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Ryan L. Butler
<br />Clerk of Circuit Court & Comptroller
<br />1801 27th Street
<br />Vero Beach, FL 32960
<br />Telephone: (772) 226-3100
<br />Indian River County Investment Advisory Committee
<br />Quarterly Investment Report
<br />July 1, 2023 through September 30, 2023
<br />INVESTMENT POLICY
<br />In accordance with Section 218.415, Florida Statutes, the Board of County Commissioners adopted an
<br />Investment Policy to govern the investment of county funds by the Clerk of the Circuit Court &
<br />Comptroller. The Policy states the primary objectives of investment activities are to preserve capital and to
<br />provide sufficient liquidity to meet the cash flow needs of the county. Investment returns are secondary to
<br />the requirements for safety and liquidity.
<br />INVESTMENT ADVISORY COMMITTEE
<br />An Investment Advisory Committee meets quarterly to review the previous quarter's investment activities,
<br />evaluate current and future liquidity needs, and recommend investment strategies. The Committee consists
<br />of the County Administrator, or his designee, and a minimum of two qualified citizens with investment or
<br />financial management expertise. Kristin Daniels, Budget Director, is the County Administrator's designee.
<br />The individuals with investment expertise who have agreed to serve are: David W. Griffis, Founding
<br />Principal Vero Beach Global Advisors, Ted Libby, Senior Portfolio Manager with Cypress Capital Group;
<br />and Bill Penney, President & CEO of Marine Bank and Trust Company. Also present at the meetings are
<br />the Clerk of the Circuit Court & Comptroller, Chief Deputy Comptroller, Assistant Chief Deputy
<br />Comptroller, and Senior Accountant.
<br />AUTHORIZED INVESTMENTS
<br />As permitted by the Investment Policy, surplus funds were invested only in the following types of
<br />investments:
<br />Federal Farm Credit Banks bonds and discount notes (FFCB),
<br />Federal Home Loan Banks bonds and discount notes (FHLB),
<br />Federal Home Loan Mortgage Corporation bonds and discount notes (FHLMC),
<br />Federal National Mortgage Association bonds and discount notes (FNMA),
<br />Treasury Notes and Bills,
<br />Other intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act
<br />as provided in F.S. 163.01,
<br />Certificates of Deposit (CDs), Money Market Funds, and Repurchase Agreements.
<br />INVESTMENT ACTIVITY
<br />As of September 30, 2023, the investments portfolio book value was $488,414,350 with a market value of
<br />$484,535,353. Of the $488,414,350 portfolio total, $393,421,927 is restricted for the following purposes:
<br />$ 123,660,130
<br />$ 639,081
<br />$ 100,465,223
<br />$ 166,966,917
<br />$ 1,690,576
<br />$ 393,421,927
<br />31.43% Special revenue projects
<br />0.16% Debt service
<br />25.54% Capital projects
<br />42.44% Business -type activities
<br />0.43% Fiduciary funds
<br />55
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