2015-063-63A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2014 NOTE 4 - CASH AND CASH EQUIVALENTS - Continued D. OPEB Trust Investments - Continued The County approved a separate investment policy for the OPEB Trust assets on February 3, 2009 (last amended on November 5, 2013). The County adopted a broadly diversified portfolio composition consisting of equity, debt, and cash and cash equivalents. Asset allocations are divided between short- term and long-term investments. Short-term asset allocations include cash and cash equivalents with maturities of 180 days or less. Long-term asset allocations range from 0-60% for equities, 0-60% for fixed income securities, and 0-100% for cash and cash equivalents. The contribution of $3,426,879 for the year ended September 30, 2014 was invested in the various funds listed below. As of September 30, 2014, the OPEB Trust had the following investments: Investment Type Short -Term Portion: Weighted Average Maturity Portfolio Credit Fair Value InYears Percentage Risks* Fidelity Treasury Money Market $ 7,263 0.11 Long -Term Portion: 0.05% AAAm Vanguard 500 Index 3,146,175 N/A 22.41 N/A Vanguard All World Ex -US 2,773,589 N/A 19.76 N/A Vanguard Mid Cap Index 717,849 N/A 5.11 N/A Vanguard Small Cap Index 345,886 N/A 2.46 N/A Vanguard Short -Term Treasury 4,238,737 2.60 30.19 AA+ Vanguard Intermediate Treasury 1,409,132 5.90 10.04 AA+ Vanguard Prime Money Market 1,194,575 0.16 8.51 A-1 Vanguard Federal Money Market 205,626 0.16 1.47 A-1 Total Fair Value $ 14,038,832 100.00% * Ratings based upon Standard and Poor's NOTE 5 - PROPERTY TAX REVENUES Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal year starting October 1. Property tax revenues recognized for the 2013-2014 fiscal year were levied in October 2013. All taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount. All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at fiscal year-end. 69