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INDIAN RIVER COUNTY, FLORIDA
<br />NOTES TO FINANCIAL -STATEMENTS - CONTINUED
<br />Year Ended September 30, 1988
<br />2. Cash and Investments - Continued:
<br />Investments - Florida Statutes, the Board of County Commissioners' Investment
<br />Policy, and various bond covenants authorize investments in certificates of deposit,
<br />savings accounts, repurchase agreements, the Local Government Surplus Funds Trust
<br />Fund administered by the Florida State Board of Administration, obligations of the
<br />U.S. Government, and government agencies unconditionally guaranteed by the U.S.
<br />Government. Certificates of deposit, savings accounts and bank balances, which are
<br />reported as deposits above, whose value exceeds the amount of federal depository
<br />insurance are 1001 collateralized pursuant to the Public Depository Security Act of
<br />the State of Florida. The County invested in only these types of instruments during
<br />the fiscal year.
<br />The County's investments are categorized below to give an indication of the level of
<br />risk assumed at year end. Category 1, defined as insured or collateralized with
<br />securities held by the County or by its agent in the County's name, includes invest-
<br />ments that are insured or registered or for which the securities are held by the
<br />County or its agent in the County's name. Category 2, defined as collateralized
<br />with securities held by the pledging financial institution's trust department or
<br />agent in the County's name, includes uninsured and unregistered investments for
<br />which the securities are held by the broker's or dealer's trust department or agent
<br />in the County's name.
<br />Schedule of Investments at September 30, 1988
<br />Category Carrying Market
<br />1 2 Amount Value
<br />Repurchase agreements $ - $ 461,970 $ 461,970 S 461,970
<br />U.S. Government securities 5,284,553 - 5,284,553 5,216,969
<br />U.S. Government agency
<br />securities 27,291,631 - 27,291,631 26,885,403
<br />S32,576,184 S 461.970 33,038,154 32,564,342
<br />Local Government Surplus
<br />Funds Trust Fund 14,783,156 14,783,156
<br />Total Investments 547,821,310 $47,37,498
<br />In addition to the cash and temporary cash investments listed Above, employee
<br />deferred compensation plan (see Note 8) cash and temporary cash investments were
<br />$196,094, which -are carried at market value. These investments are held separately
<br />from those of other County funds. As prescribed by the plan documents, the
<br />investment portfolios include investment obligations of the U.S. Government, mutual
<br />funds and money market accounts, and are held by the plan administrators but not in
<br />the County's name.
<br />22.
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