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ELK RIVER MUNICIPAL UTILITIES <br /> ELK RIVER,MINNESOTA <br /> SCHEDULE OF FINDINGS <br /> DECEMBER 31,2003 AND 2002 <br /> Finding Description <br /> 2003-1 Collateral Coverage <br /> In accordance with Minnesota statute,section 118a.03,the Utilities is required to have pledged collateral equal <br /> to 110 percent of the deposits not covered with insurance. At December 31,2003, the Utilities was$200,000 <br /> under collateralized. <br /> Management Response <br /> The Utilities acknowledges the finding. Collateral was pledged on January 2,2004 when the oversight was <br /> discovered. Staff will continue to monitor collateral on a monthly basis to ensure that the condition doesn't <br /> occur again. <br /> -36- <br />