Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 3 - CASH AND INVESTMENTS <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, 2016, the carrying amount of the primary government's deposits, including <br />$10,684,084 in the Agency Fund, was $139,739,705 and the bank balance was S143,109,868. The <br />County's policy requires all deposits with financial institutions to be 100% insured by federal <br />depository insurance or by collateral provided by qualified public depositories to the State Treasurer, in <br />accordance with Chapter 280, Florida Statutes also known as the Florida Security for Public Deposits <br />Act. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple financial <br />institution pool with the ability to assess its member financial institutions for collateral shortfalls if a <br />member fails. On February 2, 2016, the Board of County Commissioners updated its cash and <br />investment policy to increase the limit on certificates of deposit from $6.0 million to $6.5 million. <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, 2016, accrued interest for the County's portfolio totaled $249,411. The remaining <br />accrued interest is reflected in utilities and road paving assessments. <br />61 <br />