Laserfiche WebLink
Minnesota Municipal Power Agency <br />Notes to Financial Statements <br />December 31, 2022 and 2021 <br />Note 2: Cash, Cash Equivalents, and Investments - Continued <br />hi accordance with its investment policy, the Agency invests in the following types of investments, <br />subject to the limitations and requirements of Minnesota statutes: <br />• Interest bearing checking accounts <br />• U.S. Treasury bills, bonds, and notes <br />• U.S. government agencies and instrumentalities securities <br />• State and local securities <br />• Minnesota Joint Powers Investment Trusts <br />• Certificates of deposit <br />• Banker's acceptances of U.S. banks eligible for purchase by the Federal Reserve System <br />• Commercial paper issued by U.S. corporations or their Canadian subsidiaries, of the highest quality <br />and maturing within 270 days <br />• Money market mutual funds — open-end, no-load <br />• Guaranteed investment contracts <br />• Repurchase agreements fully (100%) collateralized by U.S. securities <br />Interest Rate Risk <br />Interest rate risk is the risk that the fair value of investments will be adversely affected by a change in <br />interest rates. <br />The Agency had the following investments and maturities as of December 31, 2022 and 2021: <br />Maturities in Years <br />Carrying <br />Less <br />More <br />Value <br />Than 1 1 - 5 6 - 10 <br />Than 10 <br />December 31, 2022 <br />U.S. government agencies <br />$ 8,054,874 <br />$ 5,878,794 $ - $ - <br />$ <br />2,176,080 <br />Money market accounts <br />90,705,089 <br />90,705,089 - <br />- <br />$ 98,759,963 <br />$ 96,583,883 $ - $ - <br />$ <br />2,176,080 <br />December 31, 2021 <br />U-S_ government agencies <br />$ 10,791,362 <br />$ 8,048,824 $ - $ - <br />$ <br />2,742,538 <br />Money market accounts <br />73,269,678 <br />73,269,678 - <br />- <br />$ 84,061,040 <br />$ 81,318,502 $ - $ - <br />$ <br />2,742,538 <br />20 <br />158 <br />