ACFR - FY2020 5-28-21 FINAL - Flipbook - Page 67
NOTES TO FINANCIAL STATEMENTS
CITY OF EUSTIS, FLORIDA
(Continued)
Note 3 - Cash, Cash Equivalents, and Investments
Cash and Cash Equivalents
The Florida Security for Depositors Act identifies those financial institutions that have
deposited the required collateral in the name of the treasury of the State of Florida as
qualified public depositories. The City places deposits only with qualified public
depositories, Either FDIC or Florida’s Multiple Financial Institution Collateral Pool insures
all cash. Therefore, all deposits of the City are fully insured and collateralized. The
amount of deposits (cash and cash equivalents) at September 30, 2020, is $32,318,771.
Investments
The City’s investment policy states that it may invest surplus public funds in any of the
authorized instruments as is provided for in Florida Statutes 218.415(16). Authorized
investments include the following:
■
The Local Government Surplus Funds Trust Fund or any intergovernmental
investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as
provided in Section 163.01.
■
Securities and Exchange Commission registered money market funds with the
highest credit quality rating from a nationally recognized rating agency.
Interest-bearing time deposits or savings accounts in qualified public depositories, as
defined in Section 280.02.
■
■
Direct obligations of the U.S. Treasury.
■
Federal agencies and instrumentalities.
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