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Florida State Investment Trust Fund in Trouble

Like many other state governments, Florida pools money from state agencies and local governments into funds in an attempt to earn higher returns. Because of concern over investments linked to subprime mortgages, Florida’s local governments in recent weeks have withdrawn billions of dollars from the fund. In response, top Florida officials moved on Nov. 29 to stabilize an investment pool by temporarily suspending withdrawals by cities and school districts. The turmoil has left some towns and school districts unable to meet payrolls or pay bills and has raised concerns about similar funds across the country.

The freeze was lifted days ago but Florida schools and towns continued to pull out funds even with penalties. The withdrawals suggested state officials have yet to restore confidence in an investment fund that was the largest of its kind in the United States at $27 billion before schools and cities pulled almost half their deposits last month.
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p.s. Click here for the news report by the Economists.

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Hubert H. Humphrey Institute of Public Affairs