OSA Weekly Update - 2/10/2023

1. Message from Auditor Blaha

2. Released: Investment Performance Information

3. Due: 2022 Annual Forfeiture Expenditures Reporting by February 28, 2023

4. Available: 2022 Annual Financial Reporting Forms

5. TIF: County Administrative Expenses

6. Avoiding Pitfall: Uncashed Checks

1. Message from Auditor Blaha

Our State of Main Street tour is back this year with listening sessions in early March. Like years past, we will hold regional listening sessions – in a hybrid format for attendees to join virtually or in-person – with local government leaders, community members, and elected officials around the state. Your feedback at these listening sessions provides vital context for our data and gives meaning to our numbers. Stay tuned for more information in the coming weeks.

2. Released: Investment Performance Information

The Office of the State Auditor is required to provide information on the investment performance of the Minnesota State Board of Investment and on the voluntary Statewide Volunteer Firefighter Plan administered by the Public Employees Retirement Association. The 2023 Investment Performance Information document, which provides information for the 2022 calendar year, has been posted to the OSA website.

3. Due: 2022 Annual Forfeiture Expenditures Reporting by February 28, 2023

Please remember to report expenditure of forfeited property proceeds, including proceeds received through state and federal forfeiture law to the Office of the State Auditor (OSA) by February 28, 2023.

Instructions for the Forfeiture Expenditures form may be found on the OSA website.

Reporting must be done using the online reporting tool available in the State Auditor’s Form Entry System (SAFES).

If you have questions or need assistance completing the form, please contact Ms. Christy John at (651) 297-3681 or e-mail Christy.John@osa.state.mn.us.

4. Available: 2022 Annual Financial Reporting Forms

The 2022 Annual Financial Reporting Form (Reporting Form) is now available through the State Auditors Form Entry System (SAFES).

Instructions on completing the Reporting Form can be found on the OSA website.

CTAS Users are now also able to submit the State Auditor Data File and Financial Statements right from CTAS. Instructions can be found on the OSA website.

For local government entities reporting on a cash basis of accounting, the Reporting Form (CTAS: State Auditor Data File) and Financial Statements or Audit are due by March 31, 2023. For entities reporting on a GAAP basis of accounting, the Reporting Form and Audit are due by June 30, 2023.

5. TIF: County Administrative Expenses

Counties may require reimbursement from a development authority for actual expenses related to administration of the authority's TIF districts. Reimbursement may be required by February 15th following the year in which the expenses were incurred.

To learn more, please review the TIF article on the OSA website.

6. Avoiding Pitfall: Uncashed Checks

Political subdivisions sometimes issue checks that are never cashed or are returned as undeliverable. Under Minnesota’s Unclaimed Property Laws, uncashed and returned checks must generally be reported to the Minnesota Department of Commerce after three years. More information is available on the Minnesota Department of Commerce website.

The Avoiding Pitfall is available on the OSA website.