11/05/2013AP-A - Laserfiche WebLink

Home Browse Search

JEFFREY R. SMITH Clerk of Circuit Court and Comptroller 1801 27th Street, Building A Vero Beach, Florida 32960 Telephone (772) 226-1205 TO: Board of County Commissioners DATE: October 29, 2013 SUBJECT: Updated Investment Policy-two minor changes FROM: Jeffrey R. Smith, Clerk of the Circuit Court and Comptroller • And DIV Diane L. Bernardo, Finance Director (� BACKGROUND The Investment Advisory Committee met on October 17,2013 to review the Investment Policy. We are requesting three modifications to our investment policy: 1. Page 2 Section III-Delegation of Authority and Oversight Procedures "... will be compared to standard benchmarks such as,for example, Lehman Brothers Short-term Government Index, Lehman Brothers Government Corporate Index, Consumer Price Index, and returns of the Florida Local Government State Pool." Deleted sentence above which makes references to specific benchmarks. The Investment Advisory Committee will select appropriate benchmarks for the portfolio. 2. Page 3 Section V-Authorized Investments 9: Derivatives(defined as a financial instrument the value of which depends on, or is derived from, the value of one or more underlying assets or index or asset values), reverse repurchase agreements,or similar forms of leverage are prohibited. The word prohibited was not previously in bold. 3. Page 4 Section VIII-Portfolio Composition Risk Diversification No more than 10% of the portfolio may be placed in any one money market fund,mutual fund,or intergovernmental investment pool. The policy previously reflected a 5%limit in money market, mutual funds,or intergovernmental investment pools. RECOMMENDATION Staff recommends that the Board of County Commissioners accept the Investment Policy changes. Attached is a complete investment policy for reference. Indian River County Approved Date Administrator County Attorney �.. Budget Department Risk Management 22