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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 , 2024:
<br />
<br />Type of investments Total Level 1 Level 2 Level 3
<br />Money market 754,674$ 754,674$ -$ -$
<br />Certificates of deposit 7,297,284 - 7,297,284 -
<br />Municipal bonds 27,359,358 - 27,359,358 -
<br />Other gov't backed securities 17,760,823 - 17,760,823 -
<br />53,172,139$ 754,674$ 52,417,465$ -$
<br />Investments at amortized cost 19,605,358
<br />Total investments 72,777,497$
<br /> C. Deposits and Investments
<br />Summary of cash deposits and investments as of December 31 , 2024, were as follows:
<br />Deposits 15,913,884$ 1,446,277$ 17,360,161$
<br />Investments 72,777,497 - 72,777,497
<br />Petty cash 5,500 - 5,500
<br />Total deposits and investments 88,696,881$ 1,446,277$ 90,143,158$
<br />Primary
<br />Government
<br />Component
<br />Unit HRA Total
<br />Deposits and investments are presented in the December 31 , 2024, basic financial statements as
<br />follows:
<br />Statement of Net Position
<br />Cash and investments 86,917,865$ 1,446,277$ 88,364,142$
<br />Restricted cash 1,779,016 - 1,779,016
<br />Total deposits and investments 88,696,881$ 1,446,277$ 90,143,158$
<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 $131,098 in the Revolving Loan Fund and
<br />$285,699 in the State DEED Fund are outstanding at December 31 , 2024.
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