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CFO Patronis Announces Treasury Generated $41 M With Cares Act Funding

9/1/2020

For Immediate Release: Tuesday, September 1, 2020
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842
CFO Patronis Announces Treasury Generated $41 M With Cares Act Funding
 
TALLAHASSEE, Fla. – Today, Florida Chief Financial Officer Jimmy Patronis announced the Treasury Division generated $41.25 million in interest from CARES Act funding for the state’s general fund, which can be used at the discretion of the State of Florida. The Chief Financial Officer has a statutory duty to fully invest or deposit state funds to realize maximum earnings and benefits.
 
CFO Jimmy Patronis said, “When Treasury received the nearly $5.9 billion in CARES Act funding, our team went to work in investing these dollars to generate more capital for priorities like health care, schools and roads. Through these strategic investments, we’ve generated more than $41 million that can be used for any purpose the Governor and Legislature deem necessary. That’s a huge sum of cash that can positively impact our communities. With the coronavirus affecting state finances, every dollar counts, and I want to thank the Trump Administration for giving states the opportunity to keep the generated interest.” 
 
In April of 2020, CFO Jimmy Patronis received into the Florida Treasury $5.8 billion in Coronavirus Relief Funds from the Federal CARES Act. The CFO invested these funds into the Treasury Investment Pool where the interest can be used to help offset any reductions in general revenue due to the pandemic’s effect on the economy. The Florida Treasury uses pooled investments for all funds not immediately needed for State of Florida business. All funds invested within the State Treasury Pool are apportioned interest on a monthly basis based on their invested balance in the Total Pool. The investments are allocated among eight Treasury investment portfolios/programs. The Treasury’s principal investment management objectives include providing liquidity, preserving principal and providing incremental income. 
 
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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).