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Indian River County, Florida MOTES TO FMN .IA . STA M NT4 Continued Year Ended September 30, 1995 NOTE 2 - CASH AND INVESTMENTS The County maintains a cash and investment pool that is available for use by all funds except those whose cash and investments must be segregated due to bond covenants or other legal restrictions. A. Deposits At September 30, 1995, the carrying amount of the Primary Government's deposits was $44,834,416 and was made up of demand deposits, certificates of deposit, money market accounts, savings accounts and petty cash. The component unit's deposits totaled $274,570 and were made up of demand deposits. All deposits with financial institutions were 100% insured by federal depository insurance or by collateral pursuant to the Public Depository Security Act of the State of Florida. B. Investments Florida Statutes, the County's Investment Policy, and various bond covenants authorize investments in certificates of deposit, money market accounts, savings accounts, repurchase agreements, the Local Government Surplus Funds Trust Fund administered by the Florida State Board of Administration, Florida Counties Investment Trust Fund, obligations of the U.S. Government, obligations of government agencies unconditionally guaranteed by the U.S. Government, obligations of the Federal Farm Credit Banks, obligations of the Federal Home Loan Mortgage Corporation, including Federal Home Loan Mortgage Corporation participation certificates, obligations of the Federal Home Loan Bank, obligations of the Government National Mortgage Association, obligations of the Federal National Mortgage Association and securities of any management type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., provided the portfolio is limited to U.S. Government obligations and to repurchase agreements fully collateralized by U.S. Government obligations. Money market accounts, savings accounts, certificates of deposit, and bank balances are reported as deposits above. The County invested in only these types of instruments during the fiscal year. All of the County's investments that can be categorized are Category 1, which gives an indication of the level of credit risk assumed at year end. Category 1 is defined as insured or registered or for which the securities are held by the County or its agent in the County's name. Investments in the Local Government Surplus Funds Trust Fund, Florida Counties Investment Trust Fund, money market accounts and guaranteed investment contracts are not categorized since the investments are not evidenced by securities that exist in physical or book entry form. The Local Government Surplus Funds Trust Fund is similar to a mutual fund in that funds are available on a same day basis. As of September 30, 1995, the Local Government Surplus Funds Trust Fund had 650 local government participants with total investments of approximately $6.4 billion. The portfolio's average maturity was 50 days. 29