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Indian River County, Florida <br />Clerk of the Circuit Court and Comptroller <br />Notes To Financial Statements <br />Year Ended September 30, 2014 <br />NOTE 2 - CASH AND CASH EQUIVALENTS <br />A. Deposits <br />At September 30, 2014, the carrying value of the Clerk's deposits was $4,351,241 and the bank balance <br />was $5,855,816. All deposits with financial institutions were 100% insured by federal depository <br />insurance or by collateral provided by qualified public depositories to the State Treasurer in accordance <br />with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits Act. Cash <br />on hand at September 30, 2014 was $1,925. <br />The Clerk's office follows the above state law (governing custodial credit risk) for cash deposits. Refer <br />to the County -wide note on cash and cash equivalents for the definition of custodial credit risk. <br />B. Investments <br />As of September 30, 2014, the Clerk had the following investments: <br />Investment Type <br />Bank United Public Funds Money Market <br />Florida Community Bank Public Funds Money Market <br />Harbor Community Bank Money Market <br />Total Fair Value <br />Interest Rate Risk <br />Fair Value <br />$ 1,202,770 <br />$ 1,502,500 <br />$ 1,652,263 <br />$ 4,357,533 <br />Weighted Average <br />Maturity (In Years) <br />0.08 <br />0.08 <br />0.08 <br />Portfolio <br />Percentage <br />28% <br />34 <br />38 <br />100 % <br />The Clerk adopted an investment policy on April 25, 2013 with the intent to match <br />maturities with known cash needs and anticipated cash flow requirements. The policy was <br />April 24, 2014 to increase individual money market allocations from 35% to 40%. <br />The policy included the following limits: <br />• All final maturities are three years or less, <br />• At least 50% of the portfolio shall be invested in readily available funds. <br />305 <br />investment <br />updated on <br />