Witness the dynamics of Florida's 2010 governor's race every other week at the Cabinet meeting

TALLAHASSEE — To catch a glimpse of the 2010 governor's race, look no further than the Cabinet room in the basement of Florida's Capitol.

It was there, on Tuesday, that Florida Chief Financial Officer Alex Sink's gubernatorial opponent thwarted her latest efforts to expand oversight of the state pension board.

Sink, a Democrat, wanted her fellow Cabinet members, Republican Gov. Charlie Crist and Republican Attorney General Bill McCollum, to endorse her proposal recommending the Legislature expand the State Board of Administration's trustees board.

"This is a continuation of the legacy I want to leave as CFO," Sink said. "And that is a better governing board for the pension fund."

But McCollum, her opponent for governor, insisted on a slower, more measured approach. Crist, who has helped McCollum raise money for his gubernatorial campaign, agreed.

Sink later insisted that all campaign politics are "left at the door when I come in the Cabinet room," and McCollum spokeswoman Sandi Copes said politics "absolutely doesn't play a role."

Yet the dynamics and tension between the 2010 gubernatorial candidates will be most visible on the Cabinet dais, where Sink and McCollum sit a few feet apart every other week, debating and voting on myriad issues.

Sink, the former Bank of America executive, wanted the Cabinet on Tuesday to recommend that the Legislature expand the board of trustees of the State Board of Administration by at least two people with financial expertise and participation in the pension fund. The SBA board now consists of just three of the four Cabinet members: Sink, McCollum and Crist. Agriculture Commissioner Charles Bronson does not sit on the SBA board.

But McCollum and Crist agreed to hold off on any such recommendation until December's Cabinet meeting, when they expect to hear from SBA director Ash Williams and the SBA advisory group on how to proceed.

"I would like to thank the CFO for presenting this, but I think we ought to reflect on this," McCollum said.

Sink's proposal also would require all trustees to get financial training.

"Right now we have a board with three people, none of whom are required to have financial experience," Sink said. "That might have been good for 1885, but it's not good for the 21st century."

As the keeper of Florida's checkbook, Sink is most closely identified with the state's financial health. She has been advocating SBA changes since taking office in 2007, and more urgently over the past year as the pension fund fell in value and questions arose over its management.

Sink and the other two SBA trustees, Crist and McCollum, supervise billions in public investments, including Florida's pension funds for 1.1 million current and retired public employees. The pension fund now stands at $110 billion, but it fell to $87 billion last year. Much of the decline was related to the ailing economy and stock market, but a St. Petersburg Times investigation found that SBA officials also misled investors and even the three trustees about the soundness of the pension fund and its investments. The SBA lost over $250 million in pension funds after investing in a Manhattan real estate project that went bust.

A recent SBA survey of 15 other states' funds found Florida is unique in its small governance structure, especially considering it is one of the nation's largest pension funds. The SBA survey also found Florida is the only state whose governor and attorney general help oversee the fund. Some ethics watchdogs say the attorney general's service on the board is a potential conflict.

"I'm of the adage that if it ain't broke don't fix it," McCollum told Sink on Tuesday. "Our SBA governance might be different from some other states, but it doesn't mean it's broken."

Sink said she is "disappointed" about Tuesday's delay, but she isn't planning to wait until December.

"I am going to approach members of the Legislature myself to ask them to do this," she said.

Also Tuesday, the Cabinet named Col. Julie Jones, chief of law enforcement for the Fish and Wildlife Conservation Commission, to lead the Division of Highway Safety and Motor Vehicles. Jones, 52, will replace Electra Bustle, who this month announced her plans to resign for a job in the private sector. Bustle made $124,381 in the state post, which oversees 4,500 employees and a budget of nearly $400 million.

Shannon Colavecchio can be reached at scolavecchio@sptimes.com or (850) 224-7263.