1978 CAFR - Laserfiche WebLink

Home Browse Search

(a) Prepare a detailed statement of the financial affairs of the city in the style and form prescribed by the state auditor, for the preceding fiscal year showing all money received, with the sources, and respective amounts thereof; all disbursements for which orders have been drawn upon the treasurer; the amount of outstanding and unpaid orders; all accounts payable; all indebtedness, contingent liabilities; all accounts receivable; the amount of money remaining in the treasury; and all items necessary to show accurately the revenues and expenditures and financial position of the city; (b) File the statement in his office for the public inspection and present it to the city council within 45 days after the close of the fiscal year; (c)(1) Publish the statement within 60 days after the close of the fiscal year in a newspaper published in the city; or (2) If there is no newspaper in the city, the clerk shall, at the direction of the city council, publish the statement in the official newspaper published elsewhere or post copies in three of the most public places in the city; or (3) If city council proceedings are published monthly or quarterly, showing to whom and for what purpose orders are drawn upon the treas- urer, the annual statement to be published as required by this section may be summarized in such form as the state auditor may prescribe; and (d) Submit within 90 days after the close of the fiscal year a copy of the statement to the state auditor in such summary form as the state auditor may prescribe. Subd. 2. Any city described in subdivision 1 may comply with the provisions of section 471.697, in which case the provisions of subdivision 1 shall not apply to the city. Sec. 5. Minnesota Statutes 1976, Chapter 471, is amended by adding a section to read: 471.699 Enforcement of reporting requirements Failure of a city to timely file a statement or report under section 3 or 4 shall, in addition to any other penalties provided by law, authorize the state auditor to send full time personnel to the city or to contract with private persons, firms or corporations pursuant to section 6.58, in order to complete and file the financial statement or report. The expenses related to the completion and filing of the financial statement or report shall be charged to the city. Upon failure by the city to pay the charge within 30 days of billing, the state auditor shall so certify to the commissioner of finance who shall forward the amount certified to the state auditor's revolving fund and deduct the amount from any state funds due to the city under any shared taxes or aids. The state auditor's annual report on cities shall include a listing of all cities failing to file a statement or report. Sec. 6. Appropriation. There is appropriated to the state planning agency the sum of $50,000 from the general fund for the period ending June 30, 1979 for the purpose of making grants to cities for converting from a cash basis to a modified accrual basis of financial reporting and for training city clerks or chief financial officers in the methods of a modified accrual basis of financial reporting. Sec. 7. Repealer, Minnesota Statutes 1976, Sections 412.281 and 412.291, are repealed. Sec. 8. Effective date. This act is effective January 1, 1979. except section 6 which is effective July 1, 1978. (Approved April 5, 1978.)