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Indian River County,Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2012 <br /> NOTE 4 - CASH AND CASH EQUIVALENTS <br /> The County maintains a cash and investment pool that is available for use by all funds except those <br /> whose cash and investments must be segregated due to bond covenants or other legal restrictions. <br /> A. Deposits <br /> At September 30, 2012, the carrying amount of the primary government's deposits was $31,412,676 <br /> and the bank balance was $36,557,919. The County's policy requires all deposits with financial <br /> institutions to be 100% insured by federal depository insurance or by collateral provided by qualified <br /> public depositories to the State Treasurer, in accordance with Chapter 280, Florida Statutes also known <br /> as the Florida Security for Public Deposits Act. The Act established a Trust Fund, maintained by the <br /> State Treasurer, which is a multiple financial institution pool with the ability to assess its member <br /> financial institutions for collateral shortfalls if a member fails. Cash on hand at September 30, 2012 <br /> was $25,859. <br /> B. Accrued Interest <br /> Interest earnings on U.S. Treasury Notes and government agency bonds are recorded in the cash and <br /> investment pools and then allocated to each fund based on each fund's average monthly balance. As of <br /> September 30, 2012, accrued interest for the County's portfolio totaled $143,142. The remaining <br /> accrued interest is reflected in utilities and road paving assessments. <br /> C. Investments <br /> On August 12, 2008, the County, with the exception of the Tax Collector, updated their investment <br /> policy pursuant to Section 218.415, Florida Statutes, which established permitted investments, asset <br /> allocation limits, issuer limits, credit ratings requirements and maturity limits to protect the County's <br /> cash and investments. The Tax Collector adopted a formal investment policy in February 2005, and <br /> revised the policy in November 2009 and August 2011. The Clerk elected not to adopt a formal <br /> investment policy and selected the alternative investment guidelines as provided by Florida Statutes <br /> subsection 17, 218.415. <br /> 60 <br />