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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2021 deposit insurance, corporate surety bond, or collateral. collateralized at December 31, 2021.policies addressing custodial credit risk. 2.Deposits As of $2,043,805 were covered by insurance or 3.Investments The City has the following investments at year-end December 31, 2021: The City has the following recurring fair value measurements as of December31, 2021: Municipal securitiesand US Agency securities of $39,869,692are valued using inputs that are based on quoted prices for similar assets or inputs that are observable, either directly or indirectly (Level 2 inputs) The Federated Hermes mutualfund is an external investment pool. The fund seeks to maintain a constant net asset value (NAV) of $1 per share. The securities held by each fund are valued on the basis of amortized cost. The First American Government Obligation money market fund is anexternal investment pool. The fund seeks to maintain a constant net asset value (NAV) of $1 per share. The securities held by each fund are valued on the basis of amortized cost. Shares may be redeemed without penalty on any business day. Investments aresubject to various risks, the following of which are considered the most significant: Credit risk Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the edit risk includes limiting investing funds to those allowable under Minnesota Statute 118A, annually appointing all financial institutions where investments are held, and diversifying the investment portfolio. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Custodial credit risk For investments, this is the risk that in the event of failure of the counterparty to an investment transaction the City would not be able to recover the value of its 52