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During Mayor Levine Cava’s recent community budget hearings, several residents expressed concerns regarding Miami-Dade County’s investments in Israeli Bonds. We understand that many members of the public may not be familiar with the legal framework and restrictions that guide the County’s investment decisions, that is why I believe it’s imperative to explain how the counties bond investments are determined.
Miami-Dade County’s investments are governed by the County’s Investment Policy, established by the Board of County Commission adhering to Florida Statutes, which is designed to ensure the safety of public funds, maintain liquidity for operational needs, and achieve a reasonable return within those priorities. These policies, allows certain investments that meet strict credit, maturity, and risk standards, including U.S. government securities, high-quality corporate notes.
It is important to note:
These funds are not discretionary spending. The money invested in Bonds comes from specific pools of County funds that are designated for investment under state and local laws.
- The investments must be safe and repayable. Bonds must be historically considered a secure fixed-income investment that meets the County’s approved risk criteria.
- Funds remain restricted. When the bonds mature, the principal and interest return to the investment pool to be reinvested according to the policy — they are not diverted for unrelated purposes without proper budgetary and legal authority.
My role as Clerk of the Court and Comptroller of Miami-Dade County is to safeguard these public funds, ensure all investments comply with the adopted policies and statues, and maintain accurate, transparent records of all transactions.
I understand the political divide that any investment may generate, but I want to clarify that my role is ministerial, and in this capacity, I have a fiduciary responsibility to ensure that all investments comply with the adopted local government policies and Florida statues, and to maintain, transparent records of all transactions. Most recently, Florida Statutes were amended to include that investments be subject to a “pecuniary factor” which means financial factors — such as potential returns and risks of an investment, consistent with applicable investment objectives Nonpecuniary factors, such as considerations for the furtherance of social, political, or ideological interests are not allowed per Florida Statutes.
I recognize the importance of public trust in the stewardship of County resources. My office remains committed to full transparency and will continue to make investment records available for public review so our residents can see firsthand exactly how and where public funds are invested.
