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News & Notes
Commissioner Jacobs Meets with CFO Sink and Other Cabinet Officials
During her recent visit to Tallahassee, Commissioner Jacobs had the opportunity to sit down with CFO Alex Sink and discuss the recent troubles with the SBA and the local government investment pool. Commission Jacobs stressed to the CFO our concerns regarding increased liquidity and being able to remove funds as needed without penalty. CFO Sink was receptive in the meeting and shared with Commissioner Jacobs her concerns regarding the break down in the pool and what can be done in the future to prevent any such reoccurrences. Jacobs also met with staff officials in Governor Christ's and Attorney General Bill McCollum's office to express the same concerns.
This week, the state announced increased liquidity limits for its Local Government Investment Pool (LGIP). Since December 6, local governments were limited to the greater of $2 million or 15 percent of their account balance when withdrawing funds from Pool A. With the changes enacted this week, local governments may withdraw up to $4 million or 37 percent of their account balance, whichever is greater. In other SBA related news this week, CFO Alex Sink requested that the state Auditor General investigate the SBA and problems related to the LGIP. Click here for the full text of the letter.