Agenda - Council - 08/23/1983 - Laserfiche WebLink

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I~ STATE OF MIN1NES~TOo~TA m{r~s=,W:~l..TJ OFFICE OF THE STATE AUD .. -~ SAINT PAUL 55103 ' /r,"~~ AUG 1983 '-\%., STATs:AUDITOR City Finance Directors: i Enclosed are copies of sections in Chapter 342, Laws of 1983 _ (Omnibus Tax Bill), and a position paper on uniformity, covering iaccounting and repo~ting standards. This law provides the Legislature and State government with uniform · and timely financial information; it has been tentatively coded · .under Local Governmen~ Aids [477A. 017]: · Subdivision 1 [Purpose]. States the purpose is to provide ~ the legislature with uniform and current financial information from governmental units which receive aid distributions. I Subdivision 2 [State Auditor's Duties]. The state auditor ~be uniform financial accounting and reporting standards . . . I Subdivision 3 [Conformity]. In order to receive distributions of local government aid, counties and cities must conform to · standards for all financial reports made to the state auditor ~ after June 30, 1984. _ To continue our work in this area, we have created a Task Force Idesigned to give us local input on the creation and implementation of uniform accounting and reporting standards throughout the local governmental system. Cities over 2,500 in population which have implemented the Chart of Accounts for Cities~issued in · December 1981, are in conformity with this law. Accounting systems other than the Chart of Accounts may be used, subject to Ithe approval of the State Auditor. Generally Accepted Accounting Principles will be the basis for all financial statements required by the Office of the S~ate Auditor, and for all accounting policy decisions made by this office. Again, I very much appreciate your help. Please feel free to call Ed Fuller, Director of Governmental Information for this office, · relative to any questions or concerns you may have. I Si. ncerely~. · // Arn~ H. Carlson ~ ~ ~--- ~ State Auditor I Attachment 4~ AN EQUAL OPPORTUNITY EMPLOYER