Ordinance 2024-611 - Laserfiche WebLink

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CITY OF SUNNY ISLES BEACH, FLORIDA NOTES TO FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 NOTE 2 — DEPOSITS AND INVESTMENTS DEPOSITS In addition to insurance provided by the Federal Depository Insurance Corporation, all deposits are held in banking institutions approved by the State Treasurer of the State of Florida to hold public funds. Under Florida Statutes, Chapter 280, Florida Security for Public Deposits Act, the State Treasurer requires all Florida qualified public depositories to deposit with the Treasurer or banking institution eligible collateral. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. Accordingly, all amounts reported as deposits are issued or collateralized with securities held by the entity or its agent in the entity's name. INVESTMENTS As required by Florida Statutes, the City has adopted a written investment policy, which may, from time to time, be amended by the City. Investments are made in accordance with provisions of the Florida Statutes and the City's by-laws. The City is authorized to invest in U.S. Government Securities, U.S. Government Agencies, interest-bearing time deposits or savings accounts, the Florida Local Government Surplus Funds Trust Fund, intergovernmental investment pools authorized by Florida Statutes, and registered money market mutual funds. Investments are carried at fair value, as determined by quoted market prices. As of September 30, 2023, the City had the following investments: Investment Maturities Less Than Fair Value One Year 1 to 5 Years 6 to 10 Years Investment Type Certificates of deposit $ 5,095,174 $ 5,095,174 $ -- $ -- U.S. Government Agencies 42,207,267 5,933,954 30,923,347 5,349,966 Total $ 47,302,441 $ 11,029,128 $ 30,923,347 $ 5,349,966 38