OPPAGA text logo with graphic of FL historic capitol
OPPAGA text logo with graphic of FL historic capitol

Department of Financial Services

Treasury

What is the purpose of the Treasury?

The Treasury operates a cash management system and performs standard treasury functions such as operating a statewide deposit concentration system and receipts and payments posting systems. The Treasury also operates a large collateral management program to protect the financial assets pledged by entities doing business in the state or with the state and manages a supplemental retirement program for state and other public sector employees.

How are program services provided?

The Treasury has three bureaus that fulfill its statutory responsibilities.
  • Collateral Management administers assets such as cash, certificates of deposit, letters of credit, and marketable securities that are deposited with or pledged to the bureau for safekeeping.  These collateral assets are required of banks, trust companies, insurance companies, and other parties by state agencies and other Florida governmental units as a condition of doing business in Florida. The bureau also administers Florida's Public Deposits Program.
  • Deferred Compensation manages the Deferred Compensation Plan, a voluntary pretax retirement program that supplements employee investment in the Florida Retirement System Pension and Investment Plans and provides employees of the State of Florida with tools to help prepare for financial security during retirement. To achieve this goal, the bureau partners with five investment providers to offer investment products.
  • Funds Management operates a cash management system to maximize investments by speeding the flow of funds into the Treasury and performs standard treasury functions such as operating statewide receipts and payments posting systems. In addition, the bureau manages the Treasury Investment Pool, which is a fixed income investment operation for both general revenue and trust funds and funds of organizations participating in the Special Purpose Investment Program.

What is the market value of the Treasury's holdings?

As of February 2020, Florida Treasury Investment Pool holdings had a total market value of $26,343,675,276.

What is the annual gross investment yield on Treasury investments?

In Fiscal Year 2019-209, the average gross investment yield on Treasury investments was 3.48%, an increase from the Fiscal Year 2018-19 investment yield of 2.44%. The Treasury Investment Pool is managed using conservative investment principles to provide liquidity and generate incremental returns for the state and other government-related organizations.

How are these activities funded?

Fiscal Year: 2020-21
Fund Dollars Positions
PROGRAM: TREASURY
DEPOSIT SECURITY
2,033,738
21.00
STATE FUNDS MANAGEMENT AND INVESTMENT
4,085,766
24.50
SUPPLEMENTAL RETIREMENT PLAN
1,746,160
13.00
TOTAL
7,865,664
58.50

Updates

Corporate Income Tax. The 2020 Legislature enacted HB 7095 which adopts provisions of the Federal Internal Revenue Code (IRC) in effect on January 1, 2020, for purposes of Florida’s corporate income tax. Florida imposes a 5.5 percent tax on certain income of corporations doing business in Florida. Florida uses federal taxable income from federal tax returns as a beginning point to calculate corporate income tax owed to Florida.

Florida updates its utilization of the Federal Internal Revenue Code by adopting the code as it exists on January 1 in any given year. Adopting the code on an annual basis ensures the Florida tax code reflects any relevant changes to the IRC that were made during the prior year.

 The Revenue Estimating Conference estimates that adopting the IRC as it existed on January 1 will have a state revenue impact that is indeterminate with respect to both magnitude and direction.  

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?

Other Reports
Department of Financial Services - Florida Accounting Information Resource Subsystem (FLAIR) and Origami Risk Insurance Management System (Origami) - Information Technology Operational Audit, Auditor General Report No. 2018-025, October 2017.
Department of Financial Services - Investment Accounting System (IAS) and Cash Management System (CMS) - Information Technology Operational Audit, Auditor General Report No. 2015-096, February 2015.
Florida's Comprehensive Annual Financial Reports, Florida Department of Financial Services.
Websites of Interest
National Association of State Treasurers
Performance Information
Performance measures and standards for the department may be found in its Long Range Program Plan.

What are the applicable statutes?

Chapters 17 and 280, Florida Statutes.

Whom do I contact for help?

Treasury Division, 850-413-3165, email:  FloridaTreasury@fldfs.com

Website