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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2008
<br />f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve
<br />System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government
<br />securities to the Federal Reserve Bank of New York; certain Minnesota securities broker-dealers;
<br />or, a bank qualified as a depositor.
<br />g) General obligation temporary bonds of the same governmental entity issued under section
<br />429.091, subdivision 7; 469.178, subdivision 5; or 475.6 1, subdivision 6.
<br />As of December 31, 2008 the City had the following investments and maturities:
<br />Total invesunn s $11,134,821
<br />Deposits 1,182,087
<br />(I)These investments have call dates that occur in less than one year. Petty cash 4,600
<br />Tom] cash and mestmerrte $12,321,508
<br />Following is a reconciliation of the City's cash and investment balances as of December 31, 2008:
<br />Cash and investments $11,716,422
<br />Restricted cash and investments 149,256
<br />Funds held in trust 455,830
<br />$12,321,508
<br />:6J0FPh1 I*11a I B&NJ1:F6l W1
<br />The City's investment policy is to follow Minnesota State Statutes as described above which reduces
<br />the City's exposure to credit, custodial credit and interest rate risks. Specific risk information for the
<br />City is as follows:
<br />Custodial credit risk - investments — For investments in securities, custodial credit risk is the risk that
<br />in the event of a failure of the counterparty, the City will not be able to recover the value of its
<br />investment securities that are in the possession of an outside party. As of December 31, 2008,
<br />$298,538 of the City's $11,134,821 investments was uninsured and unregistered, with securities held
<br />in the City's name. As of December 31, 2008, $7,862,651 of the City's investments were invested in
<br />money markets or external investment pools. These investments are not evidenced by securities that
<br />exist in physical or book entry form, and therefore are not subject to custodial credit risk disclosures.
<br />Interest rate risk — The City's investment policy requires the City to diversify its investment portfolio
<br />to eliminate the risk of loss resulting from over concentration of assets in a specific maturity. The
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<br />Investment Maturities (in Years)
<br />Fair
<br />Less
<br />Over
<br />Investment Type
<br />Raring
<br />Value
<br />Th.1
<br />1-5
<br />6-10
<br />10 Years
<br />Federal National Mortgage Assn. Notes (1)
<br />AAA
<br />$1,819,525
<br />$ -
<br />$90,085
<br />$502,595
<br />$1,226,845
<br />Federal Home Loan Mortgage Corp. Notes (1)
<br />AAA
<br />1,005,592
<br />-
<br />-
<br />603,593
<br />401,999
<br />Federal Farm Credit Bank
<br />AAA
<br />443,966
<br />-
<br />443,966
<br />-
<br />-
<br />REMIC
<br />N/A
<br />3,087
<br />-
<br />-
<br />-
<br />3,087
<br />Moneymarket
<br />N/A
<br />5,447,487
<br />5,447,487
<br />-
<br />-
<br />-
<br />External investment pcol-4M Fund
<br />N/A
<br />2,415,164
<br />2,415,164
<br />-
<br />-
<br />Too]
<br />$11,134,821
<br />$7,862,651
<br />$534,051
<br />$1,106,188
<br />$1,631,931
<br />Total invesunn s $11,134,821
<br />Deposits 1,182,087
<br />(I)These investments have call dates that occur in less than one year. Petty cash 4,600
<br />Tom] cash and mestmerrte $12,321,508
<br />Following is a reconciliation of the City's cash and investment balances as of December 31, 2008:
<br />Cash and investments $11,716,422
<br />Restricted cash and investments 149,256
<br />Funds held in trust 455,830
<br />$12,321,508
<br />:6J0FPh1 I*11a I B&NJ1:F6l W1
<br />The City's investment policy is to follow Minnesota State Statutes as described above which reduces
<br />the City's exposure to credit, custodial credit and interest rate risks. Specific risk information for the
<br />City is as follows:
<br />Custodial credit risk - investments — For investments in securities, custodial credit risk is the risk that
<br />in the event of a failure of the counterparty, the City will not be able to recover the value of its
<br />investment securities that are in the possession of an outside party. As of December 31, 2008,
<br />$298,538 of the City's $11,134,821 investments was uninsured and unregistered, with securities held
<br />in the City's name. As of December 31, 2008, $7,862,651 of the City's investments were invested in
<br />money markets or external investment pools. These investments are not evidenced by securities that
<br />exist in physical or book entry form, and therefore are not subject to custodial credit risk disclosures.
<br />Interest rate risk — The City's investment policy requires the City to diversify its investment portfolio
<br />to eliminate the risk of loss resulting from over concentration of assets in a specific maturity. The
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