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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2023
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<br />Note 2 DEPOSITS AND INVESTMENTS
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<br />A. DEPOSITS
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<br />In accordance with Minnesota Statutes, the City maintains deposits at those depository banks authorized by
<br />the City Council, all of which are members of the Federal Reserve System.
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<br />Minnesota Statutes require that insurance, surety bonds or collateral protect all City deposits. The market
<br />value of collateral pledged must equal at least 110% of deposits not covered by insurance or bonds.
<br />Securities pledged as collateral are required to be held in safekeeping by the City or in a financial
<br />institution other than that furnishing the collateral. Minnesota Statue 118A.03 identifies allowable forms of
<br />collateral.
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<br />Custodial Credit Risk – Deposits: Custodial credit risk is the risk that in the event of a bank failure, the
<br />City’s deposits may not be returned to it. As of December 31, 2023, the bank balance of the City’s deposits
<br />was covered by federal depository insurance or supplementary collateral.
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<br />B. INVESTMENTS
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<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, Minnesota
<br />joint powers investment trusts and guaranteed investment contracts.
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<br />As of December 31, 2023, the City had the following investments and maturities:
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<br />Fair Less
<br />Investment Type Rating Value Than 1 1-5 6-10 10+
<br />Federal Home Loan Bank AA+$3,316,967 $289,314 $3,027,653 $ - $ -
<br />Federal Home Loan Mortgage Corporation AA+95,010 - 95,010 - -
<br />Money market funds AAAm 743,637 743,637 - - -
<br />External investment pool - 4M Fund Not rated 8,747,844 8,747,844 - - -
<br />External investment pool - 4M Plus Fund Not rated 30,124 30,124 - - -
<br />External investment pool - 4M Term Series Not rated 1,300,000 1,300,000 - - -
<br />Municipal Securities AA+, AAA 716,066 198,185 131,388 286,446 100,047
<br />Brokered Certificates of Deposit Not rated 10,963,761 4,401,380 6,507,080 - 55,301
<br /> Total $25,913,409 $15,710,484 $9,761,131 $286,446 $155,348
<br />Total investments $25,913,409
<br />Total deposits 31,363
<br />Petty cash 5,430
<br /> Total cash and investments $25,950,202
<br />Investment Maturities (in Years)
<br /> The City categorizes its fair value measurements within the fair value hierarchy established by generally
<br />accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
<br />value of the asset. The hierarchy has three levels. Level 1 investments are valued using inputs that are
<br />based on quoted prices in active markets for identical assets. Level 2 investments are valued using inputs
<br />that are based on quoted prices for similar assets or inputs that are observable, either directly or indirectly.
<br />Level 3 investments are valued using inputs that are unobservable.
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