|
CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2022
<br />
<br />
<br />
<br />
<br />B. INVESTMENTS
<br />
<br />Subject to rating, yield, maturity and issuer requirements as prescribed by statute, Minnesota Statutes
<br />118A.04 and 118A.05 authorize the City to invest in United States securities, state and local securities,
<br />commercial paper, time deposits, temporary general obligation bonds, repurchase agreements,
<br />Minnesota joint powers investment trusts and guaranteed investment contracts.
<br />
<br />As of December 31, 2022, the City had the following investments and maturities:
<br />
<br />Fair Less
<br />Investment Type Rating Value Than 1 1-5 6-10
<br />Federal Home Loan Bank AAA $3,355,600 $ - $3,355,600 $ -
<br />Federal Farm Credit Bank AAA 714,395 714,395 - -
<br />Money market funds Aaa-mf 467,994 467,994 - -
<br />External investment pool - 4M Fund Not rated 8,128,719 8,128,719 - -
<br />External investment pool - 4M Plus Fund Not rated 1,520,961 1,520,961 - -
<br />Municipal Securities AA1, AA-, AA+, AAA 845,896 147,854 225,040 473,002
<br />Brokered Certificates of Deposit Not rated 10,042,721 3,666,118 6,111,371 265,232
<br /> Total $25,076,286 $14,646,041 $9,692,011 $738,234
<br />Total investments $25,076,286
<br />Total deposits 520,908
<br />Petty cash 5,485
<br /> Total cash and investments $25,602,679
<br />Investment Maturities (in Years)
<br />
<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.
<br />
<br />The City has the following recurring fair value measurements as of December 31, 2022:
<br />
<br />Investment Type 12/31/2022 Level 1 Level 2 Level 3
<br />Investments at fair value:
<br />Brokered Certificates of Deposit $10,042,721 $ - $10,042,721 $ -
<br />Municipal Securities 845,896 - 845,896 -
<br />Federal Agencies 4,069,995 - 4,069,995 -
<br />Total/Subtotal 14,958,612 $0 $14,958,612 $0
<br />Investments not categorized:
<br />External investment pool - 4M, 4M Plus 9,649,680
<br />Money market funds 467,994
<br />Total $25,076,286
<br />Fair Value Measurement Using
<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 pool
<br />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 its investments at
<br />amortized cost in accordance with Government Accounting Standards Board Statement No. 79.
<br />
<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
<br />subject to a penalty equal to 7 days interest on the amount withdrawn.
<br />55
|