Agenda Packet Cc - work session 6/23/2025

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RELEVANT LINKS: League of Minnesota Cities Handbook for Minnesota Cities 9/10/2024 Municipal Budgeting Chapter 20 | Page 22 Minn. Stat. § 477A.017, subd. 2. Reporting and Publishing Requirements For Cities Reporting in Accordance with Generally Accepted Accounting Principles, Office of the State Auditor. However, state law does not require that cities with populations under 2500 report GAAP financial statements. These cities may prepare GAAP statements as a good business practice or because of some contractual requirement but are not required to do so by state statute. The state auditor provides a discussion on compliance with GASB 34 in small cities in the document, “Reporting and Publishing Requirements For Cities Reporting in Accordance with Generally Accepted Accounting Principle.” This guidance should be used with the help of financial service providers to be best prepared to meet financial reporting requirements. See OSA; GASB; and GFOA. GASB 34 is lengthy and is not discussed in detail in this chapter. For further information on GASB 34, contact GASB, the Minnesota Office of the State Auditor, or the Government Finance Officers Association (GFOA). B. State auditor reports Handbook, Financial Reports, Accounting and Auditing. State law requires that cities file budget information with the state auditor’s office and requires that cities publish budget information each year. A number of other financial reports and forms must be filed with the state auditor as explained in detail in Chapter 26 of the League’s Handbook for Minnesota Cities. C. Taxation notification procedure Minn. Stat. § 275.065, subd. 3. Handbook, Property Tax Levy. Minn. Stat. § 275.065, subd. 1. The law no longer uses the phrase “truth in taxation.” However, many people still use it to refer to a process which requires cities to allow time for public input on city budgets. According to the Department of Revenue, cities with populations of 500 or less and all special taxing districts (except the Metropolitan Council, the Metropolitan Airports Commission, and the Metropolitan Mosquito Control Commission) are exempt from the requirement to hold a meeting with public input prior to adoption of the final levy. Note: Cities with populations of 500 or less must still certify proposed property tax levies to the county auditor on or before Sept. 30. Minn. Stat. § 275.065, subd. 3. Minn. Stat. § 275.066. And small cities must certify the final property tax levy to the county auditor by or before five working days after December 20 each year. If a city misses this deadline, that city’s final levy will stay the same as it was in the previous year. Cities over 500 in population, even with the smallest levy increase, must follow the process described below. The requirement for a city phone number and address on parcel specific notices sent out by the county auditor does not require listing a personal telephone number or personal address. If the city informs the auditor that it has no public office, then no phone number or address is included in the notices. 31