Agenda 05/13/2008 Item #10F
Agenda Item No. 10F
May 13, 2008
Page 1 of 4
EXECUTIVE SUMMARY
Authorization of a budget amendment which will establish appropriations to pay the Clerk
of Courts for the annual cost, incurred by the Clerk, associated with the investing activity
of the Board's investment portfolio.
OBJECTIVE: Board of County Commissioners' (Board) authorization ofa budget amendment
moving appropriation from the General Fund (00 I) Reserves for Contingencies to an
interdepartmental reimbursement account.
CONSIDERATIONS: The Clerk reported to the Board on the Board's investment portfolio
during the March 25/26, 2008 Board meeting (Agenda Item 5C).
During the discussion, the Board was informed about the cost of managing the investment
portfolio. The information provided the armual cost to manage the portfolio was $125,000 and
included the Bloomberg service and the salary of the Manager. This amount mayor may not
include the cost of safekeeping (custodial services) which was not specifically identified.
The Clerk must pay for the Bloomberg financial service subscription used in the portfolio trading
process and related investment portfolio costs, including the salary and benefits of the portfolio
manager.
This action will provide funding to reimburse the Clerk for these services upon rendering an
invoice for the services.
FISCAL IMPACT: The fiscal impact of this action is $125,000.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated
with this agenda item.
RECOMMENDATION: That the Board of County Commissioners' authorize the budget
amendment for $125,000.
Prepared By: John A. Y onkosky, CPA, Director
Office of Management and Budget
Agenda Item No. 10F
May 13, 2008
Page 2 of 4
RESOLUTION NO. ~ .257
<-
A OF THE BOARD OF COUNTY COMMISSIONERS OF
COWER COUNTY, FLORIDA, PFIOYlDlNG RECOGNITION OF
SECTION 28.33, FLORIDA STATUTES AND CLARIFYING
ON 2llO2 - 7Z1 RELAnNG TO IN1CREST ACCRUING
NEYS DEPOSrTED WITH TliE ClERK OF THE CIRCUIT
, Section 28.33, Florida Statutes, as exiBting as of May, 2002
the Circuit court In each county shall Invest CDUnty funds In
hose requlred to meet expo...... as provided In s. 218.415. No
derk in "og such funds shaH be liable for the loss of any interest ""hen
dn:umstiln require the withdrawal of fuitds placed In II time deposit and
needed Immediate payment Dr county. obligatIOns. Except for Interest
earned on eys depostted In the reglstry'of the court, 8U Interest accruing
from mo deposllell shall be _mecl intome of the olllce of the cieri< of
the ciro.dt It investing such moneys and shall be deposited In the same
KCOUnt as re other fees and commissions Of the derk's office. The clerk may
Invest m eys deposited in the registry of the court .and shell retain as
Income of e office of the den: and as II reesonable investment management
fee 10 po t of the Interest accruing on._ funds with the bel.nee of
such In being aUocalellln accordance with the 1_ or the depositors.
, when Resolution 2002 - 227 was approved by the Board of County
the 14" of May, 2002, K was the Board's intent that an Interest
funds i.-.J by the Cieri< <>f Courts of Collier County would be
Commissioners
rd in its entirety, except lor ttie ..-sary costs asaocialBd with the
i~ent of the unds; and
WHEREA . the past and present intention of the Board of County
CGrMlIssionenl' that all interest earned by the Qterl< of Courts on County money is to
. the Cieri< of Courts has claimed entitlement to the interest earned on
COunty funds in s 2007- 2lI08 Annual Budget
BY THE BOARD OF COUNTY
OF COUJER COUNTY, FLORIDA that
1.. The Clerk of Cour1s of Collier County Is Bulhorized to inwst County funds
Statutes, Section 28.33.
,
2.
Courts 01 Collier County is not and has mt been authorized to retain
earned on Board funds.
the interest I
3.:
income earned by the Cieri< of Courts of Collier County on Board
to Board of County Commlasioners on a monthly basis.
T-..'
Agenda Item NO.1 OF
May 13, 2008
Page 3 of 4
4. 'The intel8lll
by the ~ on Board funds shall not be waled as tee
Income by the Clerk
5. : The intel8Sl pubHc moneys collected by tIiIe Clerk of Couns of CoIller County
on bi&haJt of the nty for 8Ub8equent disll1bulion thereto and ilWllSled prior 10
dis1rillution musl be _ to the County, along with the prtncipal.
PASSED AN DULY ADOPTED by the Board 01 County Commissioners of
CoIlilir County,
this ~ day of September 2007.
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BOARD Of; COUNTY COMMISSIONERS
COOJERCOU~
By. .#
JAMES COLETTA. CHAIRMAN
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Page 1 of 1
Agenda Item No. 10F
May 13, 2008
Page 4 of 4
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
10F
Authorization of a budget amendment which will establish appropriations to pay the Clerk of
Courts for the annual cost, incurred by the Clerk, associated with the investing activity of the
Boards investment portfolio (John Yonkosky, Office of Management and Budget Director)
Meeting Date:
5/13/20089:00:00 AM
Approved By
OMS Coordinator
OMS Coordinator
Date
County Manager's Office
Office of Management & Budget
5/6/20084:28 PM
Approved By
John A. Yonkosky
Director of the Oftice of Management
Date
County Manager's Office
Office of Management & Budget
5/6/20084:33 PM
Approved By
James V, Mudd
Board of County
Commissioners
County Manager
Date
County Manager's Office
5/7/20089:17 AM
file://C:\AgendaTest\Export\1 07 -May%20 13, %202008\ I 0.%20COUNTY%20MANAGER%... 5/7/2008