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! <br />! <br /> <br />I <br /> <br />3 <br /> <br />COMMENTS AND SUGGESTIONS <br /> <br />Observation <br /> <br />At December 31, 1982, City funds on deposit at one depository <br />exceeded the FDIC insurance protection and pledged collateral <br />by nearly $195,000. <br /> <br />Background <br /> <br />Minnesota Statutes 427.01 requires that public funds on <br />deposit be protected by deposit insurance and pledged <br />collateral. <br /> <br />Recommendation <br /> <br />The City should again notify their depositories of the <br />importance of having adequate coverage for City deposits. <br /> <br />In addition, the City should periodically review c6llateral <br />pledged during the year to ascertain that City funds are <br />adequately protected. <br /> <br /> <br />