Volume 5 Number 7
February 15, 2008
This Sunday, thousands of Americans will travel to Florida for the 50th running of the Daytona 500. Nearly a quarter of a million people, including CFO Sink, are expected to gather at the Daytona International Speedway to watch 43 of NASCAR’s finest drivers race 200 laps-- 500 miles-- to victory.

Last year, the winner’s share of the purse was just over $1.5 million; and this year it’s expected to be as much or higher. However, the race car drivers are not the only winners on Sunday.

The Daytona International Speedway generates an economic impact of nearly $2 billion in our state, and creates almost 32,000 direct and indirect jobs. With these significant contributions, NASCAR helps our tourism industry be a major economic driver for our state.

We encourage you to watch the race this weekend and enjoy one of our state’s sources of pride.
 



Investors pledge $10 billion for renewable energy  - REUTERS 

 

While in New York, CFO Sink was interviewed live by Erin Burnett and Mark Haines of CNBC's Squawk on the Street. Click on the link below to watch the interview.

Money-Smart
Idea of the Week

 Every week, look here for a “Money-Smart” idea from the Office of the Chief Financial Officer.
 

 

Idea: Review Incidental Spending

With family budgets getting tighter, now is the time to review your spending and see the how everyday incidentals can really add up. Here are a few examples of how you can stretch your dollars.
Instead of eating in restaurants during the work week, bring your lunch to work. You could save you an estimated $720 dollars a year.
Save your loose change. Putting aside even fifty cents a day over the course of a year will allow you to save nearly $200 dollars.
Substitute regular coffee for your daily latte, which could add $550 dollars to your pocketbook in just one year.

 

 


CFO SINK'S
CNBC INTERVIEW

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

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

Florida Chief Financial Officer Alex Sink 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." CONTINUED


CFO Sink was master of ceremonies at the Governor's Day luncheon on Monday. Commissioner of Agriculture and Consumer Services Charles Bronson and Governor Charlie Crist were guest speakers.

 

 

CFO SINK ENJOYS THE FLORIDA STATE FAIR

Representatives from CFO Alex Sink’s office have been on hand everyday at the Florida State Fair in Tampa. The Department of Financial Services booths offer a variety of topics and information, and specialists can give assistance on-the-spot to consumers with financial and insurance questions.   

From now until Monday, February 18, 2008, representatives from the department will be located in the Fair Expo Hall and Midway at the Florida State Fairgrounds.  Come check out our displays: Bureau of Unclaimed Property, My Safe Florida Home program, Division of Consumer Services, Division of Insurance Fraud, State Fire Marshal’s Office, and Division of Workers’ Compensation.
  
Homeowners can sign up for free home inspections under the My Safe Florida Home program and learn how to harden their homes against hurricanes. Everyone can search for names of those who have money or property held for them by the State of Florida – unclaimed property is returned to owners and heirs free of charge at any time.



CFO Sink enjoys some of Florida's finest strawberries.



CFO Sink and members of the State Fire Marshal's office in front of the bomb squad display.



Specialists in the Unclaimed Property booth help fair attendees search for assets held by the State of Florida.

GOVERNOR CRIST, CHIEF FINANCIAL OFFICER SINK, AND ATTORNEY GENERAL McCOLLUM CONFIRM RECOMMENDATION OF FEDERATED INVESTORS INC. TO MANAGE LOCAL GOVERNMENT INVESTMENT POOL

Governor Charlie Crist, Chief Financial Officer Alex Sink and Attorney General Bill McCollum, acting as Trustees for the State Board of Administration (SBA), confirmed Interim Executive Director Bob Milligan’s recommendation to hire Federated Investors Inc. to manage the Local Government Investment Pool.

Governor Crist, CFO Sink and Attorney General McCollum also offered the following statement:

“Federated Investors’ tremendous experience and 53 years of past performance in investment management makes this firm an excellent choice to manage Florida’s local government investment pool. Its outstanding record, along with its high quality customer service, will be a benefit to Florida’s local leaders seeking a conservatively-managed investment fund.”

 

IRS WARNS OF EMAIL AND TELEPHONE SCAMS USING THE IRS NAME

The Internal Revenue Service has warned taxpayers to beware of several current e-mail and telephone scams that use the IRS name as a lure. The IRS expects such scams to continue through the end of tax return filing season and beyond.

The IRS cautioned taxpayers to be on the lookout for scams involving upcoming advance payment checks. Since the government has enacted an economic stimulus package in which the IRS will provide advance payments, known informally as rebates to many Americans, a scam which uses the proposed rebates as bait has already cropped up.

The goal of the scams is to trick people into revealing personal and financial information, such as Social Security, bank account or credit card numbers, which the scammers can use to commit identity theft.

Typically, identity thieves use a victim’s personal and financial data to empty the victim’s financial accounts, run up charges on the victim’s existing credit cards, apply for new loans, credit cards, services or benefits in the victim’s name, file fraudulent tax returns or even commit crimes. Most of these fraudulent activities can be committed electronically from a remote location, including overseas. Committing these activities in cyberspace allows scamsters to act quickly and cover their tracks before the victim becomes aware of the theft. CONTINUED