OSA Weekly Update - 3/7/2025
1. Message from Auditor Blaha
2. Relief Association Reporting Deadline
3. TIF: A Primer for City Councils (& Other TIF Authorities)
4. Avoiding Pitfall: Timely Deposits
5. Deadlines
1. Message from Auditor Blaha
You may have seen news of the Minnesota Budget and Economic Forecast yesterday. That forecast is more than just a prediction of state government's bottom line. In the report is a wealth of information about trends like wage growth, inflation, housing costs, and more. Best of all, it focuses on Minnesota, making it useful to local officials looking to make long-term financial choices for their communities. Find the whole report here. If you are short on time, start with the forecast presentation on the same page for the graphs and toplines.
2. Relief Association Reporting Deadline
Reporting forms for fire relief associations with less than $750,000 in assets and less than $750,000 in liabilities are due by March 31. In addition to the reporting forms, each relief association with assets and liabilities below this statutory threshold must have an Agreed-Upon Procedures engagement and submit the certified public accountant’s report on applying the procedures.
Reporting forms are accessible through SAFES. A short video is provided that walks through the changes in this year’s forms and other recent updates. Detailed instructions on how to access, complete, submit, and electronically sign the forms are provided in this reporting checklist.
3. TIF: A Primer for City Councils (& Other TIF Authorities)
For local elected officials new to Tax Increment Financing (TIF), the TIF Division offers a video that provides a brief overview of key concepts and considerations to understand when evaluating whether to approve the use of TIF. You can find the video on the OSA website.
See all of the available OSA training videos on our website.
If you have any questions, contact us at TIF@osa.state.mn.us.
4. Avoiding Pitfall: Timely Deposits
Deposits should be made as often as possible, preferably daily. Failing to make timely deposits increases the risk of error and the risk of misappropriation of funds.
In addition, by not making frequent deposits, the public entity is missing out on interest that could be earned if the deposits were made in a timely fashion.
The full Avoiding Pitfall is available on the OSA website.
5. 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.