1978 CAFR - Laserfiche WebLink

Home Browse Search

CITIES -FINANCIAL STATEMENTS CHAPTER 787 CHIEF FINANCIAL OFFICER TO PREPARE FINANCIAL STATEMENT MINNESOTA STATUTES 1976, CHAPTER 471 Be it enacted by the Legislature of the State of Minnesota: Section 1. Minnesota Statutes 1976, Chapter 471, is amended by adding a section to read: 471.695 Cities financial statements, reports and audits; definitions For the purposes of sections 471.695 to 471.699, "city" means a statutory city or home rule charter city. Sec. 2. Minnesota Statutes 1976, Chapter 471, is amended by adding a section to read: 471.696 Fiscal year; designation Beginning in 1979 the fiscal year of a city and all of its funds shall be the calendar year. The state auditor may upon request of a city and a showing of inability to conform, extend the deadline for compliance with this section for one year. Sec. 3. Minnesota Statutes 1976, Chapter 471, is amended by adding a section to read: 471.696 Financial reporting; audits; cities of more than 2.500 population according to the latest state or federal census, the city clerk or chief financial officer shall: (a) Prepare a financial report covering the city's operations during the preceding fiscal year after the close of the fiscal year and publish the report or a summary of the report, in a form as prescribed by the state auditor, in a newspaper in the city or, if there be none, post copies in three of the most public places in the city. The report hall contain financial statements and disclosures which present the city's financial position and the results of city operations in conformity with generally accepted accounting principles. The report shall include such information and be in such form as may be prescribed by the state auditor: (b) File the financial report in his office for public inspection and present it to the city council after the close of the fiscal year. One copy of the financial report shall be furnished to the state auditor after the close of the fiscal year; and (c) Submit to the state auditor audited financial statements which have been attested to by a certified public accountant, public accountant, or the state auditor within 180 days after the close of the fiscal year, except that the state auditor may upon request of a city and a showing of inability to conform, extend the deadline. The state auditor may accept this report in lieu of the report required in clause (b) above. Subd. 2. The state auditor shall continue to audit cities of the first class pursuant to section 6.49. Sec. 4. Minnesota Statutes 1976, Chapter 471, is amended by adding a section to read: 471.698 Financial reporting; cities of less than 2,500 population Subdivision 1. In any city with a population of less than 2,500 according to the latest state or federal census, the city clerk or chief financial officer shall: