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.

The State Board of Administration (SBA) provides oversight of the fund. As of March 31, 2023, 763 clients participated in Florida PRIME.

As of March 31, 2023, the market value of the fund was $22.5 billion. Over the 12-month period ending March 31, 2023, the fund earned a return of 2.93%, outperforming its target return by 0.41%.

As of June 30, 2022, the SBA estimates annual expenses of $5.8 million charged directly to Florida PRIME. These expenses include costs for SBA oversight, investment management, security custody and accounting, fund rating, and legal compliance.

Other Reports
Annual Investment Report: Fiscal Year July 1, 2021 - June 30, 2022, State Board of Administration
Florida PRIME Monthly Summary Reports, State Board of Administration

Websites of Interest
Florida PRIME
State Board of Administration

Sections 218.405 and 218.409, Florida Statutes

Manager of External Affairs, 850-413-1254
Website