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7/2/2025 <br />3 <br />Report on Minnesota Legal Compliance <br />•Required by Minnesota Statute §6.65 <br />•OSA audit guide covers seven categories: <br />contracting and bidding <br />deposits and investments <br />conflicts of interest <br />public indebtedness <br />claims and disbursements <br />tax increment financing <br />miscellaneous provisions <br />•No compliance findings <br />5 <br />Communication with Those Charged with Governance <br />•The City implemented one new accounting standard relating to <br />compensated absences <br />•Routine estimates: <br />o Valuation of land held for resale <br />o Net pension liability and related items <br />•Significant footnote: Note 6 – Long-term Debt <br />•Corrected and uncorrected misstatements <br />•No difficulties or disagreements encountered <br />6 <br />49