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JEFFREY R. SMITH, CPA, CGFO, CGMA <br />Clerk of Circuit Court & Comptroller I <br />Finance Department <br />1801 27th Street <br />Vero Beach, FL 32960 <br />Telephone: (772) 226-1945 <br />TO: Board of County Commissioners <br />FROM: Diane Bernardo, Finance Director <br />THRU: Jeffrey R. Smith, Clerk of the Circuit Court and Comptroller' <br />DATE: October 26, 2015 ((�� <br />SUBJECT: Changes in Investment Policy <br />13e <br />BACKGROUND <br />During the Investment Advisory Committee on October 22, 2015, three changes were recommended to <br />the Investment Policy. <br />We are requesting the following sentences be changed to our investment policy: <br />OLD: <br />1. Page 2, Section III, 3. — Delegation of Authority and Oversight Procedures <br />"Money manager's performance, calculated in accordance with the Association of <br />Investment Management and Research (AIMR) performance presentation standards <br />(Attachment C), will be compared to standard benchmark." <br />NEW: <br />1. Page 2, Section III, 3. — Delegation of Authority and Oversight Procedures <br />"Money manager's performance, calculated in accordance with the Chartered Financial <br />Analysts (CFA) Institute's performance presentation standards, will be compared to <br />standard benchmark." <br />OLD: <br />2. Page 3, Section V, 2. — Authorized Investments <br />"State of Florida local Government Surplus Funds Trust fund (SBA) for existing funds <br />only; or any intergovernmental investment pool authorized pursuant to the Florida <br />Interlocal Cooperation Act as provided in FS 163.01." <br />NEW: <br />2. Page 3, Section V, 2. — Authorized Investments <br />"Any intergovernmental investment pool, with the exception of SBA pools, authorized <br />pursuant to the Florida Interlocal Cooperation Act as provided in FS 163.01." <br />64 <br />