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2014 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2014 <br />institution furnishing the collateraL The City's investment policy has no additional deposit <br />addressing custodial credit risk. <br />2. Deposits <br />At year-end, the carrying amount of the City's deposits was $14,605,176 while the balance on the <br />bank records was $14,590,700. At December 31, 2014, all deposits were covered by federal <br />depository insurance, or by collateral held by the City's agent in the City's name. <br />3. Investments <br />The City has the following investments at year end December 31, 2014: <br />Investment Type Rating AgenCy <br />U.S. agency securities AA+ S&P <br />Repurchase Agreement <br />Investment Maturities (in Years) <br />Less Over <br />Than 1 1-5 6-10 lOYears Total <br />$ - $2,418,676 $7,970,300 $22,158,571 <br />Totalinvestments in cashand investmentpool $0 $2,418,676 $7,970,300 $22,158,571 <br />Investments are subject to various risks, the following of which are considered the most <br />significant: <br />$32,547,547 <br />12,479,988 <br />$45,027,535 <br />Credit risk — This is the rislc that an issuer or other counterparty to an investment will not fulfill its <br />obligations. Minnesota Statutes limit the City's investments to direct obligations or obligations <br />guaranteed by the United States or its agencies; shares of investment companies registered under <br />the Federal Investment Company Act of 1940 that receive the highest credit rating, are rated in <br />one of the two highest rating categories by a statistical rating agency, and all of the investments <br />have a final maturity of thirteen months or less; general obligations rated "A" or better; revenue <br />obligations rated "AA" or better; general obligations of the Minnesota Housing Finance Agency <br />rated "A" or better; bankers' acceptances of United States banks eligible for purchase by the <br />Federal Reserve System; commercial paper issued by Unite States corporations or their Canadian <br />subsidiaries, rated of the highest quality category by at least two nationally recognized rating <br />agencies, and maturing in 270 days or less; Guaranteed Investment Contracts guaranteed by a <br />United States commercial bank, domestic branch of a foreign bank, or a United States insurance <br />company, and with a credit quality in one of the top two highest categories; repurchase or reverse <br />purchase agreements and securities lending agreements with financial institutions qualified as a <br />"depository" by the government entity, with banks that are members of the Federal Reserve <br />System with capitalization exceeding $10,000,000 that are a primary reporting dealer in U.S. <br />government securities to the Federal Reserve Bank of New York, or certain Minnesota securities <br />broker-dealers. The City's investment policy addresses credit risk beyond what is prescribed by <br />State Statute. The City's investment policy restricts investments to only Repurchase Agreements <br />with national or state charted banks, U.S. Treasury and U.S. Government Agencies. <br />51 <br />
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