§ 477A.017 — Uniform Financial Accounting and Reporting System
Plain-Language Summary
This section requires cities, towns, counties, and special districts to follow uniform financial accounting and reporting standards set by the state auditor. Governments must use these standards when filing financial reports in order to receive state aid distributions. The state auditor sets different standards for larger and smaller governments.
477A.017 UNIFORM FINANCIAL ACCOUNTING AND REPORTING SYSTEM.
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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.
(a) Other law to the contrary notwithstanding, in order to receive distributions under sections 477A.011 to 477A.03, or a special district aid program, counties, cities, towns, and special districts, must conform to the standards set in subdivision 2 in making all financial reports required to be made to the state auditor.
(b) For the purpose of this subdivision, “special district” has the meaning under section 6.465, subdivision 3.
History:
1983 c 342 art 5 s 14; 1992 c 592 s 15; 2022 c 55 art 1 s 181; 2025 c 39 art 6 s 16
History: History: 1983 c 342 art 5 s 14; 1992 c 592 s 15; 2022 c 55 art 1 s 181; 2025 c 39 art 6 s 16