What is the purpose of the trust fund?
The purpose of the Local Government Surplus Funds Trust Fund (also known as Florida PRIME) is to help governments maximize earnings on invested surplus funds and, with these earnings, reduce their need to impose additional taxes. Florida law provides that the primary objectives of the fund are safety, liquidity, and competitive returns with minimization of risk. Governmental investors, including state agencies, state universities and colleges, counties, cities, special districts, school boards, and other direct support organizations of the State of Florida, utilize Florida PRIME.
What services does the SBA provide for the trust fund?
How have trust fund investments performed?
As of April 30, 2020 the market value of the fund was $16 billion. Over the 12-month period ending April 30, 2020, the fund earned a return of 2.02%, outperforming its target return by 0.16%.
What annual expenses are associated with administering the trust fund?
As of July 2019, the SBA estimates annual expenses of $4.3 million charged directly to Florida PRIME. These expenses include costs for SBA oversight and private investment management.
Where can I find related OPPAGA reports?
A complete list of related OPPAGA reports is available on our website
Where can I get more information?
Annual Investment Report: Fiscal Year July 1, 2018 - June 30, 2019, State Board of Administration, February 2020.
The Great Financial Crisis: 10 Years Later - Accomplishments and Lessons Learned, State Board of Administration, February 2020.
Investment Policy Statement: Local Government Surplus Funds Trust Fund (Non-Qualified), Effective July 25, 2019, State Board of Administration, August 2019.
Florida PRIME Monthly Summary Reports, State Board of Administration.
Websites of Interest
State Board of Administration
What are the applicable statutes?
Whom do I contact for help?