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JEFFREY R. SMITH, CPA, CGFO, CGM.A <br />Clerk of Circuit Court R. Comptroller <br />Finance Department <br />1801 270i Street <br />Vero Beach, FL 32960 <br />Telephone: (772) 226-1945 <br />Indian River County Investment Advisory Committee <br />Quarterly Investment Report <br />April 1, 2018 through .lune 30, 2018 <br />INVESTMENT POLICY <br />In accordance with Section 218.415, Florida Statutes, the ''Board of County Commissioners adopted an <br />Investment Policy to govern the investment of county funds by the Clerk of the Circuit Court. The .Policy <br />states the primary objectives of investment activities are to preserve capital and to provide sufficient <br />liquidity to meet the cash flow needs of the county. Investment returns are secondary to the requirements <br />for safety and liquidity. <br />INVESTMENT ADVISORY COMMITTEE <br />An Investment Advisory Committee meets quarterly to review the previous quarter's investment activities; <br />evaluate current and future liquidity needs, recommend investment strategies. The Committee consists of <br />the Clerk of the Circuit Court, Finance Director, Internal Audit Director, Budget Director, and three <br />qualified citizens with investment or financial management expertise. The individuals who have agreed to <br />serve are: David W. Griffis, Founding Principal Vero Beach Global Advisors, Ted Libby, Senior Portfolio <br />Manager with Cypress Capital Group; and Andy Beindorf, Market President of National Bank of <br />Commerce. <br />"AUTHORIZED INVESTMENTS <br />As permitted by the Investment Policy, surplus funds were invested only in the following types of <br />investments: <br />Federal Farm Credit Banks bonds and discount notes (1 --FCB), <br />Federal .Home Loan Banks bonds and discount notes (FHLB), <br />Federal Home Loan Mortgage Corporation bonds and discount notes (FHLMC), <br />Federal National Mortgage Association bonds and discount notes (FNMA), <br />Treasury Notes and Bills, <br />Florida Local Government Investment Trust (F,LGIT), <br />Other intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act <br />as provided in F.S. 163.0.1, <br />Certificates of Deposit (CDs), Money Market Funds, <br />Repurchase Agreements. <br />I BOND PROCEEDS INVESTMENT I <br />The current water and sewer bond reserve is placed with Bank of New York/Mellon and is currently <br />invested in treasury ,notes. <br />QUARTERLY AVERAGE YIELD <br />The overall average yield for the quarter ended June 30, 2018 was 1.54°%. The overall average yield for the <br />quarter ended March 31, 2018 was 1.24% and 1.01 % for the quarter ended December 31, 2017. <br />55 <br />