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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2020 NOTE 3 - CASH AND INVESTMENTS The County maintains a cash and investment pool that is available for use by alt funds except those whose cash and investments must be segregated due to bond covenants or other legal restrictions. The following table reconciles the caption totals on the Statements of Net Position with the amounts discussed in the footnotes below. Cash and investments - Statement of Net Position: Cash and investments $ 353,957,904 Restricted cash and investments 46,253,931 Cash - Statement of Fiduciary Net Position -Agency Fund 11,123,022 Total $ 411,334,857 Deposits $ 135,241,537 Investments 276,093,320 Total $ 411,334,857 A. Deposits At September 30, 2020, the carrying amount of the primary government's deposits, including $11,123,022 in the Agency Fund, was $135,241,537, and the bank balance was $139,670,560. The County's policy requires all deposits with financial institutions to be 100% insured by federal depository insurance or by collateral provided by qualified public depositories to the State Treasurer, in accordance with Chapter 280, Florida Statutes, also known as the Florida Security for Public Deposits Act. The Act established a Trust Fund, maintained by the State Treasurer, which is a multiple financial institution pool with the ability to assess its member financial institutions for collateral shortfalls if a member fails. B. Accrued Interest Interest earnings on U.S. Treasury Notes and government agency bonds are recorded in the cash and investment pools and then allocated to each fund based on each fund's average monthly balance. As of September 30, 2020, accrued interest for the County's portfolio totaled $806,078. The remaining accrued interest is reflected in utilities and road paving assessments. 64