Clerk Brandon J. Patty presented the St. Johns County Board of County Commissioners a check on Tuesday, January 15, 2024, for the record-setting investment income earned in calendar year 2023. The short-term investments earned over $20.6 million based on the expert in-house investment of county funds by the Comptroller’s Office staff.  

 Interest revenues are allocated across the county’s many governmental and enterprise funds based on the average monthly cash balances of each fund. The State Board of Administration (SBA) Florida Prime earned the largest amount of short-term interest over the past calendar year, totaling approximately $15 million.      

 “Handling the investment of taxpayer dollars is a function handled by the talented group of professionals assigned to the Comptroller’s Office,” said Clerk Brandon J. Patty. “Through the safe, yet aggressive management of investments, we were able to earn record-setting returns.” 

 Florida Statute 28.33 gives the clerk of the circuit court and county comptroller the authority to invest county funds in excess of those required to meet expenses. The St. Johns County Board of County Commissioners adopted an investment policy to provide authorized investments and the allowance of an investment advisor. The objectives of the investment policy are the safety of the principal of those funds, maintenance of liquidity, and return on investment. The investment policy lists in detail the types of investments and percentages in which the county can invest.   

Current short-term investment holdings for St. Johns County include Florida Prime (SBA), Florida Public Assets for Liquidity Management (FL PALM), and Money Market accounts. Investment holdings are reported annually to the St. Johns County Board of County Commissioners at a public meeting.  

 Invested monies include, but are not limited to, ad valorem revenue, sales and gas tax dollars, impact fees, tourist taxes, and various charges for services. The average monthly balance invested for calendar year 2023 was an estimated $521 million.  

 To learn more about the investment policy adopted by the St. Johns County Board of County Commissioners, please our website at: https://stjohnsclerk.com/bcc-investments.