“FULL DISCLOSURE”….”OVERSIGHT” ….HMMMM…..
The State Board of Administration is manages the pensions for local governments…and now will enact oversight to bring “transparency…HMMM….
One of this writer’s early encounters dealing with no response coming the Town Manager……concerned the Towns funds that were in the state “pools”when they took a “nose dive”……While she was most accommodating in explaining how fast she got us out of one of the “pools”……she would not and has not answered to this day what we paid in penalty fees to take the remainder of funds out of a secondary “pool”when allowed……Guess it should have been a “wake-up call”…to other non-response actions……….her hiring practices… town-wide code-sweeps….and pavilion reduction makeover…. …. ARGHHHH…..
From the Miami Herald…..
‘Florida’s state management agency has new oversight provisions’
‘If the name State Board of Administration doesn’t immediately leap forth, don’t worry. Most Floridians haven’t heard of the agency that manages more than $122.6 billion of the state’s investments.
Relatively unknown for years, the agency made headlines last November when a local government investment pool it managed plummeted in value. Counties, cities, local agencies and school boards pulled $10 billion out of the local government investment pool in two weeks.’
‘Sen. Ted Deutsch, D-Deerfield Beach, says he likely will introduce a bill in the coming legislative session that would expand the SBA’s investment advisory committee to include qualified representatives from the pension plans.
”With transparency comes confidence. That’s what we’re trying to ensure. We want the public employees to have the utmost confidence in what the SBA is doing,” Deutsch says.
Florida AFSCME favors a more independent board of trustees for the SBA, a demand it’s been making since the state pension fund lost $355 million on Enron stock in 2002.’
http://www.miamiherald.com/business/story/859372.html
Background…
“Investor pool’s troubles run deep“. See also “State revises fund’s rules“, “Local governments come up short“, “Troubled state investment fund will resume business” and “Agency head quits as state fund reels“.
http://flapolitics.blogspot.com/2007_12_05_flapolitics_archive.html
Tags: local government, Local Politics, News, Scoops
