2018-075RA - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Tax Collector Notes To Financial Statements Year Ended September 30, 2017 NOTE 2 - CASH AND INVESTMENTS - Continued B. Investments - Continued Fair Value Measurement The Tax Collector categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted priced in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The Tax Collector had the following recurring fair value measurements as of September 30, 2017: Florida Prime Florida Trust Day to Day Fund FLCLASS Total Investments C. Deposit and Investment Policy Level Level Level Total $ - $ 101,593 $ - $ 101,593 - 126,135 - 126,135 63,984 - 63,984 $ - $ 291,712 $ - $ 291,712 The Tax Collector last modified their investment and deposit policy in September 2016. This policy requires the Tax Collector's office to follow the above state law (governing custodial credit risk) for deposits and Section 218.415, Florida Statutes. Refer to the County -wide note on cash and investments for the definition of custodial credit risk. Concentration Risk The Tax Collector's cash and investment policy limits portfolio composition to the following maximum guidelines: Local Government Surplus Funds Trust Fund (Florida Prime) 50% Florida Trust Day to Day Fund (Florida Trust) 50% Florida Cooperative Liquid Assets Securities System (FLCLASS) 95% Direct Obligations of the U.S. Government 25% Money Market, CD's, and Savings Accounts 95% Securities & Exchange Commission Money Funds 25% Bank Super NOW Accounts 95% Bank Repo Agreements 50% United States Government Agencies 25% 402