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Federal Revenue Sharing <br />Minnesota Statutes <br />Section 118.01 <br />CITY OF RAMSEY, MINNESOTA <br />SCHEDULE OF FINDINGS <br />Year Ended December 31, 1988 <br />Program Resolution of Prior Year Findings <br />The Federal Revenue Sharing Program was elim- <br />inated and no agency has been designated to <br />replace it. Because of this, the City did not <br />resolve the prior year findings. <br />Reference Current Year Finding <br />Minnesota State Statutes Section 118.01 requires <br />that if a municipality desires to deposit <br />amounts exceeding federal insurance coverage, <br />then the excess deposits must be covered by <br />collateral that has a market value of at least <br />110% of such excess (140 %, if collateral con- <br />sists of notes secured by first mortgages). <br />Primarily due to the maturity of investments and <br />a change in personnel, the City was under - <br />collateralized at certain times during the year. <br />