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Cities that use Generally Accepted Accounting Principles are required to submit financial information to the state 180 days after the close of the fiscal year.
(Published Jun 27, 2012)
Cities with populations over 2,500 according to the latest census must have an annual audit in accordance with Generally Accepted Accounting Principles (GAAP) filed with the Office of the State Auditor (OSA) by June 30. These cities are required to submit their City Financial Reporting Form and audited financial statements 180 days after the close of the fiscal year.
Under Minnesota Statutes, section 471.697, subdivision 1©, clerks in cities with populations over 2,500 must submit audited financial statements to the state auditor. The clerk must also publish (or post three copies, if no qualified newspaper exists in the city) a report or a summary of the report within 30 days after June 30.
The report shall be in a form as prescribed by the OSA and shall contain financial statements and disclosures that present the city’s financial position and the results of city operations in conformity with GAAP. The prescribed format for publishing this information begins on page 13 of the OSA’s Reporting and Publishing Requirements (pdf).
Failure to meet these reporting obligations can result in the loss of local government aid.
Technically, cities are required to report by June 28 (180 days after the close of the fiscal year), but the Office of the State Auditor will accept reports until noon on July 2, 2012.
If your city is having trouble meeting this reporting deadline, please contact the OSA to let them know of any extenuating circumstances.
Contact Gary Carlson
(651) 281-1255 or (800) 925-1122
Contact Heather Cederholm
Member Outreach Coordinator
(651) 281-1256 or (800) 925-1122
Contact Tom Grundhoefer
(651) 281-1266 or (800) 925-1122
Contact Office of the State Auditor
525 Park Street, Suite 500
St. Paul, MN 55103