The Florida Department of Financial Services Division of Treasury announced record interest earnings of $1.95 billion for Fiscal Year 2023-2024, nearly doubling last year’s $1.1 billion
The Florida Department of Financial Services Division of Treasury announced on Friday a record $1.95 billion in interest earnings during Fiscal Year 2023-2024, accrued from the investment of state funds and other income taxpayers generate.
Funds from the earnings are allocated to support government investments in infrastructure and public services such as roads, schools, and hospitals. The earnings nearly double last year’s fiscal record of $1.1 billion, contributing to the $6 billion in earnings that the Division of Treasury has generated since 2017 under the leadership of Jimmy Patronis.
“As Florida’s Chief Financial Officer, I am thrilled to report that we have once again delivered a record-breaking amount of interest earnings for taxpayers. This is no coincidence. The Department’s Division of Treasury works extremely hard to deliver results, and I’m grateful for their focus on the bottom-line; to me, good returns are everything,” said Florida Chief Financial Officer Jimmy Patronis.
The State Treasury currently holds $250 million in Israel bonds, which was increased by another $50 million in March 2024. To date, the bonds have generated $14.25 million in interest from and have diversified their overall portfolio.
In their investment portfolio, the treasury uses short-, intermediate-, and long-term strategies to keep funds liquid and ensure returns to the state.