OSA Weekly Update - 3/14/2025
1. Message from Auditor Blaha
2. TIF Correction of Errors
3. Released: Pension Training Video
4. Deadline: Fire State Aid Reporting
5. Avoiding Pitfall: Asset Inventories
6. Deadlines
1. Message from Auditor Blaha
Thank you to everyone who participated in Township Day on Tuesday! Around 1,780 townships held their annual meeting on Tuesday this week where they elected their township officials and set tax levies. To celebrate the occasion, I visited Clearwater Township.
It’s important for me to witness local government in action; citizens coming together to make decisions that directly impact their daily lives. If you’re hosting a meeting or event and would like me to attend, please reach out!
2. TIF Correction of Errors
The Tax Increment Financing (TIF) Act allows a county auditor to correct errors or mistakes that result in improper decertification of a district, failure to certify a district, incorrect certification of a district, or failure to correctly compute the amount of increment. County Auditors must notify the State Auditor and Commissioner of Revenue of any corrections made. To learn more, visit the OSA website.
If you have any questions, contact us at TIF@osa.state.mn.us.
3. Released: Pension Training Video
A new training video titled “Defined Benefit Plans – Deferred Interest Types and Credit Methods” is available on the OSA website. It explains allowable options for crediting interest to deferred members of fire relief associations with a defined benefit pension plan. Additional training videos can be found by filtering for Pension on the OSA’s Training Videos webpage.
4. Deadline: Fire State Aid Reporting
Form FA-1 must be submitted to the Minnesota Department of Revenue (DOR) by March 17, 2025, to avoid a reduction in fire state aid. A Fire Service Areas report is also posted at the above link, with information on the documentation that the DOR needs to confirm any fire department service area changes. Instructions for completing the form and a list of forms received by the DOR are also provided.
5. Avoiding Pitfall: Asset Inventories
Each governmental entity should have an inventory of tangible assets. In addition to complying with accounting standards, an inventory may help determine the extent of loss if a break-in, fire, or other disaster occurs. It can also help detect employee thefts.
To develop and maintain a tangible asset inventory system, we recommend that public entities:
- Set a minimum dollar value for assets or class of assets that will be included on the asset inventory list(s);
- Assign actual or estimated historical costs to each item;
- Create an inventory listing of all assets above the minimum dollar amount;
- Assign the responsibility for knowing the location of each asset to a department head or official;
- Label each asset with identifying information, such as the name of the public entity and a unique asset number;
- Record the disposal and acquisition of assets; and
- Keep your asset inventories current by conducting physical inventory inspections and counts on a regular basis.
For “capital assets” as defined by governmental accounting principles:
- Identify and record capital asset information in your accounting system;
- Determine the useful life for various classes of assets to be used for depreciation purposes; and
- Create general ledger account codes to record capital asset transactions.
The full Avoiding Pitfall is available on the OSA website.
6. Deadlines
Cash Basis Township and Cities Reporting
The Annual Financial Reporting Form for Townships reporting on a cash basis of accounting is due March 31, 2025.
The Annual Financial Reporting Form and Unaudited Financial Statements for Cities reporting on a cash basis of accounting and not required to have an Audit or Agreed Upon Procedures Engagement (AUP) completed is due March 31, 2025.
The Annual Financial Reporting Form, or the State Auditor Data File for CTAS users, and Financial Statements should be submitted through SAFES.
If you don't have a SAFES username and password, email safes@osa.state.mn.us. If you have any questions on reporting, email gid@osa.state.mn.us. For CTAS users, email ctas@osa.state.mn.us.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
