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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30 , 2007 <br /> NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br /> Be Accrued Interest eke <br /> Interest earnings on U . S . Treasury Notes and government agency bonds are recorded in the cash and <br /> investment pool and then allocated to each fund based on each fund ' s average monthly balance . As of <br /> September 30 , accrued interest for the County totaled $ 3 , 408 , 546 . In addition, accrued interest on <br /> special assessments receivable totaled $ 78 , 958 and on a capital projects reserve account totaled $ 7 , 781 . <br /> C . Investments <br /> On August 17 , 2004 , the County and the constitutional officers , with the exception of the Tax Collector, <br /> formally adopted an investment policy pursuant to Section 218 . 415 , Florida Statutes , that established <br /> permitted investments , asset allocation limits , issuer limits , credit ratings requirements and maturity <br /> limits to protect the County ' s cash and investments . The Tax Collector adopted his formal policy in <br /> February 2005 . <br /> As of September 30 , 2007 , the County had the following investments : <br /> Weighted <br /> Average <br /> Fair Maturity Portfolio Credit <br /> Investment Type Value In Years Percentage Risks <br /> Fixed Rate Debt Investments : <br /> U . S . Treasuries $ 511000 , 000 0 . 70 13 . 5 % None <br /> U . S . Agencies : * * <br /> Federal Farm Credit Bureau 52 , 947 , 765 1 . 08 14 . 0 AAA <br /> Federal Home Loan Bank 60 , 4225080 1 . 42 15 . 9 AAA <br /> Federal Home Loan Mortgage Corp 61 , 996 , 390 1 . 25 16 . 4 AAA <br /> Federal National Mortgage Assoc . 491998 , 300 1 . 37 13 . 2 AAA <br /> Guaranteed Investment Contract 3 , 1391285 16 . 92 0 . 76 AA-/Al + <br /> Other Fixed Rate Investments : <br /> Local Governmental Surplus Funds <br /> Trust Fund 81 , 151 ,491 . 08 21 . 4 Not Rated <br /> Florida Local Government <br /> Investment Trust Fund 18 , 189 , 643 . 08 4 . 8 AAA and S - 1 * <br /> Other Market Rate Investment : <br /> U . S . Treasury Money Market 149 , 162 . 25 0 . 04 AAA <br /> Total Fair Value 378 , 994 , 116 100 . 00 % <br /> Portfolio weighted average maturity 1 . 02 <br /> * AAA credit quality, S - 1 Market Volatility <br /> * * The weighted calculation considers the investments are carried until full maturity <br /> (i . e . call dates are not considered) . <br /> 64 Wen <br />