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prop resit of suDds I and J. set M.1198s] Subd. 6. Financial reporting. (a) The state Auditor shall develop a uniform system of accounting and financial reporting for tax increment financing districts. The system of Accounting and financial repotting shall, as pearly as possible: (1) provide for full disclosure of the sources and uses of public funds in the district; (2) permit comparison and reconciliation with the affected local lovemment's accounts and financial reports; (3) permit auditing of the funds expended on behalf of a district, including a single district that is part of a multidistrict project or that is funded in part or whole through the use of a development account funded with tax increments from other districts or with other public money; (4) be consistent with generally Accepted accounting principles. (b) The authority must annually submit to the state auditor, on or before July 1, a financial report in compliance with paragraph (a). Copies of the report must also be provided to the county And school district boards sand to the governing body of the municipality, if the authority is not the municipality. To the extent necessary to permit compliance with the requiremen! of financial reporting, the county and any other appropriate local lovemment unit or private entity must provide the necessary records or information to the authority or the sate auditor as provided by the system or accounting and financial reporting developed pursuant to paragraph (a). (c) The annual financial report must also include the following items: (1) the original assessed value of the district; (2) the captured assessed value of the disirict, including the amount of any , captured assessed value shared with other taxing districts; (3) the outstanding principal amount of bands issued or other loans incurred to finance project costs in the district; (4) for the reporting period and for the duration of the district, the amount budgeted under the tax increment financing plan, and the actual amount expended for, At least, the following categories: (A) acquisition of land and buildings through condemnation or purchase; (B) site improvements or preparation costs; (C) installation of public utiluies or other public improvements, (D) administrative costs, inclu'li.1 the allocated cost of the authority; (3) for properties sold to developers, the total cost of the property to the authgrity and the price paid by the developer; (6) the amount of tax exempt obligations, other than those reported under clause (3), that were issued on behalf of private entities for facilities located in the district. (d) The reporting requirements imposed by this subdivision Are in lieu of the annual disclosure required by subdivision 3. History: 1985 c 194 s 12, 1Sp198J c 14 art 8 s 14,15 M