SF 2564

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to retirement; firefighters' relief 
  1.3             association; increasing asset thresholds for certain 
  1.4             financial reports; amending Minnesota Statutes 1998, 
  1.5             section 69.051, subdivisions 1 and 1a. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 69.051, 
  1.8   subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [FINANCIAL REPORT AND AUDIT.] The board of 
  1.10  each salaried firefighters' relief association, police relief 
  1.11  association, and volunteer firefighters' relief association as 
  1.12  defined in section 424A.001, subdivision 4, with assets of at 
  1.13  least $200,000 $500,000 or liabilities of at least 
  1.14  $200,000 $500,000, according to the most recent actuarial 
  1.15  valuation or financial report if no valuation is required, shall:
  1.16     (1) Prepare a financial report covering the special and 
  1.17  general funds of the relief association for the preceding fiscal 
  1.18  year on a form prescribed by the state auditor.  The financial 
  1.19  report shall contain financial statements and disclosures which 
  1.20  present the true financial condition of the relief association 
  1.21  and the results of relief association operations in conformity 
  1.22  with generally accepted accounting principles and in compliance 
  1.23  with the regulatory, financing and funding provisions of this 
  1.24  chapter and any other applicable laws.  The financial report 
  1.25  shall be countersigned by the municipal clerk or clerk-treasurer 
  2.1   of the municipality in which the relief association is located 
  2.2   if the relief association is a firefighters' relief association 
  2.3   which is directly associated with a municipal fire department or 
  2.4   is a police relief association, or countersigned by the 
  2.5   secretary of the independent nonprofit firefighting corporation 
  2.6   and by the municipal clerk or clerk-treasurer of the largest 
  2.7   municipality in population which contracts with the independent 
  2.8   nonprofit firefighting corporation if the relief association is 
  2.9   a subsidiary of an independent nonprofit firefighting 
  2.10  corporation; 
  2.11     (2) File the financial report in its office for public 
  2.12  inspection and present it to the city council after the close of 
  2.13  the fiscal year.  One copy of the financial report shall be 
  2.14  furnished to the state auditor after the close of the fiscal 
  2.15  year; and 
  2.16     (3) Submit to the state auditor audited financial 
  2.17  statements which have been attested to by a certified public 
  2.18  accountant, public accountant, or the state auditor within 180 
  2.19  days after the close of the fiscal year.  The state auditor may 
  2.20  accept this report in lieu of the report required in clause (2). 
  2.21     Sec. 2.  Minnesota Statutes 1998, section 69.051, 
  2.22  subdivision 1a, is amended to read: 
  2.23     Subd. 1a.  [FINANCIAL STATEMENT.] (a) The board of each 
  2.24  volunteer firefighters' relief association, as defined in 
  2.25  section 424A.001, subdivision 4, with assets of less than 
  2.26  $200,000 $500,000 and liabilities less than $200,000 $500,000, 
  2.27  according to the most recent financial report, shall prepare a 
  2.28  detailed statement of the financial affairs for the preceding 
  2.29  fiscal year of the relief association's special and general 
  2.30  funds in the style and form prescribed by the state auditor.  
  2.31  The detailed statement must show the sources and amounts of all 
  2.32  money received; all disbursements, accounts payable and accounts 
  2.33  receivable; the amount of money remaining in the treasury; total 
  2.34  assets including a listing of all investments; the accrued 
  2.35  liabilities; and all items necessary to show accurately the 
  2.36  revenues and expenditures and financial position of the relief 
  3.1   association. 
  3.2      (b) The detailed financial statement required under 
  3.3   paragraph (a) must be certified by an independent public 
  3.4   accountant or auditor or by the auditor or accountant who 
  3.5   regularly examines or audits the financial transactions of the 
  3.6   municipality.  In addition to certifying the financial condition 
  3.7   of the special and general funds of the relief association, the 
  3.8   accountant or auditor conducting the examination shall give an 
  3.9   opinion as to the condition of the special and general funds of 
  3.10  the relief association, and shall comment upon any exceptions to 
  3.11  the report.  The independent accountant or auditor shall have at 
  3.12  least five years of public accounting, auditing, or similar 
  3.13  experience, and shall not be an active, inactive, or retired 
  3.14  member of the relief association or the fire or police 
  3.15  department. 
  3.16     (c) The detailed statement required under paragraph (a) 
  3.17  must be countersigned by the municipal clerk or clerk-treasurer 
  3.18  of the municipality, or, where applicable, by the secretary of 
  3.19  the independent nonprofit firefighting corporation and by the 
  3.20  municipal clerk or clerk-treasurer of the largest municipality 
  3.21  in population which contracts with the independent nonprofit 
  3.22  firefighting corporation if the relief association is a 
  3.23  subsidiary of an independent nonprofit firefighting corporation. 
  3.24     (d) The volunteer firefighters' relief association board 
  3.25  must file the detailed statement required under paragraph (a) in 
  3.26  the relief association office for public inspection and present 
  3.27  it to the city council within 45 days after the close of the 
  3.28  fiscal year, and must submit a copy of the detailed statement to 
  3.29  the state auditor within 90 days of the close of the fiscal year.