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I. OVER VIEWAAD PURPOSE <br />This policy applies to all cash and surplus funds of Indian River County except 1) debt <br />proceeds and 2) monetary assets held by other entities on behalf of the County. <br />Indian River County often has funds available in excess of those required to meet short- <br />term expenses (surplus funds). It is in the best interest of the citizens of Indian River County <br />that an investment policy be established to provide guidelines for the investment of those <br />surplus funds in such a manner as to preserve the safety and liquidity of those funds and to <br />provide a competitive return on investments consistent with proper safeguards for the <br />handling of government funds. The investment policy must comply with all applicable <br />State laws regarding investment of public monies. The purpose of this document is to <br />provide the Clerk of the Circuit Court, who is responsible for the investment of County <br />surplus funds, a set of procedures and guidelines for investment selection and monitoring <br />of invested funds. Investment objectives, performance measurement, prudence and ethical <br />standards, authorized investments, maturity and liquidity requirements, portfolio <br />composition, risk and diversification, authorized investment institutions and dealers, third <br />parry custodial agreements, master repurchase agreements, bid requirements, internal <br />controls, reporting and continuing education will be established by this investment policy <br />and serve as the framework for all investment activities. <br />II. OBJECTIVES <br />The primary objectives of investment activities carried out by the Clerk shall be the <br />following in order of importance: <br />1. To preserve capital in the overall portfolio and to maintain the safety of principal; <br />2. To remain sufficiently liquid to meet disbursement requirements that might be <br />reasonably anticipated; and <br />3. To manage the investment portfolio to provide a competitive return consistent with <br />objectives in Items 1 and 2 and other risk limitations described in this policy. <br />The highest priority of all investment activities shall be the safety of principal and liquidity <br />of funds. The optimization of investment returns shall be secondary to the requirements for <br />safety and liquidity. <br />72 <br />