The State University System Board of Governors oversees the general mission of each public university and sets the powers and authority of each university's Board of Trustees. They also monitor expenditure and budget requirements of each universiy, and develop a budget for the overall Florida University System.
The Board's powers and duties were oultined and ratified in 2003 - You may read the full description of the Board's powers and duties by clicking the link below:
Answers.com also has a brief description of The Florida Board of Governors.
The Board of Governors has only been around since 2001 - The Board of Regents once held statewide power over the state university system. USF retains the meeting materials from this now defunct body at the end of this page.