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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br />Interest rate risk - In accordance with its investment policy, the City diversifies its investment portfolio to <br />eliminate the risk of loss resulting from the over-concentration of assets in a specific maturity. The maturities <br />selected shall provide for stability of income and reasonable liquidity. <br />As of December 31, 2006, the City had the following investments that are insured or registered, or securities held by the <br />City or its agent in the City’s name. <br />Fair Value <br />CreditSegmentedand <br />Quality/TimeCarrying <br />Types of Investments <br />Ratings (1)Distribution (2)Amount <br />Pooled investments: <br />Minnesota Municipal Money Market FundN/ALess than 6 months4,703,377$ <br />Total pooled investments4,703,377 <br />Non-pooled investments: <br />U.S. Government SecuritiesAAALess than 6 months1,538,107 <br />AAA6 to 12 months2,298,133 <br />AAA1 to 5 years4,506,718 <br />AAAMore than 5 years5,746,698 <br />Total U.S. Government Securities14,089,656 <br />Commercial PaperP1Less than 6 months16,623,345 <br />Negotiable CD'sN/ALess than 6 months1,345,967 <br />Money Market FundsN/ALess than 6 months49,935 <br />Total non-pooled investments32,108,903 <br />Total investments36,812,280 <br />Deposits4,351,292 <br />Cash on hand4,690 <br />Total cash and investments$41,168,262 <br />(1) Ratings are 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 />43 <br /> <br />