2021-046A - Laserfiche WebLink

Home Browse Search

Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2020 NOTE 3 - CASH AND INVESTMENTS - Continued D. OPEB Trust Investments Funds are held in the name of the Indian River County OPEB Trust (OPEB Trust), an irrevocable trust, by a third party custodian, Bank of New York/Melton. The contribution for the year ended September 30, 2020 was $2,206,025. Cash balance in the OPEB Trust at September 30, 2020 was $76,576. The investments are reported at fair value based upon market -close price on the last business day of each month. The County approved a separate investment policy for the OPEB Trust assets on February 3, 2009 (last amended on December 4, 2018). The County adopted a broadly diversified investment portfolio composition consisting of equity, debt, and cash. Asset allocations are divided between short-term and long-term investments. Short-term asset allocations include cash and investments with maturities of 180 days or less. Long-term asset allocations range from 0-60% for equities, 0-60% for fixed income securities, and 0-100% for cash and cash equivalents. For the fiscal year ended September 30, 2020, the annual money -weighted rate of return on investments, net of investment expense, was 7.99%. The money -weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. As of September 30, 2020, the OPEB Trust had the following investments: Investment Type Vanguard 500 Index Vanguard All World Ex -US Vanguard Mid Cap Index Vanguard Small Cap Index Vanguard Short -Term Treasury Vanguard Intermediate Treasury Vanguard Prime Money Market Fair Value $ 7,508,027 6,517,414 1,667,098 830,631 9,632,870 3,210,930 3,210,957 Total Fair Value $ 32,577,927 69 Weighted Average Maturity Portfolio in Years Percentage N/A N/A N/A N/A 2.80 5.70 0.15 23.04 20.00 5.12 2.55 29.57 9.86 9.86 100.00