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Indian River County, Florida <br />Tax Collector <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />I. Fund Balance <br />GASB Statement 54 — Fund Balance Reporting and Governmental Funds Type Definitions was <br />implemented as of October 1, 2009. This Statement requires the fund balance for governmental funds to <br />be reported in classifications that comprise a hierarchy based primarily on the extent to which the <br />government is bound to honor constraints on the specific purposes for which amounts in those funds can <br />be spent. Categories for fund balance are as follows: nonspendable, restricted, committed, assigned, and <br />unassigned. For more information, see the County -wide Note on Fund Balance. <br />NOTE 2 - CASH AND INVESTMENTS <br />A. Deposits <br />At September 30, 2011, the carrying amount of the Tax Collector's deposits was $6,677,977 and the <br />bank balance was $6,898,588. All deposits with financial institutions were 100% insured by federal <br />depository insurance or by collateral provided by qualified public depositories to the State Treasurer in <br />accordance with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits <br />Act. <br />B. Investments <br />The Tax Collector modified their investment and deposit policy in August 2011. This policy requires the <br />Tax Collector's office to follow the above state law (governing custodial credit risk) for deposits and <br />Section 218.415, Florida Statutes. Refer to the County -wide Note 4, Cash and Cash Equivalents, for <br />definition of custodial credit risk. <br />At September 30, 2011, the Tax Collector had the following investments: <br />361 <br />Weighted Average <br />Portfolio <br />Credit <br />Investment Type <br />Fair Value <br />Maturity In Years <br />Percentage <br />Risks <br />Other Fixed Rate Investments: <br />Florida PRIME (formerly Fund A) <br />$ 142,678 <br />.08 <br />18.95% <br />AAAm <br />Fund B Surplus Funds Trust Fund <br />77,521 <br />4.82 <br />10.30 <br />Not Rated <br />Other Market Rate Investments: <br />Certificate of Deposit — Six Month <br />251,880 <br />.50 <br />33.45 <br />N/A <br />Certificate of Deposit — One Year <br />252,512 <br />1.00 <br />33.54 <br />N/A <br />Florida Trust Day to Day Fund <br />25,204 <br />.08 <br />3.35 <br />AAAm <br />Fidelity American U.S. Treasury Fund <br />3,064 <br />.08 <br />0.41 <br />AAA <br />Total Fair Value <br />$ 752,859 <br />100.00% <br />Portfolio weighted average maturity <br />1.02 <br />361 <br />