Georgia State Financing and Investment Committee
The Georgia State Financing and Investment Commission (GSFIC) acts as the State of Georgia's representative in deciding when to incur debt to finance projects. After bonds have been sold, the GSFIC is in charge of the disbursement of the funds to the proper agencies.
division, or department within the State of Georgia government system can sell
bonds or incur debt or seek investment or financial advisement without
receiving the Commission's approval. The GSFIC is committed to the core values
of stewardship, excellence, leadership, and fairness. The Georgia State
Financing and Investment Commission is divided into two divisions: the
Financing and Investment Division and the Construction Division.
Financing and Investment Division
This division of GSFIC oversees the planning, scheduling, advertising, and selling of bonds to finance capital outlay projects, such construction of buildings. After the money is received, the GSFIC is responsible for the accounting of the funds, investing the funds, and finally disbursement of the funds to the proper agencies.
The Commission also oversees legislative appropriations for capital outlay projects, and is responsible for all other State of Georgia debt. Any investment earnings are used by the GSFIC to pay down the State's debt so the State can retire their debt earlier. The Commission monitors how state government agencies and entities spend the dispersed funds, abide by federal tax laws, and try to pay off the debt early.
addition, the Financing and Investment Division is considered the financial
advisory arm of the State of Georgia. This division is responsible for
producing a Debt Management Plan and Debt Affordability Study.
Construction Division oversees and manages all construction projects from the
design phase to the eventual occupancy for all State of Georgia agencies and
entities. The Construction division receives the bids on proposed projects, and
then along with the State of Georgia agency or entity which will occupy the
newly constructed building, this Division chooses a contractor to build the
project. This Division monitors how the construction is progressing and handles
the accounting of the funds that have been disbursed to pay for the project.
Members of the Georgia State Financing and Investment Commission
The GSFIC members include the Governor, the Lieutenant Governor, the State Auditor, the Speaker of the State House of Representatives, the Attorney General, the Commissioner of Agriculture, and the Director of the Office of Treasury and Fiscal Services.