OSA Weekly Update - 12/6/2024
1. Message from Auditor Blaha
2. Released: Agreed-Upon Procedures Documents for Fire Relief Associations
3. TIF Credit Payments
4. Avoiding Pitfall: Risk Assessments
1. Message from Auditor Blaha
Minnesota’s state budget forecast is more than just the state’s bottom line. The forecast provides several data points that could be helpful as you plan local budgets. If you visit Minnesota Management and Budget’s (MMB’s) forecast page, you can see the trends in inflation, pay increases, consumer spending, and other metrics they use to make their budget plans. I start with the presentation document to get the toplines before pulling up the full report for more details. Happy forecasting!
2. Released: Agreed-Upon Procedures Documents for Fire Relief Associations
The Office of the State Auditor has released the Agreed-Upon Procedures Guide, sample Independent Accountant’s Report, and sample Client Representation Letter for fire relief associations for 2024 reports. The updated documents can be accessed on the OSA website.
3. TIF Credit Payments
There are several property tax credits that are apportioned and distributed to TIF districts (typically on December 26th) that should be identified and treated as tax increment by TIF authorities. To learn more, please read the TIF Credit Payments topic.
If you have any questions, contact us at TIF@osa.state.mn.us.
4. Avoiding Pitfall: Risk Assessments
Each government entity is responsible for establishing and monitoring its internal controls. An important part of establishing internal controls is identifying what assets need to be protected and what loss situations need to be prevented. Once this assessment of potential risks is completed, a government entity can set up internal controls to address those risks.
However, the government entity is not done there. This risk assessment needs to happen on an ongoing basis in connection with the internal control monitoring process. For more information, see our Avoiding Pitfall, “Monitoring Internal Controls”, which is available at:
For additional information on risk assessments, see the Office of the State Auditor’s Minnesota County Financial Accounting and Reporting Standards (COFARS), Sections 3120 and 3130, at:
Minnesota County Financial Accounting and Reporting Standards (COFARS)
The Avoiding Pitfall is available on the OSA website.
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