State Board of Administration of Florida
Local Government Surplus Funds Trust Fund
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?
The State Board of Administration (SBA) provides oversight of the fund. As of April 30, 2021, 740 clients participated in Florida PRIME.
How have trust fund investments performed?
As of April 30, 2021 the market value of the fund was $18.3 billion. Over the 12-month period ending April 30, 2021, the fund earned a return of 0.31%, outperforming its target return by 0.15%.
What annual expenses are associated with administering the trust fund?
As of July 2020, the SBA estimates annual expenses of $4.6 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?
Other Reports
Annual Investment Report: Fiscal Year July 1, 2019 - June 30, 2020, State Board of Administration, January 2021.
Florida PRIME Monthly Summary Reports, State Board of Administration.
What are the applicable statutes?
Whom do I contact for help?
John Kuczwanski, Manager of External Affairs, 850-413-1254, email: John.Kuczwanski@sbafla.com
