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Statement from Florida Chief Financial Officer Jeff Atwater Regarding External Review of the State Board of Administration

5/17/2011

TALLAHASSEE—Today, Florida’s Governor, Attorney General and Chief Financial Officer (CFO) unanimously approved an agenda item initiated by CFO Jeff Atwater to conduct an external review of the State Board of Administration’s risk management processes and financial controls. 
 
CFO Atwater serves as one of three members on the Board of Trustees, which oversees the State Board of Administration and the fourth largest pension fund in the country, with assets currently totaling $131.3 billion as of May 2, 2011.
 
CFO Atwater offered the following statement in response to today’s vote on the SBA review:
 
“It is fiscally prudent to periodically revisit financial management practices and controls. 
 
“Today’s proactive action by the Trustees confirms our commitment to ensuring the SBA has solid and prudent risk management processes and fiscal controls in place.
 
“Moreover, an independent review will assure the Trustees that the SBA has the highest standards in place and is employing best practices in the industry.”
 
Chief Financial Officer Jeff Atwater, a statewide elected official and officer of the Florida Cabinet, oversees the Department of Financial Services.  CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away businesses, and providing transparency and accountability in spending.