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JEFFREY R. SMITH, CPA, CGFO, CGMA <br />Clerk of Circuit Court & Comptroller <br />Finance Department <br />1801 27`" Street <br />`..► Vero Beach, FL 32960 <br />Telephone: (772) 226-1945 <br />Indian River County Investment Advisory Committee <br />Quarterly Investment Report <br />April 1, 2014 through June 30, 2014 <br />INVESTMENT POLICY <br />In accordance with Section 218.415, Florida Statutes, the Board of County Commissioners adopted an <br />Investment Policy to govern the investment of county funds by the Clerk of the Circuit Court. The Policy <br />states the primary objectives of investment activities are to preserve capital and to provide sufficient <br />liquidity to meet the cash flow needs of the county. Investment returns are secondary to the requirements <br />for safety and liquidity. <br />INVESTMENT ADVISORY COMMITTEE <br />An Investment Advisory Committee meets quarterly to review the previous quarter's investment <br />activities, evaluate current and future liquidity needs, recommend investment strategies. The Committee <br />consists of the Clerk of the Circuit Court, Finance Director, Internal Auditor, Budget Director, and three <br />qualified citizens with investment or financial management expertise. The individuals who have agreed to <br />serve are: David W. Griffis, Senior Vice President with Northern Trust Bank of Florida; Ted Libby, <br />Senior Portfolio Manager with Cypress Capital Group; Andy Beindorf, Executive Vice President with <br />CenterState Bank. <br />AUTHORIZED INVESTMENTS <br />As permitted by the Investment Policy, funds were invested only in the following types of investments: <br />Federal Farm Credit Banks bonds and discount notes (FFCB), <br />Federal Home Loan Banks bonds and discount notes (FHLB), <br />Federal Home Loan Mortgage Corporation bonds and discount notes (FHLMC), <br />Federal National Mortgage Association bonds and discount notes (FNMA), <br />Treasury Notes and Bills, <br />State of Florida Local Government Surplus Funds Trust Fund (SBA) (for existing funds only), <br />Florida Local Government Investment Trust (FLGIT), <br />Other intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act <br />as provided in F.S. 163.0 1, <br />Certificates of Deposit (CDs), <br />Money Market Funds, <br />Repurchase Agreements. <br />BOND PROCEEDS INVESTMENT <br />The current bond reserve is placed with Bank of New York/Mellon and is currently invested in short-term <br />treasury bills and agencies. <br />82 <br />