OSA Weekly Update - 6/21/2024
1. Message from Auditor Blaha
2. TIF: Reporting “Other” Revenue and Expenses
3. Released: Pension Newsletter
4. Released: Pension Training Video
5. Avoiding Pitfall
6. Deadlines
1. Message from Auditor Blaha
2. TIF: Reporting “Other” Revenue and Expenses
As you are completing the TIF Annual Reporting Forms for TIF authorities, one common point of clarification to note relates to the use of the "Other" line on the Revenue and Expense Tab. This line was added to address specific, “other” sources and uses as noted in the instructions (write-offs or write-downs of interfund loans, unrealized gains or losses associated with land held for resale, and other explained uses of TIF revenue that don’t fit into any other category). Do not use this line to report sources that are not tax increment or uses of funds that are not tax increments.
See the TIF Annual Reporting Form 2023 Instructions for more details.
If you have any questions, contact us at TIF@osa.state.mn.us.
3. Released: Pension Newsletter
The June Pension Newsletter was released. The Newsletter provides a reporting reminder and information about the State Auditor’s Fire Relief Association Working Group. Information on internal controls for special events and a reminder of the requirement to report evidence of theft are also included.
4. Released: Pension Training Video
An updated training video titled “Reporting Requirements for Fire Relief Associations” is available on the OSA website that summarizes required reporting forms and due dates for relief associations. Additional training videos can be found by filtering for Pension on the OSA’s Training Videos webpage.
5. Avoiding Pitfall: Consolidation of Cash Collection Points
Public entities should review their policies for where cash is collected. Entities should specifically review whether it is necessary for money to be collected by individual departments or divisions. It may be more appropriate for all funds to be collected at one central location, where internal control procedures (checks and balances) are fully implemented.
If an entity has multiple cash collection points, each collection point – even those that handle a small volume of cash – must implement basic internal control procedures, such as segregation of duties, the use of pre-numbered receipts, and regular (preferably daily) deposits.
The full Avoiding Pitfall is available on the OSA website.
6. Deadlines
Due: 2023 Fire Relief Association Reporting due June 30, 2024
Reporting forms and audited financial statements for fire relief associations with at least $750,000 in assets or liabilities are due by June 30. Reporting forms are accessed and submitted through the State Auditor’s Form Entry System (SAFES). The forms can be signed electronically in SAFES or paper signature pages can be submitted. Additional information is provided in the Reporting Checklist.
The 2023 Annual Financial Reporting Form and Audits for Cities and Townships reporting on a GAAP basis of accounting are due July 1, 2024, and should be submitted through SAFES. Any other related documents can be emailed to gid@osa.state.mn.us.
If you don’t have a SAFES username and password, email safes@osa.state.mn.us. If you have any questions on reporting, send an email to gid@osa.state.mn.us.
Due: Performance Measurement Program Report by July 1, 2024
Participation in the Performance Measurement Program by a city or a county is voluntary. Counties and cities that choose to participate in the standard measures program must officially adopt and implement the 10 minimum performance measures and system developed by the Council on Local Results and Innovation (Council).
In order to receive the per capita reimbursement, counties and cities must file a report (in a PDF format) with the OSA by July 1, 2024.
For more information on the Performance Measurement Program, visit the OSA website.