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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2015 <br /> NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br /> C. Investments - Continued <br /> Concentration Risk- Continued <br /> The Tax Collector's cash and investment policy limits portfolio composition to the following maximum <br /> guidelines: <br /> Local Government Surplus Funds Trust Fund 95% <br /> Florida Trust Day to Day Fund 95% <br /> Direct Obligations of the U.S. Government 25% <br /> Money Market, CD's, and Savings Accounts 95% <br /> Securities & Exchange Commission Money Funds 25% <br /> Bank Super NOW Accounts 95% <br /> Bank Repo Agreements 50% <br /> United States Government Agencies 25% <br /> The Clerk's cash and investment policy limits portfolio composition to no more than 10% or $1 million <br /> in certificates of deposit with a qualified public depository with any one financial institution. The <br /> Clerk's cash and investment policy was updated in April 2014 to limit no more than 40% of the <br /> portfolio in any money market fund or intergovernmental investment pool. <br /> Custodial Credit Risk <br /> The Board's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to <br /> be registered and shall be held with a third party custodian and all securities purchased by, and all <br /> collateral obtained by, the Board shall be held in the name of the Board. The securities must be held in <br /> an account separate and apart from the assets of the financial institution. As of September 30, 2015, the <br /> County's investment portfolio in U.S. Treasuries, U.S. Agencies, and money market funds, was held by <br /> The Bank of New York/Mellon. Additional investments include the Florida Local Government <br /> Investment Trust (held by the Bank of New York/Mellon) and the Florida Trust Day to Day Fund (held <br /> by UMB Bank). <br /> D. OPEB Trust Investments <br /> Funds are held in the name of the Indian River County OPEB Trust (OPEB Trust), an irrevocable trust, <br /> by a third party custodian, Bank of New York/Mellon. The investments are reported at fair value based <br /> upon market-close price on the last business day of each month. <br /> 71. <br />