12-07-2010 Regular School Board Meeting
Agenda Item #32


Title
Florida Education Investment Trust Fund (FEITF) Interlocal Trust Agreement

Discussion

The Florida School Boards Association and the Florida Association of District School Superintendents have created an interlocal trust agreement to establish an intergovernmental investment pool, known as the Florida Education Investment Trust Fund (FEITF) pursuant to Florida Statute, sections 163.01 and 218.415. The FEITF was created to offer Florida school districts a safe, liquid, and transparent investment alternative to the Florida Local Government Investment Pool, also known as the Florida SBA.

The Board of Directors that will provide the oversight for the FEITF is composed of Florida School Board members and Florida School Superintendents. The Board of Directors has selected an investment advisory committee, composed of school district finance officers, to provide technical assistance and financial guidance to the Board. Judy Preston, Associate Superintendent of Financial Services, and Jo Ann Clark, Director of Accounting Services, currently serve on the advisory committee and they have been active members since the inception of FEITF. Representatives of the advisory committee have been asked to request their School Board to adopt a resolution to take action to become a signatory Public Agency for establishing the Trust as authorized under F.S. 163.01. The approval and execution of the resolution does not obligate the School Board of Brevard County to invest in the FEITF but merely authorizes the District to be a party to the interlocal agreement.

Standard and Poors (S&P) has assigned an AAAm rating to the FEITF fund, which is the highest quality rating for money market funds. AAAm money market funds are approved investments in the School Board's current investment policy.



Recommendation
Approve the adoption of a resolution for the School Board of Brevard County to become a signatory Public Agency for establishing the Trust as authorized under F.S. 163.01.

Meeting Date(s)
Information - 12/7/2010
Consent after Information1/18/2011

Authority for Action
F.S. 163.01, 218.415

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Agenda Item will not Require the Expenditure of Funds

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program

Contact

Jo Ann Clark, Director of Accounting Services, ext. 660

Judy Preston, Associate Superintendent of Financial Services, ext. 600




Attachment:  FEITF Trust Agreement.pdf
Attachment:  FEITF Board of Trustees and Investment Advisory Committee.pdf
Attachment:  FEITF Service Providers.pdf
Attachment:  FEITF Signatory Public Agency Addendum.pdf