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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2006 NOTE 4 - CASH AND CASH EQUIVALENTS - Continued C. Investments - Continued Concentration Risk The County's investment policy has established asset allocation and issuer limits to reduce concentration of credit risk in the County's investment portfolio. All investments are stated at fair value. The County's investment policy does not allow for more than 20% of the entire portfolio to be invested in any one issuer, with the exception of United States Treasury Obligations and state authorized pools. No more than 10% of the portfolio may be placed in certificates of deposit (CD) and no more than $3 million of the portfolio may be placed in certificates of deposit with any one financial institution. With the exception of state authorized pools, nor more than 10% of the portfolio may be placed in any one money market fund. The Tax Collector does allow 25% of the portfolio to be invested in CDs and/or money market funds. See investment list and percentages on previous page. Custodial Credit Risk The County's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to be registered and shall be held with a third party custodian and all securities purchased by, and all collateral obtained by, the County shall be held in the name of the County. The securities must by held in an account separate and apart from the assets of the financial institution. As of September 30, 2006, the County's investment portfolio in U.S. Treasuries and U.S. Agencies was held by the Bank of New York. NOTE 5 - PROPERTY TAX REVENUES Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal L year starting October 1. Property tax revenues recognized for the 2005-2006 fiscal year were levied in October 2005. All taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount. All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at fiscal year end. 0 66 n