OSA Weekly Update - 3/1/2024
1. Message from Auditor Blaha
2. Released: Investment Performance Information
3. Released: Pension Newsletter
4. Avoiding Pitfall: Mandatory Vacations
5. Upcoming Deadlines
1. Message from Auditor Blaha
Call for panelists! At the OSA, we created the annual State of Main Street to share city, county, and township data and how it impacts Minnesotans. This year, we are hosting three listening session webinars where we will share what we’re seeing in local budget numbers. Each webinar will have a team of panelists who help kick off the discussion. All panelists get a preview of the data and are asked to share their thoughts on the numbers.
This is where you come in: Will you join us for one of the listening sessions as a panelist? You don’t need to spend hours writing or crunching numbers, just give us your gut reaction to the data.
Whether you can participate as a panelist or just want to listen in, we hope you will join us for the 2024 State of Main Street listening tour – follow the link and sign-up for a listening session that works for you.
2. Released: Investment Performance Information
The Office of the State Auditor is required to annually provide information on the investment performance of the Minnesota State Board of Investment and on the Statewide Volunteer Firefighter Plan administered by the Public Employees Retirement Association. The 2024 Investment Performance Information document, which provides information for the 2023 calendar year, is posted on the OSA website.
3. Released: Pension Newsletter
The February Pension Newsletter was released. The Newsletter provides a legislative update and information about records management for fire relief associations. Information about the Broker Certification requirement and reporting reminders are also included.
Public entities should consider a mandatory vacation policy for employees – especially those with financial responsibilities. When an employee never takes a day off from work, it may be a red flag for fraud. Employees who engage in fraud may resist taking a vacation, fearing that someone else doing their job in their absence may discover the irregularities.
For a mandatory vacation to be effective as a fraud deterrent and detection tool, someone else must be cross-trained in the bookkeeping and cash functions and must perform the work during the mandated vacation.
The full Avoiding Pitfall is available on the OSA website.
5. Upcoming Deadlines
Relief Association Reporting Deadlines
Reporting forms for fire relief associations with less than $750,000 in assets and less than $750,000 in liabilities are due by March 31. In addition to the reporting forms, each relief association with assets and liabilities below the statutory threshold must have an Agreed-Upon Procedures engagement and submit the certified public accountant’s report on applying the procedures.
Form submissions are not complete until all required signatures are provided. The form signature pages are provided in the PDF version of the form that is created after the form is uploaded through the State Auditor’s Form Entry System (SAFES). The forms can be signed electronically in SAFES or paper signature pages can be submitted.
Reporting forms and audited financial statements for fire relief associations with assets or liabilities of at least $750,000 are due by June 30.
County TIF Information Forms Due April 1
The County TIF Information Form is due from counties by April 1, 2024. The form captures activity that occurred in 2023 including the county's TIF administrative activities, distributions of tax increment, and transfers of TIF enforcement deduction. The information assists the Office of the State Auditor in its oversight of TIF authorities. Instructions on accessing the form in SAFES were emailed to county representatives on January 16, 2024.
If you have any questions, please contact us at TIF@osa.state.mn.us.