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Indian River County, Florida <br />Clerk of the Circuit Court and Comptroller <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 2 - CASH <br />A. Deposits <br />At September 30, 2017, the carrying value of the Clerk's deposits was $6,109,716 and the bank balance <br />was $6,849,702. All deposits with financial institutions were 100% insured by federal depository <br />insurance or by collateral provided by qualified public depositories to the State Treasurer in accordance <br />with Section 280.01, Florida Statutes, also known as the Florida Security for Public Deposits Act. <br />The Clerk's office follows the above state law (governing custodial credit risk) for cash deposits. Refer <br />to the County -wide note on cash and investments for the definition of custodial credit risk. <br />B. Deposit and Investment Policies <br />The Clerk adopted a cash and investment policy on April 25, 2013 with the intent to match investment <br />maturities with known cash needs and anticipated cash flow requirements. The policy was updated on <br />April 24, 2014 to increase individual money market allocations from 35% to 40%. <br />Interest Rate Risk <br />The Clerk's cash and investment policy includes the following limits: <br />• All final maturities are three years or less, <br />• At least 50% of the portfolio shall be invested in readily available funds. <br />Concentration Risk <br />The following limits on portfolio compensation are outlined in the Clerk's investment policy: <br />• No more than 10% or $1 Million of the total portfolio may be placed in certificates of <br />deposit with a Qualified Public Depository with any one financial institution, <br />• No more than 40% of the portfolio may be placed in any money market fund or <br />intergovernmental investment pool. <br />Custodial Credit Risk <br />The Clerk's cash and investment policy pursuant to 218.415, Florida Statutes, requires securities to be <br />held in the name of the Clerk and separately identified from the assets of the financial institution. All <br />cash and money market accounts are listed under the name of the Indian River County Clerk of Circuit <br />Court. <br />331 <br />