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ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2008 AND 2007 <br />Note 2: DETAILED NOTES ON ALL FUNDS -CONTINUED <br />The Utilities' investment balances were as follows for December 31, 2007: <br />Fair Value <br />Credit Segmented and <br />Quality/ Time Carrying <br />Types of Investments Ratings (1) Distribution (2) Amount <br />Pooled investments <br />Broker Money Markets N/A less than 6 months $ 16,509 <br />Non-pooled investments <br />U.S. Government Securities AAA 6 months to 1 year 349,342 <br />Commercial paper Al, P1 6 months to 1 year 788,673 <br />Brokered CD's N/A 6 months to 1 year 117,088 <br />Total non-pooled investments 1,255,103 <br />Total investments $ 1,271,612 <br />1. Ratings were provided by Moody's <br />2. Interest rate risk is disclosed using the segmented time distribution method. <br />N/A Indicates not applicable or available. <br />A reconciliation of cash and temporary investments as shown in the financial statements for the Utilities follows: <br /> 2008 2007 <br />Deposits $ 4,299,559 $ 4,662,052 <br />Investments 2,268,551 1,271,612 <br />Cash on hand 400 400 <br />Total $ 6,568,510 $ 5,934,064 <br />Cash and investments <br />Unrestricted $ 5,844,010 $ 5,200,664 <br />Restricted 724,500 733,400 <br />Total $ 6,568,510 $ 5,934,064 <br />-19- <br />