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U <br /> JEFFREY R. SMITH, CPA, CGFO, CGMA ,�o�NT, <br /> Clerk of Circuit Court&Comptroller �` °°�, <br /> Finance Department 941. <br /> 1801 271x'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 Comptrolle <br /> DATE: January 29, 2016 <br /> SUBJECT: Change in Investment Policy <br /> BACKGROUND <br /> During the Investment Advisory Committee meeting on January 28, 2016, one change was recommended <br /> to the Investment Policy. <br /> We are requesting the following be changed to our investment policy: <br /> OLD: <br /> 1. Page 4, Section VIII — Portfolio Composition, Risk and Diversification <br /> "No more than 10% of the portfolio may be placed in certificates of deposit with a <br /> Qualified Public Depository (and collateralized in accordance with State requirements) <br /> and no more than $6 million of the portfolio may be placed in certificates of deposit with <br /> any one financial institution." <br /> NEW: <br /> 1. Page 4, Section VIII — Portfolio Composition, Risk and Diversification <br /> "No more than 10% of the portfolio may be placed in certificates of deposit with a <br /> Qualified Public Depository (and collateralized in accordance with State requirements). In <br /> addition, no more than $6.5 million of the portfolio, including accrued interest, may be <br /> placed in certificates of deposit with any one financial institution." <br /> RECOMMENDATION <br /> Staff recommends that the Board of County Commissioners accept the Investment Policy change.Attached <br /> is a complete investment policy for reference, with the change in bold lettering. <br /> Indian River Approyed Date <br /> Administrator 4 l <br /> County Attorney <br /> Budget <br /> Department <br /> Risk Management <br /> 11 <br />