Florida Statute 218.405 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XIV
TAXATION AND FINANCE

Chapter 218
FINANCIAL MATTERS PERTAINING TO POLITICAL SUBDIVISIONS

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218.405 Local Government Surplus Funds Trust Fund; creation; objectives; certification; interest; rulemaking.—

(1) There is hereby created a Local Government Surplus Funds Trust Fund to be administered by the board and to be composed of local government surplus funds deposited therein by units of local government under the procedures established in this part. The board may contract with a professional money management firm to manage the trust fund.

(2) The primary objectives, in priority order, of investment activities shall be safety, liquidity, and competitive returns with minimization of risks.

(3) The trustees shall annually certify to the Joint Legislative Auditing Committee that the trust fund is in compliance with the requirements of this part and that the trustees have conducted a review of the trust fund and determined that the management of the trust fund is in accord with best investment practices.

(4) The board may adopt rules to administer the provisions of this section.

History.—s. 1, ch. 77-394; s. 3, ch. 98-124; s. 3, ch. 2008-59.

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Cases Citing Statute 218.405

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Ago (Fla. Att'y Gen. 1994).

Published | Florida Attorney General Reports

...Section 218.345, Florida Statutes, authorizes the governing body of a special district to "invest and reinvest any surplus public funds in its control or possession" in certain, specified areas. These include investments in the Local Government Surplus Funds Trust Fund created by section 218.405 , Florida Statutes; in United States Government securities; and in interest-bearing time deposits or savings accounts in state or national banks....

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Ago (Fla. Att'y Gen. 1986).

Published | Florida Attorney General Reports

...not be immediately needed for the purposes intended," and 218.403 (5) defining "unit of local government" as "a county, municipality, school district, special district, or any other political subdivision of the state." (e.s.) Cf., s. 1.01 (9), F.S. Section 218.405 , F.S., creates the Local Government Surplus Funds Trust Fund (hereafter trust fund) which is administered by the State Board of Administration and composed of local government surplus funds deposited therein by units of local government under the procedures as set forth in the Act....

...218.345 provides that "[t]he governing body of each special district shall, by resolution to be adopted from time to time, invest and reinvest any surplus public funds in its control or possession in . . . (a) The Local Government Surplus Funds Trust Fund, as created by s. 218.405 ." See, AGO 82-43....