OSA Weekly Update - 5/24/2024
1. Message from Auditor Blaha
2. TIF: Reporting "Non-TIF" Bonds
3. Avoiding Pitfall: Change in Bonded Officers
4. Job Openings
5. Deadlines
1. Message from Auditor Blaha
"We must be free not because we claim freedom, but because we practice it." –William Faulkner
This Memorial Day, we can honor those who made the ultimate sacrifice with the work we do. Local government practices freedom by administering elections well, enforcing laws with justice, fairly executing budgets, and all other work that enacts the will of the people. Let’s make our work worthy of the sacrifices heroes made to protect it.
2. TIF: Reporting "Non-TIF" Bonds
A "non-TIF bond" is one not secured by a pledge of increment from any TIF district. A development authority must be able to establish that the use of tax increment to pay debt service on a non-TIF bond is legally authorized. As TIF authorities work on completing TIF Annual Reporting Forms, form preparers should take note to understand how the reporting of "non-TIF bonds" differs from reporting TIF bonds.
For more information please review the article on the OSA website.
If you have any questions, please contact us at TIF@osa.state.mn.us.
3. Avoiding Pitfall: Timely Recording of Expenditures
A public entity’s expenditures should be recorded in the entity’s general ledger as soon as the expenditures are made. When grant funds are involved, the problems related to the delayed recording of expenditures are compounded. For example, if the expenditure is eligible for reimbursement from a grant, the preparation of grant reimbursement forms may be delayed. As a result, grant-eligible expenditures may be disallowed if the grant period expires before the reimbursement forms are submitted.
The full list of Avoiding Pitfalls is available on the OSA website.
4. Job Openings
Government Accounting Analyst
The OSA is hiring a Government Accounting Analyst. Based in Saint Paul, this position's primary responsibility is to examine local government financial reports for accuracy, completeness, and compliance with applicable regulations and standards.
The job posting will close on May 28, 2024.
5. Deadlines
Due: 2023 City and Township GAAP basis Reporting due July 1, 2024
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, please send an email to gid@osa.state.mn.us.
