Investment Oversight Committee Reports
The Clerk of the Circuit Court and Comptroller in each county shall invest county funds in excess of those required to meet expenses as provided in Florida Statute 218.415. In Leon County Ordinance 02-18 orders the establishment of an Investment Oversight Committee to review and recommend changes regarding the investment practices and policies of Leon County and the adoption of a surplus funds investment policy.
Funds deemed surplus are invested by the Clerk's Office in accordance with the guidance of the committee. Funds are surplus when they are not needed for the immediate operating needs of the county. The majority of the county's revenue is received in November, and that money is invested until it is needed for ongoing expenditures. Funds which may be needed in a short time are invested in Florida Municipal Investment Trust, Florida Local Government Investment Trust, Florida Treasury SPIA, Florida Prime, and Wells Fargo. We also have an outside investment firm that invests a portion of our Investment Portfolio.
The Investment oversight committee is made up of five members. For a list of the members and their terms, click on the Committee link below for information on the Leon County webpage. The Investment Oversight Committee operates in accordance with the provisions of the investment policy adopted by the Board of County Commissioners.
Links to the Policy, Ordinance and Investment By-Laws are listed below.
The committee also operates under the guidance of the Investment Bylaws, established by the Board of County Commissioners on September 17, 2002 with a committee of five voting members. The committee meets on a quarterly basis but can call a special meeting within forty-eight hours. Each meeting is a Public Meeting and shall be noticed as required by law. Minutes of the committee are a public record and are published here.
The Investment Oversight Committee and the Clerk have selected the firm of Insight (formerly Cutwater) for an initial term of three years, beginning on the 1st day of June 2010. The agreement has been renewed until May 31, 2018. This firm was selected through a process of competitive selection process with proposals due February 5, 2010.
A number of reports are available to committee members and the public to understand the performance of the investment portfolio and make our program transparent to Leon County citizens. The primary reports are the Annual Investment Report and the Quarterly Consolidated Portfolio Report. These reports are produced by Insight and by the Treasury Manager of Leon County.
Quarterly Consolidated Portfolio Report
The Quarterly Consolidated Investment Portfolio Report is prepared by the external manager which was selected through a bid process. The report includes performance information in tabular and graphic form about our complete Investment Portfolio and specifically about the portion externally managed by Cutwater. Cutwater Asset Management has managed the County's external portfolio since June 1, 2010. On January 2, 2015, Cutwater under the brand Insight became a wholly owned subsidiary of Bank of New York Mellon.
Annual Investment Report
The annual investment report provides information on a yearly basis about the investments for Leon County. This is an effort to make our program transparent to the citizens of Leon County.
Committee Minutes - IOC Published Minutes by YearSelect the year and specific dates from the list below to see the written minutes.