Laserfiche WebLink
RELEVANT LINKS: <br />See OSA; GASB; and GFOA. <br />Handbook, Chapter 26. <br />Minn. Stat. § 275.065, subd. <br />3. <br />Handbook, Chapter 22. <br />Minn. Stat. § 275.065, subd. <br />t. <br />Minn. Stat. § 275.065, subd. <br />3. <br />Minn. Stat. § 275.066. <br />This guidance should be used with the help of financial service providers to <br />be best prepared to meet financial reporting requirements. <br />GASB 34 is lengthy and is not discussed in detail in this chapter. For further <br />information on GASB 34, contact GASB, the Minnesota Office of the State <br />Auditor, or the Government Finance Officers Association (GFOA). <br />B. State auditor reports <br />State law requires that cities file budget information with the state auditor's <br />office and also requires that cities publish budget information each year. A <br />number of other financial reports and forms must be filed with the state <br />auditor as explained in detail in Chapter 26 of the League's Handbook for <br />Minnesota Cities. <br />C. Taxation notification procedure <br />The law no longer uses the phrase "truth in taxation." However, many <br />people still use it to refer to a process which requires cities to allow time for <br />public input on city budgets. According to the Department of Revenue, cities <br />with populations of 500 or less and all special taxing districts (except the <br />Metropolitan Council, the Metropolitan Airports Commission, and the <br />Metropolitan Mosquito Control Commission) are exempt from the <br />requirement to hold a meeting with public input prior to adoption of the final <br />levy. Note: Cities with populations of 500 or less must still certify proposed <br />property tax levies to the county auditor on or before Sept. 30, 2014. <br />Previously, the date cities must certify property tax levies to the county <br />auditor was Sept. 15, but 2014 amendments to law extended the deadline to <br />Sept. 30. However, special taxing districts like housing and redevelopment <br />authorities (HRAs) must still certify their preliminary levy by Sept. 15. And <br />small cities must certify the final property tax levy to the county auditor by <br />or before Dec. 28, 2015. If a city misses this deadline, that city's final levy <br />for 2016 will stay the same as it was in 2015. Cities over 500 in population, <br />even with the smallest levy increase, must follow the process described <br />below. (Previously, cities with a levy increase lower than the inflation index, <br />or IPD, were exempt from this process, but that is no longer the case. The <br />requirement for a city phone number and address on parcel specific notices <br />sent out by the county auditor does not require listing a personal telephone <br />number or personal address. If the city informs the auditor that it has no <br />public office, then no phone number or address is included in the notices. <br />League of Minnesota Cities Handbook for Minnesota Cities 10/15/2015 <br />Municipal Budgeting Chapter 211 Page 23 <br />