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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 2 - CASH AND INVESTMENTS - Continued <br />C. Investments <br />As of September 30, 2017, the Board had the following investments: <br />* Ratings based upon Standard and Poor's <br />**AAAf credit quality, S-1 Market Volatility <br />*** The weighted calculation considers the investments are carried until full maturity <br />(i.e. call dates are not considered). <br />Fair Value Measurement <br />The Board categorizes its fair value measurements within the fair value hierarchy established by <br />generally accepted accounting principles. The hierarchy is based on the valuation inputs used to <br />measure the fair value of the asset, as determined by the Board's investment advisors. Level 1 inputs are <br />quoted priced in active markets for identical assets; Level 2 inputs are significant other observable <br />inputs; Level 3 inputs are significant unobservable inputs. <br />273 <br />Weighted <br />Average <br />Maturity <br />Portfolio <br />Credit <br />Investment Type <br />Fair Value <br />In Years <br />Percentage <br />Risks* <br />Fixed Rate Debt Instruments: <br />U.S. Treasuries $ <br />82,724,813 <br />0.70 <br />35.92 % <br />N/A <br />U.S. Agencies:*** <br />Federal Farm Credit Bureau <br />23,918,187 <br />1.05 <br />10.39 <br />AA+ <br />Federal Home Loan Bank <br />48,822,753 <br />1.26 <br />21.20 <br />AA+ <br />Federal Home Loan Mortgage <br />45,842,853 <br />1.07 <br />19.91 <br />AA+ <br />Federal National Mortgage Assoc. <br />10,947,847 <br />1.07 <br />4.75 <br />AA+ <br />Other Market Rate Investments: <br />Florida Trust Short Term <br />AAAf and <br />Bond Fund <br />13,922,060 <br />0.08 <br />6.05 <br />S-]** <br />W&S Sinking Fund Reserve: <br />U.S. Treasuries <br />4,124,298 <br />1.24 <br />1.78 <br />N/A <br />Total Fair Value $ <br />230,302,811 <br />100.00 % <br />Weighted Average Maturity of Investments <br />0.92 <br />* Ratings based upon Standard and Poor's <br />**AAAf credit quality, S-1 Market Volatility <br />*** The weighted calculation considers the investments are carried until full maturity <br />(i.e. call dates are not considered). <br />Fair Value Measurement <br />The Board categorizes its fair value measurements within the fair value hierarchy established by <br />generally accepted accounting principles. The hierarchy is based on the valuation inputs used to <br />measure the fair value of the asset, as determined by the Board's investment advisors. Level 1 inputs are <br />quoted priced in active markets for identical assets; Level 2 inputs are significant other observable <br />inputs; Level 3 inputs are significant unobservable inputs. <br />273 <br />