OSA Weekly Update - 5/19/2023

1. Message from Auditor Blaha

2. Job Opening: Director of Standards and Procedures

3. TIF: When Does an Authority Need to File Annual TIF Reports?

4. Avoiding Pitfall: Petty Cash (Imprest) Funds - Part II

1. Message from Auditor Blaha

With the Minnesota legislative session coming to an end, we are beginning to plan our summer outreach. If you would like me to visit you in your community, please contact State.Auditor@osa.state.mn.us.

I am excited to travel the State of Minnesota this summer and hope to connect with you in-person soon!

2. Job Opening: Director of Standards and Procedures

Are you a CPA that enjoys research? The OSA is hiring a Director of Standards and Procedures.

This position provides oversight to ensure local government audits are of the highest quality in accordance with both OSA quality control standards, and regulatory and audit industry requirements.

Apply online: Click “Search Open Positions” and enter the job ID: 65743.

Questions? Contact Belle Sarff, Director of Human Resources.

3. TIF: When Does an Authority Need to File Annual TIF Reports?

The 2022 TIF Annual Forms are now available. Instructions were e-mailed to TIF authority contacts on May 2. If you believe you should have received one and did not, please follow up with our office at TIF@osa.state.mn.us.

Each year we receive questions concerning when an authority needs to start (and when they can stop) filing Annual TIF Reports.

The TIF Act requires that reporting begin for the year the district is certified. The authority must continue to file annual reports for the TIF district until the district is decertified, and all tax increment revenue has been expended or returned to the county auditor.

For more details, please view the following TIF Topic: When Does an Authority Need to File Annual TIF Reports?

4. Avoiding Pitfall: Petty Cash (Imprest) Funds – Part II

Part I of the Petty Cash (Imprest Funds) Avoiding Pitfalls series discussed the establishment of petty cash (imprest) funds. This entry provides information on making withdrawals from these funds.

There are two possible methods of withdrawing petty cash funds: the reimbursement method and the advance method. When using the reimbursement method, an individual purchases an authorized item with personal funds, provides the original detailed vendor receipt to the petty cash fund's custodian, and is then reimbursed from the petty cash fund. This method is less complicated than the advance method. There is no risk of loss of petty cash funds due to the purchaser failing to buy the item and/or to submit supporting documentation for the purchase. It also allows the petty cash fund to be replenished more quickly than with the advance method. For these reasons, the reimbursement method is generally preferred.

The full Avoiding Pitfall is available on the OSA website.