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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2019 <br />64 <br />  <br />  <br />NOTE 3 - CASH AND INVESTMENTS - Continued <br /> <br />C. Investments - Continued <br /> <br />Credit Risk - Continued <br /> <br />7. Securities and Exchange Commission registered money market funds with the highest credit <br />quality rating from a nationally recognized rating agency; <br />8. Repurchase agreements with a term of one year or less collateralized by direct obligations of the <br />United States Government which have maturities of three (3) years or less and a market value <br />103% or more of the repurchase amount. <br /> <br />Concentration Risk <br />The Indian River County Board of County Commissioners, the Clerk of the Circuit Court and <br />Comptroller, and the Tax Collector follow their own investment policies. The policies have established <br />asset allocation and issuer limits to reduce concentration of credit risk. Their investments are stated at <br />fair value. <br /> <br />The County’s investment policy does not allow for more than 20% of the entire portfolio to be invested <br />in any one issuer, with the exception of United States Treasury Obligations and state authorized pools. <br />No more than 10% of the portfolio may be placed in certificates of deposit (CD) and no more than $6.5 <br />million of the portfolio may be placed in certificates of deposit with any one financial institution. No <br />more than 10% of the portfolio may be placed in any one money market fund, mutual fund, or <br />intergovernmental investment pool.   <br /> <br />The Tax Collector’s cash and investment policy limits portfolio composition to the following maximum <br />guidelines: <br /> <br />Local Government Surplus Funds Trust Fund (Florida Prime) 75% <br />Florida Trust Day to Day Fund (Florida Trust) 75% <br />Florida Cooperative Liquid Assets Securities System (FLCLASS) 75% <br />Direct Obligations of the U.S. Government 25% <br />Money Market, CD’s, and Savings Accounts 95% <br />Securities & Exchange Commission Money Funds 25% <br />Bank Super NOW Accounts 95% <br />Bank Repo Agreements 25% <br />United States Government Agencies 25% <br /> <br />The Clerk’s cash and investment policy limits portfolio composition to no more than 10% or $1 million <br />in certificates of deposit with any one qualified public depository financial institution and no more than <br />40% of the portfolio in any one money market fund, non-operating checking or savings account, or <br />intergovernmental investment pool.