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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 />D. OPEB Trust Investments - Continued <br />The Board approved a separate investment policy for the IRCOT assets on February 3, 2009 (amended <br />on May 12, 2009). The County adopted a broadly diversified portfolio composition consisting of <br />equity, debt, and cash and cash equivalents. Asset allocations are divided between short term and long <br />term investments. Short term asset allocations include cash and cash equivalents with maturities of 180 <br />days or less. Long term asset allocations range from 0-60% for equities, 0-60% for fixed income <br />securities, and 0-100% for cash and cash equivalents. <br />The contribution of $3.03 million for the year ended September 30, 2010 was invested in the various <br />funds listed below. As of September 30, 2010, the Indian River County OPEB Trust (IRCOT) had the <br />following investments: <br />Total Fair Value <br />$ 6,913,134 <br />NOTE 5 - PROPERTY TAX REVENUES <br />100.00 % <br />Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal <br />year starting October 1. Property tax revenues recognized for the 2009-2010 fiscal year were levied in <br />October 2009. All taxes are due and payable on November 1 or as soon as the assessment roll is <br />certified and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% <br />in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without <br />discount. All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via <br />the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at <br />fiscal year end. <br />01 <br />Weighted <br />Average <br />Maturity <br />Portfolio <br />Credit <br />Investment Type <br />Fair Value <br />InYears <br />Percentage <br />Risks <br />Short -Term Portion: <br />Fidelity Treasury Money Market <br />$ 1,197,455 <br />0.14 <br />17.32 % <br />Aaa <br />Long -Term Portion: <br />Vanguard 500 Index <br />1,279,203 <br />N/A <br />18.50 <br />N/A <br />Vanguard All World Ex -US <br />1,183,553 <br />N/A <br />17.12 <br />N/A <br />Vanguard Mid Cap Index <br />299,878 <br />N/A <br />4.34 <br />N/A <br />Vanguard Small Cap Index <br />149,706 <br />N/A <br />2.17 <br />N/A <br />Vanguard Short Term Treasury <br />1,366,538 <br />2.30 <br />19.77 <br />Aaa <br />Vanguard Intermediate Treasury <br />913,378 <br />5.80 <br />13.21 <br />Aaa <br />Vanguard Prime Money Market <br />317,913 <br />0.15 <br />4.60 <br />A-1 <br />Vanguard Federal Money Market <br />205,510 <br />0.15 <br />2.97 <br />A-1 <br />Total Fair Value <br />$ 6,913,134 <br />NOTE 5 - PROPERTY TAX REVENUES <br />100.00 % <br />Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal <br />year starting October 1. Property tax revenues recognized for the 2009-2010 fiscal year were levied in <br />October 2009. All taxes are due and payable on November 1 or as soon as the assessment roll is <br />certified and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% <br />in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without <br />discount. All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via <br />the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at <br />fiscal year end. <br />01 <br />