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Indian River County, )Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 2 - CASH AND CASH EQUIVALENTS <br />The Board maintains a cash and investment pool that is available for use by all funds except those whose <br />cash and investments must be segregated due to bond covenants or other legal restrictions. <br />A. Deposits <br />At September 30, 2014, the carrying value of the Board's deposits was $20,217,767 and the bank <br />balance was $21,843,381. All the deposits were covered by the FDIC or collateralized in accordance <br />with Chapter 280, Florida Statutes, also known as the "Florida Security for Public Deposits Act". Cash <br />on hand at September 30, 2014 was $8,200. <br />B. Accrued Interest <br />Interest earnings on U.S. Treasury Notes and government agency bonds are recorded in the cash and <br />investment pools and then allocated to each fund based on each fund's average monthly balance. As of <br />September 30, 2014, accrued interest for the Board's portfolio totaled $108,191 and was allocated to the <br />funds based on their average monthly balance for September. The remaining accrued interest is <br />reflected in utilities and road paving assessments. <br />256 <br />