2019-203E - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2019 66 NOTE 3 - CASH AND INVESTMENTS - Continued D. OPEB Trust Investments - Continued As of September 30, 2019, the OPEB Trust had the following investments: Weighted Average Maturity Portfolio Investment Type Fair Value in Years Percentage Vanguard 500 Index $ 6,781,765 N/A 22.34 % Vanguard All World Ex-US 6,081,081 N/A 20.03 Vanguard Mid Cap Index 1,507,343 N/A 4.96 Vanguard Small Cap Index 746,170 N/A 2.46 Vanguard Short-Term Treasury 9,149,265 2.10 30.13 Vanguard Intermediate Treasury 3,051,994 5.50 10.05 Vanguard Prime Money Market 3,044,003 0.13 10.03 Total Fair Value $ 30,361,621 100.00 % The County has the following recurring fair value measurements for investments in the OPEB Trust as of September 30, 2019: Level 1 Level 2 Level 3 Total Index funds $ 15,116,359 $ - $ - $ 15,116,359 U.S. government securities funds 12,201,259 - - 12,201,259 Money market fund 3,044,003 - - 3,044,003 Total investments $ 30,361,621 $ - $ - $ 30,361,621 Investments classified as Level 1 of the fair value hierarchy are valued using quoted prices in active markets from the County's custodian bank. NOTE 4 - PROPERTY TAX REVENUES Taxable values for all property are established as of January 1, which is the date of lien, for the fiscal year starting October 1. Property tax revenues recognized for the 2018-2019 fiscal year were levied in October 2018. All taxes are due and payable on November 1 or as soon as the assessment roll is certified and delivered to the Tax Collector. Discounts are allowed for early payment at the rate of 4% in November, 3% in December, 2% in January, and 1% in February. Taxes paid in March are without discount. All unpaid taxes become delinquent as of April 1. Virtually all unpaid taxes are collected via the sale of tax certificates on or prior to June 1; therefore, there were no material taxes receivable at fiscal year end.