2022 Annual Comprehensive Financial Report

CITY OF SHAKOPEE NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2022

NOTE 4 – DEPOSITS AND INVESTMENTS (CONTINUED)

B. Investments (Continued)

The Commission’s policy states they will minimize risk by only purchasing investments that are held in safekeeping with the Federal Reserve bank, United States Bank with corporate trust powers, a primary reporting dealer to the Federal Reserve Bank of New York, or a broker dealer having its principal executive office in Minnesota and that designated brokers have insurance through a SIPC (Securities Investor Protection Corporation). As of December 31, 2022 the City held investments that exceeded 5% of its total investments for all funds as noted in the table on the previous page. The component units’ investments noted in the table above exceeded 5% of its total investments as of December 31, 2022.

The City has the following recurring fair value measurements as of December 31, 2022:

Fair Value Measurement Using

Level 1

Value

Level 2

Level 3

Certificate of Deposit Investments at Fair Value: $

$

-

9,293,857

$

9,293,857

$

-

Agencies FFCB

- - - - - - - - -

5,326,205 20,460,470 5,006,102 6,601,637

- - - - - - -

6,601,637 913,850 254,673 9,553,809 5,006,102 5,326,205 20,460,470

FHLB

FHLMC FNMA

TVA SBA

913,850 254,673

US Treasury Notes Total/Subtotal Municipal Bond

77,688,550 20,277,947 9,553,809

20,277,947 20,277,947

-

$

$

57,410,603

$

Investments at Amortized Cost:

6,829,773 84,518,323

Money Market Fund Total

$

61