S.F. No. 3350 Summary

• Amends Minnesota Statutes section 367.36 to eliminate audit requirements for very small towns that combine clerk and treasurer positions.

• Towns with combined clerk-treasurer offices and populations under 125 with annual revenue less than one-third of the inflation-adjusted threshold ($150,000 in 2004) are exempt from audit requirements.

• Towns exceeding the revenue threshold must obtain annual audits by the state auditor or licensed public accountant following state auditor procedures.

• Towns with combined offices and revenue at or below the threshold amount must undergo audits at least once every five years, with the audit period randomly selected.

• Public accountants conducting audits must forward copies to the state auditor.