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City of Little Canada, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2023
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />Bank, or in an account at a trust department of a commercial bank or other financial institution that is not owned or
<br />controlled by the financial institution furnishing the collateral. The selection should be approved by the City.
<br />At year end, the City has no carrying amount of deposits.
<br />Investments
<br />As of December 31, 2023, the City had the following investments that are insured or registered, or securities held by the
<br />City’s agent in the City’s name:
<br />Credit Segmented
<br />Quality/Time
<br />Ratings (1)Distribution (2)Amount Level 1 Level 2 Level 3
<br />Pooled Investments at Amortized Costs
<br />4M Fund N/A less than 1 year 4,745,448$
<br />Broker Money Market Funds N/A less than 1 year 1,809,428
<br />Total Pooled Investments 6,554,876
<br />Non-pooled Investments at Amortized Costs
<br />Negotiable certifications of deposits NA less than 1 year 5,786,632 -$ 5,786,632$ -$
<br />Negotiable certifications of deposits NA 1 to 5 years 3,991,517 - 3,991,517 -
<br />Government Agency Securities AAA less than 1 year 220,593 - 220,593 -
<br />Government Agency Securities AA+less than 1 year 389,156 - 389,156 -
<br />Government Agency Securities NA less than 1 year 195,430 - 195,430 -
<br />Federal Home Loan Bank NA less than 1 year 1,013,395 1,013,395 - -
<br />Municipal Bonds NA less than 1 year 119,633 119,633 - -
<br />Municipal Bonds NA 1 to 5 years 104,040 104,040 - -
<br />Total Investments 18,375,272$ 1,237,068$ 10,583,328$ -$
<br />Types of Investments
<br />Fair Value Measurement Using
<br />Ratings are provided by various credit rating agencies where applicable to indicate associated credit risk.
<br />(1)Interest rate risk is disclosed using the segmented time distribution method.
<br />N/A Indicates not applicable or available.
<br />A reconciliation of cash and investments as shown on the statement of net position for the City follows:
<br />Investments 18,375,272$
<br />Cash on Hand 600
<br />Total 18,375,872$
<br />Primary Government
<br />Governmental activities 16,443,353$
<br />Business-type activities 1,932,519
<br />Subtotal 18,375,872 $
<br />70
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