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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
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<br />As of December 31, 2017, the City had the following investments and maturities:
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<br />Fair Less Over
<br />Investment Type Rating Value Than 1 1-5 6-10 10 Years
<br />Federal Home Loan Mortgage Corporation AAA $998,389 $ - $998,389 $ - $ -
<br />Money market funds NR 800,012 800,012 - - -
<br />External investment pool - 4M Fund NR 5,469,925 5,469,925 - - -
<br />External investment pool - 4M Plus Fund NR 847,895 847,895 - - -
<br />External investment pool - 4M Fixed Income Fund NR 696,100 696,100 - - -
<br />Municipal Securities AA - AAA 935,151 169,477 567,650 198,024 -
<br />Brokered Certificates of Deposit NR 5,679,117 1,145,486 4,212,959 320,672 -
<br /> Total $15,426,589 $9,128,895 $5,778,998 $518,696 $0
<br />NR - Not Rated Total investments $15,426,589
<br />Total deposits 3,545,364
<br />Petty cash 5,300
<br /> Total cash and investments $18,977,253
<br />Investment Maturities (in Years)
<br />Following is a reconciliation of the City’s cash and investment balances as of December 31, 2017:
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<br />Cash and investments $18,992,195
<br />Cash and investments - fiduciary fund (14,942)
<br />$18,977,253
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<br />The City categorizes its fair value measurements within the fair value hierarchy established by
<br />generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
<br />measure the fair value of the asset. The hierarchy has three levels. Level 1 investments are valued
<br />using inputs that are based on quoted prices in active markets for identical assets. Level 2 investments
<br />are valued using inputs that are based on quoted prices for similar assets or inputs that are observable,
<br />either directly or indirectly. Level 3 investments are valued using inputs that are unobservable.
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<br />The City has the following recurring fair value measurements as of December 31, 2017:
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<br />Investment Type 12/31/2017 Level 1 Level 2 Level 3
<br />Investments at fair value:
<br />Brokered Certificates of Deposit $5,679,117 $ - $5,679,117 $ -
<br />Municipal Securities 935,151 - 935,151 -
<br />Federal Home Loan Mortgage Corporation 998,389 - 998,389 -
<br />Total/Subtotal 7,612,657 $0 $7,612,657 $0
<br />Investments not categorized:
<br />External investment pool - 4M, 4M Plus,
<br />4M Fixed Income Funds 7,013,920
<br />Money market funds 800,012
<br />Total $15,426,589
<br />Fair Value Measurement Using
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<br />The City’s external investment pool investment is with the 4M fund which is regulated by Minnesota
<br />Statutes and the Board of Directors of the League of Minnesota Cities. The 4M fund is an unrated
<br />pool and the fair value of the position in the pool is the same as the value of pool shares. The pool is
<br />managed to maintain a portfolio weighted average maturity of no greater than 60 days and seeks to
<br />maintain a constant net asset value (NAV) per share of $1. The pool measures their investments in
<br />accordance with Government Accounting Standards Board Statement No. 79, at amortized cost.
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<br />The 4M Liquid Asset Fund has no redemption requirements. The 4M Plus Fund requires funds to be
<br />deposited for a minimum of 14 calendar days. Withdrawals prior to the 14-day restriction period are
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