State Auditor's E-Update - 7/2/2021

1. Message from Auditor Blaha

2. Released: Pension Newsletter

3. TIF: Reporting “Other” Revenue and Expenses

4. Avoiding Pitfall: Mandatory Vacations

1. Message from Auditor Blaha

Congratulations, Minnesota. 70% of Minnesota adults are officially vaccinated against COVID-19. It feels particularly appropriate that we've come to this milestone as a state only a few short days before we celebrate our independence as a country. Choosing to get the vaccine, for many, was an act of service for their community. When you are protecting your community, you are protecting the republic.

Much has changed over the last 16 months -- while there is still much division, the ability to come together to protect our family, friends, and neighbors shows the strength of our resolve as Minnesotans and as people of the United States. I am truly grateful and humbled by your act of patriotism and service to others.

I hope you have a wonderful and safe holiday weekend. Happy Independence Day!

2. Released: Pension Newsletter

The June Pension Newsletter has been released. The Newsletter provides information about three upcoming webinar training sessions for relief association trustees, with links to register for each session. The Newsletter also provides internal control recommendations for relief associations planning to hold special events or fundraisers this summer. Information about records retention requirements and requirements to report evidence of theft or misuse of relief association funds are also provided.

The complete Newsletter can be accessed here.

3. TIF: Reporting “Other” Revenue and Expenses

As you are completing the TIF Annual Reporting Forms for TIF authorities, one common point of clarification to note relates to the use of the "Other" line on the Revenue and Expense Tab. This line was added to address specific, “other” sources and uses as noted in the instructions (write-offs or write-downs of interfund loans, unrealized gains or losses associated with land held for resale, and other explained uses of TIF revenue that don’t fit into any other category). Do not use this line to report sources that are not tax increment or uses of funds that are not tax increments.

See the instructions with details here.

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

4. Avoiding Pitfall: Mandatory Vacations

Public entities should consider a mandatory vacation policy for employees – especially those with financial responsibilities. When an employee never takes a day off from work, it may be a red flag for fraud. Employees who engage in fraud may resist taking a vacation, fearing that someone else doing their job in their absence may discover the irregularities.

This Avoiding Pitfall is available on our website here.