Annual Financial Report 12/31/1992

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City of Lino Lakes, Minnesota Legal Compliance Report, Page 2 FINDING: CONDITION: CRITERIA: Untimely Reporting of Outstanding Obligations to County Auditor On or before February 1st of each year, the City of Lino Lakes is required to report to the County auditor the total amount of outstanding obligations as of December 31st of the preceding year. The City received this report form from the County on February 15, 1993. The City filed this report on February 19, 1993. Minnesota Statute 471.70 reads as follows: 471.70 REPORTING OF OBLIGATIONS BY CITIES, TOWNS, SCHOOL DISTRICTS, AND BODIES CORPORATE AND POLITIC. For the purposes of this section "municipality" means a city, however organized; a school district, however organized; a town; or any other body corporate and politic created under Minnesota law. An "obligation" as used in this section means an obligation as defined in chapter 475. On or before February first each year, it shall be the duty of the principal accounting officer of each municipality to report to the auditor of each county in which such municipality is situate, the total amount of outstanding obligations, and the purpose for which issued as of December 31 of the preceding year. Such report shall be kept by the auditor of each county in a suitable record. On March first each year, it shall be the duty of the auditor of each county to report to the state auditor of such obligations as reported to the county auditor by the principal accounting officer of the municipality, together with the amount and character of all outstanding obligations issued by the county. RECOMMENDATION: We recommend that the City contact the County and inform them of the statutory requirements that the report be filed prior to February 1st.