2021-046A - Laserfiche WebLink

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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2020 NOTE 3 - CASH AND INVESTMENTS - Continued C. Investments - Continued Concentration Risk - Continued The Tax Collector's cash and investment policy limits portfolio composition to the following maximum guidelines: Local Government Surplus Funds Trust Fund (Florida Prime) 75% Florida Trust Day to Day Fund (Florida Trust) 75% Florida Cooperative Liquid Assets Securities System (FLCLASS) 75% Direct Obligations of the U.S. Government 25% Money Market, CD's, and Savings Accounts 95% Securities 8 Exchange Commission Money Funds 25% Bank Super NOW Accounts 95% Bank Repo Agreements 25% United States Government Agencies 25% The Clerk's cash and investment policy limits portfolio composition to no more than 10% or $1 million in certificates of deposit with ant one qualified public depository financial institution and no more than 40% of the portfolio in any one money market fund, non-operating checking or savings account, or intergovernmental investment pool. Custodial Credit Risk The Board's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to be registered and shall be held with a third party custodian and all securities purchased by, and all collateral obtained by, the Board shall be held in the name of the Board. The securities must be held in an account separate and apart from the assets of the financial institution. As of September 30, 2020, the Boards's investment portfolio in U.S. Treasuries, U.S. Agencies, and money market funds, was held by The Bank of New York/Mellon. Additional Board investments in FLSTAR were held by JP Morgan Chase Et Co. The Board and Tax Collector's investments in the FLCLASS were held by Wells Fargo Bank, N.A. Additional Tax Collector investments include the Florida Trust Day to Day Fund, which was held by UMB Fund Services and the Florida PRIME, which was held by the Bank of New York/Mellon. 68