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INDIAN RIVER COUNTY, FLORIDA
<br />NOTES TO FINANCIAL STATEMENTS - CONTINUED
<br />Year Ended September 30, 1990
<br />2. Cash and Investments:
<br />The County maintains a cash and investment pool that is available for use by all
<br />funds except those whose cash and investments must be segregated due to bond cove-
<br />nants or other legal restrictions.
<br />Cash and Cash Equivalents - At September 30, 1990, the carrying amount of the
<br />County's cash and cash equivalents was 519,436,017 made up of demand deposits,
<br />certificates of deposit, money market accounts, savings accounts and petty cash.
<br />All deposits with financial institutions were 100• insured by federal depository
<br />insurance or by collateral pursuant to the Public Depository Security Act of the
<br />State of Florida. Various deposits were earning interest from 5-11%.
<br />Investments - Florida Statutes, the Board of County Commissioners' Investment
<br />Policy, and various bond covenants authorize investments in certificates of deposit,
<br />money market accounts, savings accounts, repurchase agreements, the Local Government
<br />Surplus Funds Trust Fund administered by the Florida State Board of Administration,
<br />obligations of the U.S. Government, and government agencies unconditionally guaran-
<br />teed by the U.S. Government. Certificates of deposit, money market accounts and
<br />savings accounts and bank balances are reported as cash and cash equivalents
<br />above. The County invested in only these types of instruments during the fiscal
<br />year.
<br />The County's investments are categorized below to give an indication of the level of
<br />risk assumed at year end. Category 1, defined as insured or registered or for which
<br />the securities are held by the County or its agent in the County's name. Category
<br />2, defined as uninsured and unregistered, with securities held by the counterparty's
<br />trust department in the County's name.
<br />Schedule of Investments at September 30, 1990
<br />Repurchase Agreements
<br />U.S. Treasury Securities 11,785,541 -
<br />U.S. Government Agency
<br />Securities 36,055,247 -
<br />Category
<br />1 2
<br />S - $ 3,850,000
<br />Total Investments
<br />$47,840.78t $ 3,850,000
<br />Carrying
<br />Amount
<br />$ 3,850,000
<br />11,785,541
<br />36,055,247
<br />551.690,788
<br />Market
<br />Value
<br />$ 3,850,000
<br />10,941,232
<br />36,713,945
<br />X551,505,177
<br />In addition to the cash and temporary cash investments listed above, employee
<br />deferred compensation plan (see Note 8) cash and temporary cash investments were
<br />5532,151, which are carried at market value. These investments are held separately
<br />from those of other County funds. As prescribed by the plan documents, the
<br />investment portfolios include investment obligations of the U.S. Government, mutual
<br />funds and money market accounts, and are held by the plan administrators but not in
<br />the County's name.
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