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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2006 <br />NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br />B. Accrued Interest <br />Interest earnings on U.S. Treasury Notes and government agency bonds are recorded in the cash and <br />investment pool and then allocated to each fund based on each fund's average monthly balance. Interest <br />received within 45 days of September 30, in the amount of $1,861,432, was accrued and allocated to the <br />funds based on their average monthly balance for September. In addition, accrued interest on special <br />assessments receivable totaled $72,211 and on a capital projects reserve account totaled $9,178. <br />C. Investments <br />On August 17, 2004, the County and the constitutional officers, with the exception of the Tax Collector, <br />formally adopted an investment policy pursuant to Section 218.415, Florida Statutes, that established <br />permitted investments, asset allocation limits, issuer limits, credit ratings requirements and maturity <br />limits to protect the County's cash and investments. The Tax Collector adopted his formal policy in <br />February 2005. <br />As of September 30, 2006, the County had the following investments: <br />Investment Type <br />Fixed Rate Debt Investments: <br />U.S. Treasuries <br />U.S. Agencies:** <br />Federal Farm Credit Bureau <br />Federal Home Loan Bank <br />Federal Home Loan Mortgage Corp <br />Federal National Mortgage Assoc. <br />Guaranteed Investment Contact <br />Other Fixed Rate Investments: <br />Local Governmental Surplus Funds <br />Trust Funds <br />Florida Local Government <br />Investment Trust Fund <br />Other Market Rate Investment: <br />U.S. Treasury Money Market <br />Total Fair Value <br />Portfolio weighted average maturity <br />16,302,582 <br />143,132 <br />$ 443.317.036 <br />.08 3.7 AAA and S-1 * <br />25 0.03 <br />100.00 <br />Will <br />* AAA credit quality, S-1 Market Volatility <br />* * The weighted calculation considers the investments are carried until full maturity <br />(i.e. call dates are not considered). <br />u� <br />1 <br />64 a <br />Weighted <br />Average <br />Fair <br />Maturity <br />Portfolio <br />Credit <br />Value <br />In Years <br />Percentage <br />Risks <br />$ 65,723,535 <br />1.11 <br />14.8% <br />None <br />82,273,908 <br />1.20 <br />18.6 <br />AAA <br />80,714,994 <br />0.98 <br />18.2 <br />AAA <br />55,771,848 <br />1.18 <br />12.6 <br />AAA <br />69,719,810 <br />1.43 <br />15.7 <br />AAA <br />3,139,285 <br />17.92 <br />0.77 <br />AA -/A1+ <br />69,527,942 <br />.08 <br />15.6 <br />Not Rated <br />16,302,582 <br />143,132 <br />$ 443.317.036 <br />.08 3.7 AAA and S-1 * <br />25 0.03 <br />100.00 <br />Will <br />* AAA credit quality, S-1 Market Volatility <br />* * The weighted calculation considers the investments are carried until full maturity <br />(i.e. call dates are not considered). <br />u� <br />1 <br />64 a <br />