OSA Weekly Update - 7/26/2024
1. Message from Auditor Blaha
2. TIF Annual Reporting Redesign Project Announced – Feedback Sought
3. Meeting: Fire Relief Association Working Group
4. Released: OPEB Trust Investment Reporting Form
5. Avoiding Pitfall: TIF Interfund Loans
1. Message from Auditor Blaha
2. TIF Annual Reporting Redesign Project Announced – Feedback Sought
This week the OSA announced a project to redesign current TIF Annual Reporting Forms. The goals are to improve an authority’s ability to track information in order to better comply with the TIF Act, while also improving the accessibility, function, and style of the form.
Visit the OSA website for more information. There you'll find a video that introduces our initial vision, a link to download the initial draft of the redesigned form, and a short feedback survey. We'd like general feedback by September 20th.
3. Meeting: Fire Relief Association Working Group
The first meeting of the State Auditor’s 2024-2025 Fire Relief Association Working Group was held on July 24. The Working Group members reviewed potential topics for consideration and discussed relief association reporting deadlines. Working Group members approved moving forward with drafting a legislative proposal to change the March 31 reporting deadline to June 30.
The next Working Group meeting will be held on Wednesday, August 21, from 1-2:30 pm. The meeting recording and materials are available on the Working Group page of the OSA website.
4. Released: OPEB Trust Investment Reporting Form
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5. Avoiding Pitfall: TIF Interfund Loans
A development authority or a municipality may advance or loan money to a tax increment financing (TIF) district from its general fund or other authorized fund to finance expenditures. Loans and advances made after July 31, 2001, must be authorized by a resolution adopted by the entity having jurisdiction over the funds.
The terms and conditions for repayment, including the principal amount, the interest rate, and the maximum term of the loan must be in writing. Interfund loans must be reported in the TIF annual reporting form. The maximum interest rate allowed is the greater of the rates specified under Minnesota Statutes sections 270C.40 or 549.09, as of the date of the loan. For more information, including interest rates, see our statement of position by clicking here.
The full avoiding pitfall is available on the OSA website.
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