Sarasota County, Florida Notes to Financial Statements September 30, 2021 The policy provides that no more than 25% of the entire portfolio may be placed with any one security dealer or bank. Other Post Employment Trust Fund Deposit and Investments The County participates in the Florida Municipal Pension Trust Fund which invests assets in the Florida Municipal Investment Trust (FMIvT). The FMIvT is a Local Government Investment Pool (LGIP) administered by the Florida League of Cities for the Other Post Employment Benefit Plan. The FMIvT is an interlocal government entity and authorized investment under Section 163.01, Florida Statutes used to invest surplus and pension funds. The FMIvT is governed by a Board of Trustees consisting of the president and second vice president of the Florida League of Cities, two representatives who are appointed from the Florida Municipal Insurance Trust and up to three members who are elected officials of governmental entities actively participating in the FMIvT. Credit Risk Credit risk exists when there is a possibility the issuer, or other counterparty to an investment, may be unable to fulfill its obligations. GASB No. 40 requires disclosure of credit quality ratings for investments in debt securities as well as investments in external investment pools, money market funds, and other pooled investments of fixed-income securities. Credit Risk for FMIvT Funds in the portfolio is as follows: Credit Risk for FMIvT Funds Asset Class Fitch Rating FMIvT Broad Market High Quality Bond Fund AAf/S4 FMIvT Core Plus Fixed Income Fund Not Rated Concentration of Credit Risk The County’s investment policy establishes limitations on portfolio composition, both by investment type and dealer, in order to control concentration risk. The following maximum limits are guidelines established for diversification by market sector: Equities 50% Fixed Income 40% Real Estate 10% A variance of more than 10% from the approved allocation percentages of any asset class requires approval by the Master Trustees. The following table reflects the government trustee’s investment deposits, level of investment in each market sector, and investment by sector as a percentage of total investment: Portfolio Amount in Trust as of Asset Class Allocation September 30, 2021 Cash 0.20% $ 18,292 Broad Market High Quality Bonds 20.70% 1,893,240 Core Plus Fixed Income 20.80% 1,902,386 Diversified Large Cap 21.90% 2,002,992 Diversified Small to Mid Cap 10.40% 951,193 International Equity 18.10% 1,655,442 Core Real Estate 7.90% 722,541 100.00% $ 9,146,086 102
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