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<br /> 69
<br />City of Elk River
<br />Notes to Basic Financial Statements
<br />
<br />
<br />NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
<br />
<br />B. Investments (Continued)
<br />
<br />The City has the following recurring fair value measurements as of December 31, 2023:
<br />
<br /> Brokered certificates of deposit of $8,399,209, municipal bonds of $36,987,667, and
<br />government securities of $493,765, and asset backed securities of $2,240,741 are valued using
<br />a matrix pricing model (Level 2 inputs)
<br />
<br />C. Deposits and Investments
<br />Summary of cash deposits and investments as of December 31, 2023, were as follows:
<br />Deposits 27,027,395$ 821,348$ 27,848,743$
<br />Investments 60,151,306 - 60,151,306
<br />Petty cash 5,500 - 5,500
<br />Total deposits and investments 87,184,201$ 821,348$ 88,005,549$
<br />Primary
<br />Government
<br />Component
<br />Unit HRA Total
<br />Deposits and investments are presented in the December 31, 2023, basic financial statements as
<br />follows:
<br />Statement of Net Position
<br />Cash and investments 85,405,185$ 821,348$ 86,226,533$
<br />Restricted cash 1,779,016 - 1,779,016
<br />Total deposits and investments 87,184,201$ 821,348$ 88,005,549$
<br />Primary
<br />Government
<br />Component
<br />Unit HRA Total
<br />NOTE 4 – NOTES RECEIVABLE/CONTRACT FOR DEED
<br />
<br />The City has made several business subsidy loans to local businesses, some of which were funded
<br />with grant proceeds received from the state and federal governments. The terms of repayment vary
<br />with each loan and will be repaid over a period of 10 years. Under the terms of the grant agreement,
<br />the City retains the grant repayments. Notes receivable of $212,868 in the Revolving Loan Fund and
<br />$125,535 in the State DEED Fund are outstanding at December 31, 2023.
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