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State Auditor Extends Audit and Financial Reporting Due Date for Cash Basis Cities
Beginning in 2025, the deadline for cities reporting on the cash basis of accounting has been extended from March 31 to June 15.
Currently, cities reporting on a cash basis of accounting are required to submit an annual financial reporting form with either an audit, or financial statements with an agreed-upon procedures engagement (AUP) to the Office of the Minnesota State Auditor by March 31 each year. The Office of the State Auditor is announcing changes to the reporting deadline for the 2024 fiscal year (FY), due in 2025. Here are the details:
Cities required to have an audit or AUP
In 2025 (for FY 2024), cities that report on a cash basis of accounting and are required under Minnesota law to undergo an audit or AUP will now have until June 15, 2025, to submit the following documents to the Office of the State Auditor through the State Auditors Form Entry System (SAFES):
- Annual Financial Reporting Form.
- An audit or financial statements and an AUP in PDF format (to be emailed to [email protected]).
Cities not required to have an audit or AUP
For cities that report on a cash basis of accounting and are not required under Minnesota law to have an Audit or AUP, the due date remains March 31, 2025. Such cities should submit the following documents through SAFES:
- Annual financial reporting form or state auditor data file if submitting from the Small City and Town Accounting System (CTAS).
- Financial statements.
This change only applies to cash basis cities. Reporting for generally accepted accounting principles (GAAP) basis cities is unchanged.
LMC appreciates State Auditor Julie Blaha’s engagement with the League and the Minnesota Association of Small Cities to hear about cities’ concerns and the agency’s willingness to find ways to provide adequate time for financial reporting to the public.
To contact the Office of the State Auditor with questions regarding the new deadlines, email [email protected].