Chart: Update on agencies in west-central Florida

Starting in November 2007, hundreds of nervous local government agencies began withdrawing money from the State Board of Administration's local government investment pool.

Below is an update on agencies in west-central Florida.




Local agency Status of funds in Local Government Investment Pool Where their money is now
Pinellas County Commission and County Clerk Withdrew $291.7-million. About $2.9-million remaining. Withdraws funds whenever possible. BB&T, Wachovia money market accounts, Wachovia Public Funds checking and securities backed by the U.S. government. .
Pinellas County Schools Withdrew $19.8-million. About $14.1-million remaining. Have unrealized loss of $505,653. Morgan Stanley money market and several other accounts.
Clearwater Does not invest in SBA. Bank of America interest bearing checking account.
Largo Withdrew $31-million. About $105,000 remaining. Bank certificate of deposits, investments in U.S. treasuries and securities backed by the U.S. government.
St. Petersburg Withdrew $111-million. About $322,400 remaining. Wrote off about $30,000 in losses and could take additional $60,000 loss. $44.5-million in a Colombia Management Strategic money market. Other funds in money market accounts with Morgan Stanley, AIM, and Fidelity.
Hillsborough County Commission Withdrew $461.4-million. $422.7-million remaining. As of March 31 booked paper loss of $8.8-million. Bank accounts, money market accounts, corporate notes, U.S. treasuries and securities backed by the U.S. government. .
Hillsborough County Schools Withdrew $225.7-million. $371.8-million remaining. As of June 30 paper loss was $2.8-million. Wachovia and BB&T.
Tampa Does not invest in SBA. U.S. treasuries and securities backed by the U.S. government.
Pasco County Commission Withdrew $334.1-million. $174.8-million remaining. Federated money market fund operated by SunTrust Bank.
Hernando County Commission and County Clerk Withdrew $43.9-million. $2.1-million remaining. Bank accounts, money market funds and investments in U.S. treasuries and securities backed by the U.S. government.

Chart: Update on agencies in west-central Florida 11/14/08 [Last modified: Tuesday, November 18, 2008 7:37pm]

    

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