The Florida state Treasury operates a special investment program for public entities other than the state.  This program is authorized in Section 17.61(1), Florida Statutes and is called the Treasury Special Purpose Investment Account (SPIA).  Entities created by the Florida Constitution or Florida Statutes are eligible to invest in SPIA. Examples include universities, government foundations, and water management districts.

SPIA funds are invested in the same portfolio as Treasury funds, so the pool of funds has a stable base of funds not needed for immediate disbursement.  These funds are invested in a combination of short-term liquid instruments and intermediate term fixed income securities. This “barbell” investment strategy, along with incremental income produced by securities lending, has the ability to return higher yields than a typical money market funds as seen in the charts to the right.

Participants have the ability to invest and obtain funds same day with an 11:00 a.m. deadline for notifying the Treasury. Earnings are posted monthly based on a pro-rata share of total Treasury earnings.  Approximately half of Treasury investments are placed by external money managers.  A history of annualized returns that shows the earnings rate of the Treasury portfolio is available on this website.  There is an annual assessment of  0.12% of the average daily balance.  Fees are also paid to external money managers and custodians.  Posted earnings rates are net of these fees.

If you would like to discuss the Treasury Special Purpose Investment Account, please contact Cherie Jeffries (850) 413-2779 or Bert Wilkerson (850) 413-2761.

Information for SPIA Account Holders:

• SPIA Manual

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• Trust Fund and SPIA Gross Participant Rate
• Trust Fund and SPIA Net Participant Rate