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Elk River Municipal Utilities <br />Elk River, Minnesota <br />Notes to the Financial Statements <br />December 31, 2022 <br />Note 2: Detailed Notes on All Funds (Continued) <br />Minnesota statutes require that all collateral shall be placed in safekeeping in a restricted account at a Federal Reserve <br />Bank, or in an account at a trust department of a commercial bank or other financial institution that is not owned or <br />controlled by the financial institution furnishing the collateral. The selection should be approved by the government entity. <br />At December 31, 2022, the Utilities' carrying amount of deposits was $23,118,212 and the bank balance was $23,170,843. <br />Of the bank balance $359,934 was covered by federal depository insurance, and the remaining balance was covered by <br />collateral held by the pledging financial institution's agent in the Utilities' name. <br />Investments <br />The Utilities' investment balances were as follows for December 31, 2022: <br />Credit <br />Quality/ <br />Types of Investments Ratings (1) <br />Pooled Investments <br />Broker Money Markets N/A <br />Non -pooled Investments <br />Segmented <br />Time <br />Distribution (2) <br />Fair Value Measurement Using <br />Amount Level Level Level 3 <br />less than 1 year $ 46,685 $ $ $ <br />Negotiable certificates of deposits N/A less than 1 year 920,067 <br />Negotiable certificates of deposits N/A 1 - 5 years 2,450,581 <br />Negotiable certificates of deposits N/A 5 years or more 206,102 <br />Total Non -pooled Investments 3,576,750 <br />Total Investments <br />920,067 <br />2,450,581 <br />206,102 <br />3,576,750 <br />$ 3,623,435 $ - $ 3,576,750 $ <br />(1) Ratings were provided by various credit rating agencies where applicable to indicate associated credit risk. <br />(2) Interest rate risk is disclosed using the segmented time distribution method. <br />N/A Indicates not applicable. <br />A reconciliation of cash and temporary investments as shown in the financial statements for the Utilities follows: <br />Deposits <br />Investments <br />Cash on Hand <br />Total <br />Cash and Temporary Investments <br />Unrestricted <br />Restricted <br />Total <br />2022 <br />$ 23,118,212 <br />3,623,435 <br />800 <br />$ 26,742,447 <br />$ 24,963,431 <br />1,779,016 <br />$ 26,742,447 <br />35 <br />118 <br />