Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69C - Division of Treasury
Chapter 69C-3 - ADMINISTRATION OF CERTAIN STATE FUND INVESTMENTS
Section 69C-3.005 - Allocation of Earnings

(1) All funds which are on deposit in the Chief Financial Officer will be invested on a daily basis except for funds maintained in Chief Financial Officer bank accounts to provide for uncollected deposits and balances which compensate the banks for services rendered. The funds will be invested in accordance with section 17.57, F.S.

(2) The Chief Financial Officer is responsible for maintaining records which show the daily balance of each account for which earnings will accrue. The Chief Financial Officer will calculate the earnings rate each month on an accrual basis. The earnings rate will be calculated by totaling accrued interest earnings and capital gains or losses taken when an investment instrument is sold before maturity and the selling price differs from the accrued value of the instrument. The total accrued earnings amount will be distributed to each earning entity based on a pro rata share calculated by comparing the average daily balance of that earning entity during the month to the total average daily balances of all earning entities under the control of the Chief Financial Officer during the month. The earnings calculated for each eligible fund will be provided monthly to the agency responsible for administering the fund. Earnings will be available for transfer after the monthly posting. The Chief Financial Officer will also provide a record of debits and credits to each invested balance and an account balance. A summary report showing activity and balances for the invested balances of eligible funds will be delivered monthly to the Division of Accounting and Auditing, the Office of Planning and Budgeting and to the Legislature.

(3) As noted in the previous sections, earnings will be credited to invested balances using accrual accounting methods. The State of Florida operates primarily on a cash basis accounting system. The cash receipts of investment earnings will be credited to the general revenue fund and to the master trust fund described in subsection 69C-3.003(3), F.A.C., based on an allocation system pro-rated to match the total accrued earnings claim of each of the two funds during the month.