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Last modified
5/13/2022 10:12:51 AM
Creation date
10/5/2015 9:09:20 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Report
Approved Date
03/22/2011
Control Number
2011-075
Agenda Item Number
8.B.
Entity Name
Indian River County
Subject
Comprehensive Annual Financial Report
Fiscal Year October 1, 2009 - September 30, 2010
Alternate Name
CAFR
Supplemental fields
SmeadsoftID
9332
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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2010 <br />NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br />C. Investments - Continued <br />Credit Risks - Continued <br />Securities and Exchange Commission registered money market funds with the highest credit <br />quality rating from a nationally recognized rating agency; <br />Repurchase agreements with a term of one year or less collateralized by direct obligations of the <br />United States Government which have maturities of three (3) years or less and a market value <br />103% or more of the repurchase amount. <br />Currently, Fund B participants are permitted to withdraw scheduled amounts as assets become liquid. <br />Full realization of the principal value of Fund B assets is uncertain and dependent upon the <br />collateralized securities underlying each holding and is contingent upon future market conditions. <br />Concentration Risk <br />The County's investment policy has established asset allocation and issuer limits to reduce <br />concentration of credit risk in the County's investment portfolio. All investments are stated at fair <br />value. The County's investment policy does not allow for more than 20% of the entire portfolio to be <br />invested in any one issuer, with the exception of United States Treasury Obligations and state <br />authorized pools. No more than 10% of the portfolio may be placed in certificates of deposit (CD) and <br />no more than $3 million of the portfolio may be placed in certificates of deposit with any one financial <br />institution. No more than 5% of the portfolio may be placed in any one money market fund, mutual <br />fund, or intergovernmental investment pool. The Tax Collector does allow 25% of the portfolio to be <br />invested in CDs and/or money market funds. See investment list and percentages at the beginning of <br />Note 4C. <br />Custodial Credit Risk <br />The County's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to <br />be registered and shall be held with a third parry custodian and all securities purchased by, and all <br />collateral obtained by, the County shall be held in the name of the County. The securities must be held <br />in an account separate and apart from the assets of the financial institution. As of September 30, 2010, <br />the County's investment portfolio in U.S. Treasuries, U.S. Agencies, and all money market funds, was <br />held by The Bank of New York/Mellon with the exception of the following: the SunTrust NOW <br />account, the Regions Bank Money Market, CenterState Bank certificates of deposit, and the Florida <br />Trust Day to Day Fund. The Florida Trust Day to Day Fund was held by UMB Bank. <br />D. OPEB Trust Investments <br />Funds are held in the name of the Indian River County OPEB Trust (IRCOT), an irrevocable trust, by a <br />third party custodian, Bank of New York/Mellon. The investments are reported at fair value based <br />upon market -close price on the last business day of each month. <br />63 <br />
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