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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2021 NOTE 2 – CASH AND INVESTMENTS (Continued) Fair Value Hierarchy The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. The following is a summary of the fair value hierarchy of the fair value of investments of the City as of June 30, 2021: Level 1 Level 2 Total Investments By Fair Value Level: -$ 44,399,562$ 44,399,562$ U.S. Treasury Notes 37,668,393 37,668,393 Medium-Term Notes 20,593,467 20,593,467 Asset Backed Securities 1,055,080 1,055,080 Supranationals 2,816,956 2,816,956 Commercial Paper 4,197,870 4,197,870 Total Investments -$ 110,731,328$ 110,731,328 Investments Exempt from Fair Value Hierarchy: Local Agency Investment Fund (LAIF) 74,557,857 Investments Measured at Amortized Cost: Held by fiscal agent: U.S. Treasury Money Market Funds 8,168,821 Money Market Fund 88,694 Total 193,546,700$ Federal Agency Securities Investments classified in Level 2 of the fair value hierarchy, are valued using matrix pricing techniques maintained by various pricing vendors. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. The California Local Agency Investment Fund (LAIF) is valued based on the fair value factor provided by the Treasurer of the State of California, which is calculated as fair value divided by the amortization cost of the investment pool and is exempt from the Fair Value hierarchy. Fair value is defined as the quoted market value on the last trading day of the period. These prices are obtained from various pricing sources by the custodian bank. 56317