FLORIDA ASSOCIATION OF
COURT CLERKS/COMPTROLLERS
3544 Maclay Blvd. • Tallahassee, FL32312
Ph: 850-921-0808 • Fax: 850-921-4119 •
FOR IMMEDIATE RELEASE
CONTACT:Cragin Mosteller, Florida Association of Counties, (850) 294-9307
Sharon Barrian, Florida League of Cities, (850) 222-9684
WayneBlanton, Florida School Board Association, (850) 414-2578
Bill Montford, Florida Superintendents Association, (850) 488-5099
Beth Allman, Florida Association of Court Clerks/ Comptrollers (850) 921-0808
Joint Statement from the Florida Association of Counties, Florida League of Cities, Florida School Boards Association, Florida Superintendents Association and Florida Association of Court Clerks and Comptrollers regarding the handling of tax dollars by the State Board of Administration through the Local Government Investment Pool
January 3, 2008 —Over the past month, many concerns have come to light regarding the management of the Local Government Investment Pool by the State of Florida. The investments in these funds are of the hard earned tax dollars of Florida’s citizens. It is critical to the people of Florida that the state and the State Board of Administration (SBA) work with our schools and local communities to ensure that additional tax dollars are not lost.
We applaud the SBA’s attempt to allow the limited withdrawal of funds and to mitigate the state’s freezing of the pool, however these options set impractical limitations and require tax dollars be used to pay penalties. We are further encouraged by conversations held today indicating the intent of the SBA to restore the fund to its original intent and reestablish liquidity. Currently, any proposals that require local governments to take out loans to meet their financial obligations would not be acceptable.
Local governments put the hard earned tax dollars of Florida’s citizens in the trust of the state through the Local Government Investment Pool and that trust should be honored by allowing schools and municipalities to withdraw necessary funds to ensure that all financial obligations are met. It is imperative that schools and local governments have access to the tax dollars invested so they can be used to meet payroll and other financial obligations. Liquidity of this pool should be quickly reestablished and without financial penalties.
- more -
We are ready to help the state and SBA strengthen this fund and the people’s confidence in it. However, we must work together to ensure local tax dollars are returned, and a partnership is established and maintained.
-30-