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Pasco County's Investment Portfolio Growing Slowly

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The Tampa Tribune

Published: November 30, 2008

LAND O' LAKES - While the stock market has performed like Busch Gardens' SheiKra roller coaster, Pasco County's investment portfolio has offered all the thrills of a kiddie ride.

A recent report by the Pasco County Clerk of Court's Office, which manages the county's investments, shows a slow and steady growth rate of 1 percent or less on $241.6 million the county has kept in investment funds.

Until last month, the county's funds were spread over several investment vehicles, including the state's Local Government Investment Trust and two other funds run by the State Board of Administration, known as SBA A and SBA B.

Last month, commissioners directed the clerk's office to shift the county's investments to a low-interest money-market fund invested heavily in U.S. Treasury bills. The lack of risk - and the widespread demand for Treasury bills - has reduced the return to almost nothing, said Jay Kaminski of the clerk's office.

The county has about $22 million tied up in the moribund SBA B fund, which state officials froze last year.

Kevin Wiatrowski

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