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CITY OF PLEASANTON <br /> <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2022 <br /> <br />  <br />Note 2: Cash and Investments (Continued) <br /> <br />The following is a summary of the fair value hierarchy of the fair value of investments of <br />the City as of June 30, 2022: <br /> <br />Level 1 Level 2 Total <br />Investments by Fair Value Level: <br />U.S. Governmental Agencies <br />Non-callable -$ 4,769,830$ 4,769,830$ <br />Callable - 146,967,665 146,967,665 <br />U.S. Treasury Notes - 39,393,358 39,393,358 <br />Medium-Term Corporate Notes - 913,490 913,490 <br />Subtotal -$ 192,044,343$ 192,044,343 <br />Investments Reported at Cost: <br />Non-Negotiable Certificates of Deposit 519,165 <br />Investments Exempt from Fair Value Hierarchy: <br />California Local Agency Investment Fund 34,549,389 <br />PARS Section 115 Pension Trust Fund - Mutual Funds 43,293,783 <br />Total Investments 270,406,680$ <br /> <br />U.S. Treasury notes, classified in Level 1 of the fair value hierarchy, are valued using <br />unadjusted quoted prices in an active market for identical assets or liabilities that the <br />reporting entity has the ability to access at the measurement date. U.S. Government agency <br />securities and medium-term corporate notes, classified in Level 2 of the fair value <br />hierarchy, are valued using matrix pricing techniques maintained by various pricing <br />vendors. Matrix pricing is used to value securities based on the securities’ relationship to <br />benchmark quoted prices. These prices are obtained from various pricing sources by our <br />custodian bank. <br /> <br />e. Credit Risk <br /> <br />Excluding the PARS Section 115 Pension Trust Fund, the City's policy, consistent with <br />State law, limits investments in corporate notes to notes rated "A" or better by a <br />nationally recognized statistical rating organization, including Moody's Investor's Service <br />and Standard & Poor's. <br /> <br />67