CFO Jimmy Patronis: State Treasury Generates Record $1.95 Billion in Earnings

TALLAHASSEE, Fla. – Today, Chief Financial Officer (CFO) Jimmy Patronis announced that the Florida Department of Financial Services’ Division of Treasury generated a record $1.95 billion in interest earnings during Fiscal Year 2023-2024. These earnings derive from state funds and other monies that the Division of Treasury invests on behalf of taxpayers, while remaining effective stewards of resources that fund operational state duties and other financial assets entrusted to its care.

CFO Patronis is deeply committed to financial responsibility and return on investment, as interest earnings help fund government investments in roads, schools, hospitals and other fundamental areas that make living and working in Florida better. The record interest earnings nearly double last fiscal year’s record of $1.1 billion, and under CFO Patronis’ leadership, the Division of Treasury has generated approximately $6 billion in earnings since 2017.

CFO Jimmy Patronis said, “As Florida’s Chief Financial Officer, I am thrilled to report that we have once again delivered a record-breaking amount of interest earnings for taxpayers. This is no coincidence. The Department’s Division of Treasury works extremely hard to deliver results, and I’m grateful for their focus on the bottom-line; to me good returns are everything. This is ‘free’ money in excess of what the Department already oversees, and it will be used to improve Florida for kids, seniors, families, workers, businesses and many others who deserve responsible and effective leadership. It must be said that we are delivering despite political games played by federal politicians and manipulative financial institutions, like BlackRock, who lost site of the importance of returns through their focus on ESG.”

The State Treasury’s Total Investment Pool for the last fiscal year outperformed its benchmark by 41 Basis Points (4.52% vs 4.11%). Additionally, the Division of Treasury has made record investments in Israel bonds, which have also yielded significant returns. In March, CFO Patronis announced an additional $50 million in Israel bonds on top of a $120 million commitment made after the horrific October 7th, 2023, Hamas terror attacks against Israeli civilians. Treasury holds an total of $250 million in Israel bonds, and in doing so, the state is diversifying its investment portfolio and generating results, approximately $14.25 million in interest from these investments to-date.

The Department of Financial Services’ Treasury Division works to ensure that cash and other assets held for safekeeping within the Treasury are accurately accounted for, effectively invested and competently protected. The Florida Treasury utilizes pooled investments for all funds not immediately needed for State of Florida business. The Treasury Investment Pool incorporates a combination of short, intermediate and longer-term fixed income investment strategies. The asset structure of the pool is designed to provide strong liquidity, preserve capital and provide excess returns to the State. This is done through the use of an internal shorter term, high-quality investment portfolios, as well as additional investment income using longer term managed investments.                         

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About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).