2013-054 - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2012 NOTE 4 - CASH AND CASH EQUIVALENTS - Continued C. Investments - Continued Credit Risks - Continued 7. Securities and Exchange .Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; 8. Repurchase agreements with a term of one year or less collateralized by direct obligations of the United States Government which have maturities of three (3) years or less and a market value 103% or more of the repurchase amount. Currently, Fund B participants are permitted to withdraw scheduled amounts as assets become liquid. Full realization of the principal value of Fund B assets is uncertain and dependent upon the collateralized securities underlying each holding and is contingent upon future market conditions. t Concentration Risk The Indian River County Board of County Commissioners and the Tax Collector follow their own l investment policies. Both policies have established asset allocation and issuer limits to reduce concentration of credit risk. Their investments are stated at fair value. ,I The Board's investment policy does not allow for more than 20% of the entire portfolio to be invested in any one issuer, with the exception of United States Treasury Obligations and state authorized pools. No more than 10% of the portfolio may be placed in certificates of deposit (CD) and no more than $3 million of the portfolio may be placed in certificates of deposit with any one financial institution. No more than 5% of the portfolio may be placed in any one money market fund, mutual fund, or intergovernmental investment pool. The Tax Collector's cash and investment policy limits portfolio composition to the following maximum guidelines: Local Government Surplus Funds Trust Fund 95% Florida Trust Day to Day Fund 95% Direct Obligations of the U.S. Government 25% Money Market, CD's, and Savings Accounts 50% Securities & Exchange Commission Money Funds 25% Bank Super NOW Accounts 95% Bank Repo Agreements 50% United States Government Agencies 25% The Clerk's investment in the Florida Trust Day to Day Fund of $4.205 million, the Tax Collector's investment of $25,248, and the Board's investment of $12.439 million have a combined total of $16.670 million. f 63