OSA Weekly Update - 12/8/2023

1. Message from Auditor Blaha

2. TIF: Decertified TIF District Forms

3. Avoiding Pitfall: Cash Drawer Accountability

1. Message from Auditor Blaha

For the past year, you’ve heard from us at the OSA talk about the shortage of public finance staff in this newsletter. We’ve met with many of you through local organizations and one-on-one conversations to gain your perspectives on this issue. Now, we’re in the process of developing specific actions in response to your input; for example, we’re reviewing audit and reporting requirements for local government entities to find ways to take pressure off the public finance system. Your continued feedback is valuable at this stage of the effort: Email us at outreach@osa.state.mn.us with your ideas, concerns, and questions.

2. TIF: Decertified TIF District Forms

Many TIF districts are set to decertify at the end of the year. When a TIF district is decertified, a Confirmation of Decertified TIF District Form must be completed and submitted to the OSA within 90 days of the decertification.

To learn more, please review the topic on the OSA website.

A copy of the Confirmation of Decertified TIF District Form may be found on the OSA website.

If you have any questions, please contact us at TIF@osa.state.mn.us.

3. Avoiding Pitfall: Cash Drawer Accountability

Whenever possible, one employee should be responsible for a cash drawer. For example, at most retail establishments employees remove their drawers at the end of their shifts and the next employees bring their own drawers.

This procedure makes it clear which employee is responsible for the cash in each cash drawer. When two or more employees place cash into the same cash drawer, this simple internal control is corrupted.

The full Avoiding Pitfall is available on the OSA website.