Business Action Item |
DATE: Tuesday, May 18, 2010
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS
EXECUTIVE SUMMARY
The district currently has investment dollars with the State Board of Administrations Florida Prime, Northern Trust, and BB&T banks. The rate of return on these accounts is in the range of 22 to 25 basis points.
The investment process involves many players. Ultimate responsibility for the investment function belongs with the governing body. The Hillsborough County Public Schools has a formal investment policy. This agenda item is seeking approval to invest our dollars with Fifth Third Bank.Fifth Third Bank will pay a rate of return equal to the One-Month LIBOR rate (currently 26 basis points), this rate would reset no less than monthly. Fifth Third is a Qualified Public Depository in the State of Florida meaning total deposits would be insured.
ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)
FINANCIAL IMPACT (Budgeted: No)
EVALUATION
SUBMITTED BY: Steve Brady, Assistant Department Manager for Cash Management
Susan Garcia
Manager of Services and Support, Budget (813) 272-4064 |
Gretchen Saunders
Chief Business Officer (813) 272-4270 |
A 5.27 | |
Hillsborough County Public Schools (Florida) * Mtg.#20100518_401 * Section A Item# 5.27 |