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COMPREHENSIVE ANNUAL FINANCIAL REPORT
ESCAMBIA COUNTY, FLORIDA 
NOTES TO COMBINED FINANCIAL STATEMENTS (CONTINUED) 
SEPTEMBER 30, 2011 
51 
Custodial Credit Risk 
Securities, with the exception of certificates of deposits, shall be held with a third party custodian; and all 
securities purchased by, and all collateral obtained by the County should be properly designated as an asset of the 
County.  The securities must be held in an account separate and apart from the assets of the financial institution.  
Certificates of deposits will be placed in the provider’s safekeeping department for the term of the deposit. 
As of September 30, 2011, the County’s investment portfolio was held with a third‐party custodian as required by 
the County’s investment policy. 
Concentration of Credit Risk 
The County’s investment policy has established asset allocation and issuer limits on the following investments to 
reduce concentration of credit risk of the County’s investment portfolio. 
Asset
Allocation
Individual
Maximum Issuer Limit
United States Government Securities
100% *
N/A
United States Government Agencies
50%
10%
Federal Instrumentalities
100%
25%
Interest Bearing Time Deposit or Saving Account
20%
10%
Repurchase Agreements
20%
10%
Commercial Paper
25%
5%
Corporate Notes
20%
5%
Bankers' Acceptances
25%
5%
State and/or Local Government Taxable and/or Tax-Exempt Debt
25%
10%
Registered Investment Companies (Money Market Mutual Funds)
50%
25%
Intergovernmental Investment Pool
25%
N/A
*Treasury Strips are limited to 10% of available funds
As of September 30, 2011, the County had the following issuer concentrations based on fair value: 
Portfolio Asset
Security Type
Fair Value
Allocation
US Treasury Bonds / Notes
$30,486,954
20.47%
Federal Home Loan Bank (FHLB)
11,775,560
7.91%
Federal National Mortgage Association (FNMA)
19,616,591
13.17%
Federal Home Loan Mortgage Corporation (FHLMC)
27,932,259
18.75%
Federal Farm Credit Bank (FFCB)
5,593,000
3.75%
Wal‐Mart Stores Inc. Corporate Notes
4,154,209
2.79%
General Electric Capital Corp. Corporate Notes
3,877,744
2.60%
Proctor & Gamble Corporate Notes
3,006,111
2.02%
Deutsche Bank Commercial Paper
4,998,645
3.36%
Michigan State Municipal Bond
1,065,262
0.71%
Servis First Bank Certificates of Deposit
5,000,000
3.36%
Florida Prime (SBA)
15,017,845
10.08%
Compass Bank Certificates of Deposit
16,000,000
10.74%
Federated Government Obligation Money Market Fund
427,982
0.29%
Total
$148,952,162
100.00%