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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2015 NOTE 4 - CASH AND CASH EQUIVALENTS The County maintains a cash and investment pool that is available for use by all funds except those whose cash and investments must be segregated due to bond covenants or other legal restrictions. A. Deposits At September 30, 2015, the carrying amount of the primary government's deposits was $36,423,253 and the bank balance was $38,874,596. The County's policy requires all deposits with financial institutions to be 100% insured by federal depository insurance or by collateral provided by qualified public depositories to the State Treasurer, in accordance with Chapter 280, Florida Statutes also known as the Florida Security for Public Deposits Act. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member fails. Cash on hand at September 30, 2015 was $30,345. B. Accrued Interest Interest earnings on U.S. Treasury Notes and government agency bonds are recorded in the cash and investment pools and then allocated to each fund based on each fund's average monthly balance. As of September 30, 2015, accrued interest for the County's portfolio totaled $200,383. The remaining accrued interest is reflected in utilities and road paving assessments. C. Investments On April 23, 2015, the County updated its investment policy to increase the limit on certificates of deposit. On October 22, 2015, the Board of County Commissioners updated its investment policy to exclude SBA pools from the list of authorized investments, to specify money manager's performance benchmarks, and to clarify the Clerk of Circuit Court and Comptroller's (Clerk) role in bank and investment agreements. 67