intermediate term fixed income investment strategies. The asset structure of the pool is designed to provide strong liquidity using short term investments and additional investment income provided by a substantial commitment to intermediate investments. During the 2006-2007 Fiscal Year, the Treasury Investment Pool exceeded more than $1 billion in interest earnings for the first time. This additional interest income provides additional state resources, and is a major source of non-tax revenue.

The Bureau of Collateral Management is a centralized deposit location for specialized handling of regulatory collateral deposits. Regulatory collateral deposits are required of various entities by state agencies as a condition of doing business or acts of guarantee. Efficiency has increased in the Bureau, due to continuing improvement of the new computer system deployed two years ago. Asset management staff is responsible for maintaining regulatory collateral deposits for 2,010 combined accounts that represent in excess of $5.7 billion dollars. Program administration staff is responsible for protecting more than $10.8 billion in public funds deposited in 203 Qualified Public Depositories statewide.

The Bureau of Deferred Compensation manages the Deferred Compensation Program, a pre-tax investment program designed to supplement state employees’ pension plans. The Deferred Compensation Program provides employees of the State of Florida with tools to help them prepare for financial security during their retirement years. To achieve this goal, the Bureau partners with investment vendors to offer excellent customer service and investment products at a reasonable cost. The program is currently reviewing these providers, with the goal of ensuring that state employees have access to high quality investment options for their supplemental retirement funds. The Deferred Compensation Program has more than 74,000 accounts and $2.1 billion in assets. For the first time, the program this year helped some state employees maximize their annual bonuses through investments in Deferred Compensation accounts. This popular option led to more than 1,000 new accounts and allowed more than 6,000 employees to invest as much as $897 in their own personal retirement account as opposed to receiving their bonus as a lump sum payment of approximately $673.

Fund Name

Balance
June 30, 2006

Direct Receipts

Receipts
By Transfers

Disbursements
By Warrants

Disbursements
By Transfers

Balance Per Treasury

General Fund (1)

$6,120,818,645.23

$27,398,706,842.49

$2,113,039,962.86

$8,020,830,099.54

$22,494,091,419.90

$5,117,643,931.14

Trust Fund (2)

13,637,753,569.98

50,679,250,574.45

102,237,985,790.65

70,508,246,838.03

82,015,712,404.98

14,031,030,692.07

Budget Stabilization

1,078,048,784.46

0.00

167,559,011.97

0.00

8,781,651.00

1,236,826,145.43

Total Three Funds

20,836,620,999.67

78,077,957,416.94

104,518,584,765.48

78,529,076,937.57

104,518,585,475.88

20,385,500,768.64

FISCAL YEAR ENDING JUNE 30, 2007

RECEIPTS

DISBURSEMENTS

NET RECEIPTS OR
(NET DISBURSEMENTS)

JULY

5,835,212

6,980,842

(1,145,630)

AUGUST

6,639,549

7,599,481

(959,932)

SEPTEMBER

5,724,650

5,995,510

(270,860)

OCTOBER

6,970,384

6,453,504

516,880

NOVEMBER

5,905,367

6,585,134

(679,767)

DECEMBER

5,956,514

6,152,569

(196,055)

JANUARY

7,381,123

6,036,767

1,344,356

FEBRUARY

5,904,400

6,135,670

(231,270)

MARCH

6,461,480

6,540,534

(79,054)

APRIL

7,333,749

6,341,686

992,063

MAY

7,158,782

7,336,557

(177,775)

JUNE

6,806,748

6,370,823

435,925

TOTALS

78,077,958

78,529,077

(451,119)

ASSETS

Footnote

June 30, 2007

June 30, 2006

Currency and Coins

$300,000.00

$300,000.00

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

(1)

$2,506,818,290.88

$2,306,545,431.52

Deferred Compensation Assets

(2)

2,162,279,455.19

1,956,652,473.24

Bank Accounts

(3)

97,813,213.13

96,449,767.25

Consolidated Revolving Account

(4)

3,368,942.56

362,994.22

Total Cash, Receivables, and Other Assets

$4,770,579,901.76

$4,360,310,666.23

Certificates of Deposit

1,015,800,000.00

893,800,000.00

Securities

(6)

19,965,460,964.74

20,750,337,211.78

Total Investments

$20,981,260,964.74

$21,644,137,211.78

Total Assets of the Division of Treasury

$25,751,840,866.50

$26,004,447,878.01

LIABILITIES

June 30, 2007

June 30, 2006

General Revenue Fund

5,117,643,931.14

6,120,818,645.23

Trust Fund

(7)

14,031,030,692.07

13,637,753,569.98

Budget Stabilization Fund

1,236,826,145.43

1,078,048,784.46

Total Three Funds

$20,385,500,768.64

$20,836,620,999.67

Adjustments

(8)

30,235,684.73

36,382,741.86

Due to Special Purpose Investment Accounts

(5)

3,170,456,015.38

3,174,428,669.02

Due to Deferred Compensation Participants and/or Program

(2)

2,162,279,455.19

1,956,652,473.24

Due to Consolidated Revolving Account Agency Participants

(4)

3,368,942.56

362,994.22

Total Liabilities of the Division of Treasury

$25,751,840,866.50

$26,004,447,878.01

Footnotes:

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

(2)     Plan assets held in the Deferred Compensation Trust Fund for the exclusive benefit of participants and their beneficiaries in the amount of $2,162,279,455.19.  The plan assets include Statutory Reserves of $2,162,005,530.48, Communication Fund Balance of $147,677.51 and Operating Account Balance of $126,247.20.

(3)     Represents the "Per Reconciled Cash Balance" of $161,082,404.54 as of June 30, 2007, with receipted items in transit of $156,410,176.01 and disbursed items in transit of ($93,140,984.60), which nets to $63,269,191.41. These items have cleared the bank but have not been posted to the state ledger.  The Total Bank Accounts figure does not include $12,386,892.03 held in clearing and\or revolving accounts outside the Treasury.

(4)     The amount due to agency participants in the Consolidated Revolving Account as of June 30, 2007, is $3,368,942.56.  Of this, $661,827.68 is in a financial institution account and $2,707,114.88 is invested in Special Purpose Investment Accounts.

(5)     Represents the CFO's Special Purpose Investment Accounts held in the CFO's custody and interest due to those accounts.  The CFO's Special Pur