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CITY OF RAMSEY <br />Schedule of Findings and. Recommendations <br />Year Ended December 31, 1998 <br />' This schedule summarizes findings and recommendations relating to compliance with Minnesota Statutes. <br />The auditor, Malloy, Montague, Karnowski, Radosevich & Co., P.A., is responsible for providing the <br />information under the heading "Finding and Recommendation." The City of Ramsey is responsible for <br />providing the information under the heading "Corrective Action Plan (CAP)." <br />1 FINDING AND RECOMMENDATION <br />1. Program/Law <br />Minnesota Statutes § 118A.03, subd. 2 <br />2. Finding <br />Minnesota Statutes § 118A.03, subd. 2, requires that if the collateral assigned to the government is a <br />general obligation of a state or local government, with taxing powers, the collateral must be rated "A" <br />or better. Two securities held by the City as collateral did not meet this rating. One investment was <br />not rated "A" or better and the second investment was non-rated. <br />3. Type of Finding <br />i This is a current and prior year finding. <br />4. Questioned Cost <br />Not applicable. <br />CORRECTIVE ACTION PLAN (CAP) <br />1. Explanation of Disagreement With Audit Finding <br />There is no disagreement with the audit finding. <br />2. Actions Planned in Response to Finding. <br />The City will more closely monitor the ratings of collateral in the future. <br />3. Official Responsible for Ensuring CAP <br />Diana Lund <br />4. Planned Completion Date for CAP <br />Not applicable. <br />5. Plan to Monitor Completion of CAP <br />Not applicable. <br />-124- <br />