There were 1,114 press releases posted in the last 24 hours and 405,305 in the last 365 days.

OSA Weekly Update - 12/20/2024

1. Message from Auditor Blaha

2. Relief Associations: Economic Interest Statements

3. Reminder: TIF Decertification Requirements

4. CTAS 1099-NEC & MISC Forms

5. Released: 2022 County Finances Report

6. Avoiding Pitfall: Employee Fraud

7. Deadlines


1. Message from Auditor Blaha

It’s that season of joy and wonder – the end of the fiscal year! For most local government entities, the fiscal year ends this month making it a time of wrapping up 2024 and planning for 2025. Next year promises to be a year of transition: Pandemic related funds sunsetting, new administration in Washington D.C., new local elected leaders, and challenges and opportunities we can’t predict. Local governments meet their challenges best when they are transparent about their budgets and plan ahead.  I wish you a fiscal year end of peace, openness, and planning.


2. Relief Associations: Economic Interest Statements

Every year, each fire relief association board member and chief administrative officer is required to complete a Statement of Economic Interest. The Statement must be filed with the chief administrative officer of the relief association and be made available for public inspection.

The chief administrative officer of a relief association must also submit a Certified Listing of Individuals Who Filed a Statement of Economic Interest form to the Campaign Finance and Public Disclosure Board by January 15, 2025. This form must list all individuals who have filed Statements of Economic Interest with the relief association for the preceding 12 months, along with the address of the office at which the statements are available for public inspection.

The Statement of Economic Interest and Certified Listing of Individuals Who Filed a Statement of Economic Interest forms are available on the OSA website.


3. Reminder: TIF Decertification Requirements

Many TIF districts will reach their duration limit as of December 31, 2024, or may have been decertified in 2024 for other reasons. If you have such a district, complete the Confirmation of Decertified TIF District Form. This must be completed and submitted to the OSA within 90 days of the decertification. If you have any questions, contact us at TIF@osa.state.mn.us.

To learn more, review the Decertified TIF District Form Reminder TIF topic.


4. CTAS 1099-NEC & MISC Forms

To ensure that the 1099-MISC and 1099-NEC forms populate correctly, specific account numbers and object codes on disbursements must be used. This will allow the information to flow accurately into the forms. For more detailed information, refer to the CTAS Webpage under Other Resources, titled "Using CTAS for 1099s" at CTAS Review Procedures for 1099-NEC & MISC forms.


5. Released: 2022 County Finances Report

This week State Auditor Julie Blaha released the County Finances Report. The Report summarizes the current and long-term trends for county revenues, expenditures, and debt. View the complete report, which includes an Executive Summary, graphs, and tables on the OSA website.

The 2022 Minnesota county revenues and expenditures have been updated in the Comparison Tool. The Comparison Tool allows you to compare information for the same county for two different years, or to compare one county to another county.


6. Avoiding Pitfall: Employee Fraud

Studies have found a number of patterns in employee fraud. One finding has been that the fewer employees who are involved with financial transactions, the greater the risk for fraud or misuse of public funds. In addition, when fraud occurs, studies have shown a direct correlation between the length of time an employee has been employed by an entity and the size of the loss. An employee’s tenure is likely related to both trust and opportunity. The more trust an entity places in an employee, the greater the person’s opportunity to commit fraud. Long-term employees may also be the most familiar with gaps in the entity’s operations and controls.

Segregation of duties and oversight are essential to deterring fraud. Public entities need to spread accounting and banking duties among multiple employees. When that is not possible due to the size of the public entity, elected officials may need to become involved in the process. For example, someone other than the person writing checks should receive and review unopened monthly bank statements. In a small entity, an elected official may need to perform that function.

For more information on employee fraud, see the most recent study by the Association of Certified Fraud Examiners, "2022 Report to the Nations."

The Avoiding Pitfall is available on the OSA website.


7. Deadlines


Due: 2025 Summary City and County Budget Form by January 31, 2025

The 2025 Summary City and County Budget Form is now available through SAFES.

The form is due by January 31, 2025. You will need a SAFES User ID and Password to access the Form. If you need a SAFES User ID and Password, please send an email to SAFES@osa.state.mn.us with your name, title, entity, public mailing address, email, and phone number. Instructions on completing the form are located on the OSA website.


Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.