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Elk River Municipal Utilities <br />Elk River, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 2: Detailed Notes on All Funds (Continued) <br />Investments <br />The Utilities' investment balances were as follows for December 31, 2023 <br />Credit <br />Segmented <br />Quality/ <br />Time <br />Fair Value Measurement Using <br />Types of Investments <br />Ratings (1) <br />Distribution (2) <br />Amount <br />Level 1 Level 2 Level 3 <br />Pooled Investments <br />Broker Money Markets <br />N/A <br />less than 1 year <br />$ 5,943 <br />$ $ $ <br />Non -pooled Investments <br />Negotiable certificates of deposits <br />N/A <br />less than 1 year <br />472,340 <br />472,340 <br />Negotiable certificates of deposits <br />N/A <br />1 - 5 years <br />3,000,619 <br />3,000,619 <br />Asset backed securities <br />N/A <br />300,096 <br />300,096 <br />Total Non -pooled Investments <br />3,773,055 <br />3,773,055 <br />Total Investments <br />$ 3,778,998 <br />$ $ 3,773,055 $ <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 />2023 <br />Deposits $ 23,774,954 <br />Investments 3,778,998 <br />Cash on Hand 800 <br />Total $ 27,554,752 <br />Cash and Temporary Investments <br />Unrestricted $ 25,775,736 <br />Restricted 1,779,016 <br />Total $ 27,554,752 <br />36 <br />101 <br />