As a result of a change in federal law effective Jan. 1, 2013, unlimited deposit insurance coverage was nullified for FDIC-insured noninterest-bearing transaction accounts — thereby reducing the maximum amount insured by the FDIC to $250,000 for each insurance ownership category, causing previously secured funds to become unsecured.

Subsequent completion of the River Parishes Transit Authority’s 2013 audit revealed a singular, yet no less significant discrepancy: a share of its year-end deposits were insufficiently secured.

Upon receipt and review of the audit, the Transit Authority Board sought to remedy the lapse without delay. In conjunction with our current third-party provider of fiscal oversight, we worked scrupulously to certify that River Parishes Transit Authority banking practices conform to the aforementioned statute.

The discrepancy was resolved by July 10, 2014, and in doing so we have presented an overall clean audit. I hope readers will rest assured that this error and its potential ramifications were not, nor are not taken lightly.

The River Parishes Transit Authority is steadfast in its obligation to remain compliant with state and federal regulations, and we remain committed to providing high quality public transit service for the St. Charles, St. James and St. John the Baptist Parishes communities.

Chairman Brent Petit, Board of Commissioners,

River Parishes Transit Authority