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Id <br />TO: Board of County Commissioners <br />FROM: Elissa Nagy, Finance Director <br />THRU: Jeffrey R. Smith, Clerk of the Circuit Court and Comptroller <br />DATE: December 4, 2020 <br />SUBJECT: Changes to Cash and Surplus Investment Policy <br />BACKGROUND <br />During the Investment Advisory Committee meeting on December 3, 2020, some minor changes were <br />recommended to the Cash and Surplus Funds Investment Policy. <br />We are requesting the following changes to the Cash and Surplus Funds Investment Policy: <br />OLD: <br />1. Page 3, Section V — Authorized Investments <br />Items #1-8 are authorized investments and Items #9-10 are prohibited investments. <br />NEW: <br />2. Page 3, Section V — Portfolio Investments(new section title) <br />List Items# 1-8 under a subsection of "Authorized Investments" and then list Items #9-10 under a <br />new subsection titled "Prohibited Investments" <br />OLD: <br />1. Page 4, Section VIII — Portfolio Composition, Risk and Diversification <br />No more than 10% of the portfolio may be placed in any one Qualified Public Depository (and <br />collateralized in accordance with State requirements). In addition, no more than $6.5 million of <br />the portfolio, including accrued interest, may be placed in certificates of deposit with any one <br />financial institution. <br />NEW: <br />2. Paize 4, Section VIII — Portfolio Composition, Risk and Diversification <br />No more than 10% of the portfolio may be placed in any one Qualified Public Depository (QPD), <br />and collateralized in accordance with State requirements. In addition, no more than $6.5 million <br />of the portfolio, including accrued interest, may be placed in certificates of deposit with any one <br />financial institution. The 10% requirement per QPD includes all accounts held and certificates of <br />deposits. <br />34 <br />