01-09-1985 Council Agenda - Laserfiche WebLink

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XVII -32 - PUBLIC NOTICE Page Three v. The publication or posting must occur no later than 30 days after the report is due in the office of the State Auditor. b. Cities under 2500 population: i. As a general rule, the entire financial statement must be published. ii. However, if the city council proceedings are published monthly or quarterly, showing to whom and for what purpose orders are drawn upon the treasurer, then the financial statement may be summarized in a form prescribed by the State Auditor. iii. Furthermore, it is not necessary in any case to publish individual disbursements of less than $100, if disbursements aggregating $1,000 or more to any person, fine, or other entity are set forth in a schedule of major disbursements shoving amounts paid out, to whom, and for that purpose. iv. A statement must be published within 90 days after the close of the fiscal year. v. If there is no qualified newspaper of general circulation in the city, the financial statenent must be posted in three of the most public places in the city. vi. Special Option - If a city of less than 2500 population chooses to, it may comply with the various auditing and accounting requirements applicable to cities of over 2500 population; should the city do this, it then may publish only a summary financial report, as described above for cities of over 2500 population. 5. Municipal Liquor Store Financial Statement: (Minnesota Statute 471.6985) Any city operating a municipal liquor store must publish a balance sheet using generally accepted accounting procedures, and a statement of operations of the liquor store, subject to the following conditions: a. The publication must occur once, and within 90 days after the close of the fiscal year. b. It must be published in the official newspaper of the city. 17 - more -