Auditor warns Gregory’s depository setup could leave funds under‑protected
The auditor told council members their current depository practices may leave municipal funds inadequately collateralized and recommended exploring Texas CLASS or different depository arrangements and daily monitoring of cash positions.
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During the audit presentation, Noble Snedeker explained that FDIC coverage provides standard limits and that the city’s current bank collateral practices and daily reporting expectations may expose funds. "FDIC is… you get $250,000 for your bank account," Snedeker said, then contrasted bank deposits with pooled investments such as Texas CLASS as an alternative approach to reduce risk.
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