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CITY OF HUGO, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />0 <br />NO <br />Detailed Notes on All Funds (Continued) <br />Deposits and Investments (continued) <br />Interest Rate Risk (continued) <br />The following is a summary of the City of Hugo's cash and investment portfolio including the <br />range of maturities and investment ratings by type of investment: <br />Range of <br />Investment <br />Maturities <br />Rating <br />Value <br />Cash <br />N/A <br />N/A <br />$ 377,073 <br />Non -Negotiable Certificates <br />of Deposit <br />January 2017 - November 2017 <br />N/A <br />8,975,126 <br />Money Market Funds <br />N/A <br />Unrated <br />19,061,732 <br />U.S. Government Securities <br />August 2018 - June 2022 <br />AAA - AA+* <br />9,133,534 <br />Total $ 37,547,465 <br />N/A Not applicable or not available <br />* Where rated <br />A reconciliation of cash and temporary investments as shown on the Statement of Net Position <br />for the City follows: <br />Carrying amount of deposits $ 377,073 <br />Investments 37,170,392 <br />Total $ 37,547,465 <br />('.rarlit Rick <br />Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the <br />holder of the investment. The City's investments are rated by various credit rating agencies, <br />where applicable, to indicate the associated credit risk. Investment ratings by investment type <br />are included in the preceding summary of investments. <br />The City does not have a formal policy related to the credit risk of its investments, but continues <br />to buy safe and liquid assets that are allowable under Minnesota Statutes. <br />43 <br />