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JEFFREY R. SMITH, CPA, CGFO, CGMA ;M , <br /> Clerk of Circuit Court&Comptroller ° c°4,�T, <br /> Finance Department ` `'' ) <br /> 1801 27th Street VAVIO <br /> Vero Beach,FL 32960 <br /> Telephone: (772)226-1945 <br /> TO: Board of County Commissioners <br /> FROM: Diane Bernardo, Finance Director A,Clq <br /> THRU: Jeffrey R. Smith,Clerk of the Circuit Court and Comptroller; <br /> DATE: April 24,2015 <br /> SUBJECT: Change in Investment Policy <br /> BACKGROUND <br /> During the Investment Advisory Committee on April 23,2015, one change was made to the Investment <br /> Policy. <br /> We are requesting the following sentence be changed to our investment policy: <br /> OLD: <br /> 1. Page 4, Section VIII—Portfolio Composition, Risk and Diversification <br /> "No more than 10%of the portfolio may be placed in certificates of deposit with a <br /> Qualified Public Depository(and collateralized in accordance with State requirements) <br /> and no more than $3 million of the portfolio may be placed in certificates of deposit with <br /> any one fmancial institution." <br /> NEW: <br /> 2. Page 4, Section VIII—Portfolio Composition, Risk and Diversification <br /> "No more than 10%of the portfolio may be placed in certificates of deposit with a <br /> Qualified Public Depository(and collateralized in accordance with State requirements) <br /> and no more than$6 million of the portfolio may be placed in certificates of deposit with <br /> any one financial institution." <br /> RECOMMENDATION <br /> Staff recommends that the Board of County Commissioners accept the Investment Policy change.Attached <br /> is a complete investment policy for reference. <br /> Indian River County Approved Date <br /> Administrator •' y/ 1/J <br /> County Attorney �"— <br /> Budget (` 4(27(15 <br /> Department <br /> Risk Management <br /> 44 <br />