Special districts with any deposit accounts in banks or savings associations must make those deposits according to Chapter 280, Florida Statutes - Security For Public Deposits. By doing so, those special districts will be covered by Florida's Public Deposits Program, a statewide collateralization program that protects public deposits. For more information, see Division of Treasury, Collateral Management.

Benefits of Florida's Public Deposits Program

  • It saves special districts from dealing with collateral, custodians and security agreements.
  • When public deposits are made in accordance with Chapter 280, Florida Statutes, public depositors, as defined in section 280.02, Florida Statutes - Definitions, will be protected from loss in the absence of negligence, malfeasance, misfeasance or nonfeasance on the part of the public depositor or on the part of his or her agents or employees.

Program Requirements

To be covered by the program, special districts must do the following:

  • Maintain the public deposit in a financial institution designated as a qualified public depository (see Qualified Public Depositories).
  • Ensure the account name on the deposit is sufficient to identify it as a Florida public deposit.
  • At the time of opening each public deposit account, execute the Public Deposit Identification and Acknowledgment Form (Form DFS-J1-1295) with the qualified public depository and maintain the form as a valuable record. If a special district has not executed this form for any accounts currently open, do so right away. This form should be submitted to Florida's Chief Financial Officer only as part of a claim filing in the event of the qualified public depository going into default.
  • Confirm the public deposit account annually, as of September 30, with the qualified public depository and reconcile any discrepancies before November 30.
  • Submit the Public Depositor Annual Report to the Chief Financial Officer (Form DFS-J1 -1009), by November 30, to the Florida Department of Financial Services.
  • Notify Florida's Chief Financial Officer immediately by telephone if the special district ever receives a notice of default or insolvency from the receiver of the depository. Then, provide written confirmation and a copy of the notice to the Chief Financial Officer.

Contact Someone Who Can Answer Questions About Public Deposit Requirements

Additional Information - Florida Department of Financial Services, Bureau of Collateral Management Contact

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