Florida Cabinet Meeting Report: September 30

On Tuesday, September 30, 2008, a Colodny Fass representative attended the Florida Cabinet Meeting held in Tallahassee, Florida.

Below is a brief overview of pertinent discussions that occurred at the meeting.

The Florida Department of Revenue received approval of its request to publish a Notice of Intent for Rule 12B-8.003 Tax Statements; Overpayments related to Insurance Premium Taxes, Fees and Surcharges.

Issues pertaining to the Department of Highway Safety and Motor Vehicle’s adoption of new license plates and budget cuts, which will affect the number of drivers’ license offices operating in the State, were discussed.

However, the Cabinet spent the majority of the meeting focused on water management and resource degradation in the Florida Keys and elsewhere, with presentations and testimony given by the Administration Commission.

Attorney General McCollum’s remarks included recognizing the Federal Alliance for Safe Homes (“FLASH”) week, and the new FLASH exhibit at Disney World’s EPCOT. FLASH promotes disaster awareness and preparedness.

FLASH Representatives, who were present at the meeting, reported that they also are working on a number of research initiatives in conjunction with universities in Florida and Texas and are making progress utilizing the research from those institutions.

Toward the end of the meeting, a representative from the Florida State Board of Administration (“SBA”) gave a brief report on related financial issues and the effect the nation’s credit crisis is having on the tax-free and municipal lending markets. It was reported that because credit markets have not been working efficiently, there has been no borrowing of any significance in the last three weeks. Moreover, the borrowing that is taking place is at about four times the interest rates charged a month ago. However, the SBA reported that it does not foresee a significant problem because it typically plans one fiscal quarter ahead of schedule. The SBA believes that, as long as Washington D.C. can deliver a timely solution to the credit crisis, Florida’s system should operate smoothly at the state and local levels.

Please note that the material above is a brief summary of the discussion and events that took place during the Cabinet Meeting. It is not intended to be a comprehensive review of any particular issues relating to the policies and/or programs discussed. Further, this report should not be relied upon for making any specific decisions.

Should you have any questions about any of the above matters, please do not hesitate to contact Colodny Fass.

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