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JEFFREY R. SMITH, CPA, CGFO, CGMA <br />Clerk of Circuit Court & Comptroller <br />Finance Department <br />1801 27`x` Street <br />Vero Beach, FL 32960 <br />Telephone: (772) 226-1945 <br />Indian River County Investment Advisory Committee <br />Quarterly Investment Report <br />July 1, 2019 through September 30, 2019 <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, and recommend investment strategies. The Committee consists <br />of the County Administrator, or his designee, and a minimum of two qualified citizens with investment or <br />financial management expertise. Kristin Daniels, Budget Director, is the County Administrator's designee. <br />The individuals with investment expertise who have agreed to serve are: David W. Griffis, Founding <br />Principal Vero Beach Global Advisors, Ted Libby, Senior Portfolio Manager with Cypress Capital Group; <br />and Andy Beindorf, Treasure Coast Regional President of CenterState Bank. Also present at the meetings <br />are the Clerk of the Circuit Court, Finance Director, and Internal Audit Director. <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 (FFCB), <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 />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, and <br />Repurchase Agreements. <br />BOND PROCEEDS INVESTMENT <br />The current water and sewer bond reserve is placed with Bank of New York/Mellon and is currently <br />invested in a treasury note. <br />QUARTERLY AVERAGE YIELD <br />The overall average yield for the quarter ended September 30, 2019 was 2.22%. The overall average yield <br />for the quarter ended June 30, 2019 was also 2.22%. <br />61, <br />