Via the Miami Herald, Agency head quits as state fund reels, come links to very useful documents for those trying to follow what's happening in the Florida Local Government Investment Pool (LGIP) (administered by the State Board of Administration):
- Plan to restructure the fund
- List of cities and counties that withdrew money from the state fund last week
- List of cities and counties that still have money in the account
The Herald also highlights some local winners and losers:
Among those who got their money out before the state froze the fund:
Broward County: $227,534,594.02
Broward County School Board: $274,130,570.93
City of Fort Lauderdale: $277,366,602.43
City of Miami: $49,350,000.00
Miami-Dade School Board: $111,879,297.14
Miami-Dade County government: $514,657,752.68
Among those with money still in the fund:
Miami Dade College: $146,026,551.67
Citizens Property Insurance Corporation: $1,974,709,602.79
City of Coral Gables: $32,009,946.93
City of North Lauderdale: $24,566,106.14
Broward Community College: $39,010,779.35
So at a (maximum — could be significantly less if they don't rush to liquidate) 14% haircut, my hometown, Coral Gables, stands to lose up to $4.5 million, and Miami-Dade Community College could lose up to $20 million? Those are big numbers, but I suppose it could have been even worse. The hapless Citizens Insurance remains the biggest potential loser, at up to almost a quarter billion.
Earlier items:
