2006 Minnesota Statutes

477A.017 UNIFORM FINANCIAL ACCOUNTING AND REPORTING SYSTEM.
    Subdivision 1. Purpose. Sections 477A.011 to 477A.03 are designed to provide property
tax relief to local units of government. In order for the legislature to determine the amounts of
relief necessary each year, the legislature must have uniform and current financial information
from the governmental units which receive aid distributions. This section is intended to provide
that information.
    Subd. 2. State auditor's duties. The state auditor shall prescribe uniform financial
accounting and reporting standards in conformity with national standards to be applicable to cities
and towns of more than 2,500 population and uniform reporting standards to be applicable to
cities of less than 2,500 population.
    Subd. 3. Conformity. Other law to the contrary notwithstanding, in order to receive
distributions under sections 477A.011 to 477A.03, counties and cities must conform to the
standards set in subdivision 2 in making all financial reports required to be made to the state
auditor after June 30, 1984.
History: 1983 c 342 art 5 s 14; 1992 c 592 s 15