Any unit of Florida government, from the state and its agencies to cities, counties, universities, school districts, special districts, and any other governmental unit must comply with Chapter 280, Florida Statutes ("F.S.") when placing any public funds on deposit in a bank or savings association. The specific statutory requirements for Florida public depositors are listed in Section 280.17, F.S. While every Florida public depositor should review these requirements in detail, a public depositor's three primary responsibilities are:
- Use a qualified public depository ("QPD") for all of its deposit accounts. A QPD is a bank or savings association that has been approved by the Florida Treasury's Bureau of Collateral Management ("BCM") to accept public funds for deposit.
- At the time of opening a deposit account – or as soon as possible if this was not done at the time of opening the account – complete and sign a Public Deposit Identification and Acknowledgment Form, present it to the QPD for their signature, and then retain the form as an important record. The completed forms are valid indefinitely, but must be replaced if 1) the QPD name changes, or 2) the deposit account number changes. These forms are NOT to be filed with our office unless a QPD fails and a claim for reimbursement of funds is necessary.
- File the Public Depositor Annual Report to the Chief Financial Officer each year by November 30th. Please note that in filing this report, the governmental unit is representing that it has in its possession a completed Public Deposit Identification and Acknowledgment Form for each of its accounts.
Click on this link for the current list of active QPDs.