What is CFO

What is the Florida CFO and Why is it important to Floridians?

The Chief Financial Officer (CFO) of Florida is a statewide elected constitutional officer of Florida and state Executive Cabinet member that touches the lives of every Floridian. It is the only such statewide elected position in the United States.

The office was created in 2002 following the 1998 constitutional reforms that included the Florida Cabinet. The CFO is a combination of the former offices of state Treasurer, Comptroller, Insurance Commissioner and Fire Marshal.

Florida is now the third largest state in population and fourth largest economy in the U.S., and the CFO is the administrative head for the Florida Department of Financial Services (DFS) responsible for overseeing the state’s finances. This includes being custodian for the state’s money about $150 billion of which includes $130 billion of the public employees’ pension fund. The office is also responsible for collecting revenue, paying state bills, auditing state agencies.

The CFO has oversight over the offices responsible for banking, mortgage and insurance regulation, policies and compliance, and is also the state bond manager. The office also oversees insurance fraud and worker’s compensation claims for the state, and is the Fire Marshal for the state handling fires, fire safety and arsons investigations. The DFS alsoregulates cemeteries and funerals, and bail bonds industry.

Equally important, as one of three state Executive Cabinet members, the CFO along with the governor presides on the board for state agencies such as Board of Administration that administers state pension fund, Department of Veteran Affairs, Department of Law Enforcement, Executive Clemency Board, Department of Revenue, Power and Transmission Board, Land and Water Commission and others, making decisions on policies that effects the lives Floridian’s and their families, and businesses, across the state.