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Indian River County, Florida <br />Tax Collector <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 2 - CASH AND INVESTMENTS - Continued <br />C. Deposit and Investment Policy - Continued <br />Interest Rate Risk <br />The Tax Collector will attempt to match investment maturities with known cash needs and anticipated <br />cash flow requirements. Investments of current operating funds shall have maturities of no longer than <br />twelve months and funds in excess of current operating needs may have maturities of no longer than <br />twenty-four months. <br />Credit Risk <br />Florida Statutes authorize investments in certificates of deposit, savings accounts, the Local Government <br />Surplus Funds Trust Fund administered by the Florida State Board of Administration; Securities and <br />Exchange Commission registered money market funds with the highest credit quality rating from a <br />nationally recognized rating agency, and direct obligations of the U.S. Treasury. At September 30, 2017 <br />the Florida PRIME, the Florida Trust Day to Day Fund and FLCLASS held a rating of AAAm. <br />Custodial Credit Risk <br />All investments are held in the name of the Tax Collector, by the Tax Collector, with the exception of <br />M <br />the Florida Trust Day to Day Fund, which was held by UB Fund Services; the FLCLASS, which was <br />held by Wells Fargo Bank, N.A.; and the Florida PRIME, which was held by BNY Mellon. <br />NOTE 3 - INVENTORIES <br />Inventories are valued at cost, which approximates market, using the "first -in, first -out" method of <br />accounting. The costs of general fund inventory are recorded as an expenditure when consumed rather <br />than when purchased. Inventory of the Tax Collector, included in the general fund, represents postage. <br />NOTE 4 — PENSION PLAN <br />Florida Retirement System <br />Plan Description: The Tax Collector's employees participate in the Florida Retirement System (FRS), a <br />cost-sharing, multiple -employer public employee retirement system, administered by the Florida <br />Department of Management Services (DMS). Benefit provisions are established and may be amended by <br />state statute. A financial report is available from the DMS website at www.dms.myflorida.com or by <br />mail at Florida Division of Retirement, PO Box 9000, Tallahassee, FL 32315-9000. <br />403 <br />