Laserfiche WebLink
JEFFREY R. SMITH, CPA, CGFO, CGMA <br />Clerk of Circuit Court & Comptroller <br />Finance Department <br />1801 271x' Street <br />Vero Beach, FL 32960 <br />Telephone: (772) 226-1945 <br />TO: <br />Board of County Commissioners <br />FROM: <br />Diane Bernardo, Finance Director <br />THRU: <br />Jeffrey R. Smith, Clerk of the Circuit Court and Comptrolle <br />DATE: <br />January 29, 2016 <br />SUBJECT: <br />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 i <br />CountyAttorney <br />Budget <br />Department <br />Risk Management <br />11 <br />