Minnesota Statutes 16A.50 – Financial Report to Legislature
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By December 31 of each year, the commissioner shall report to the legislature on the operation of all state funds during the last fiscal year. The report shall contain financial statements and disclosures which show the state’s financial operations and position. The report must conform with generally accepted government accounting principles.
Terms Used In Minnesota Statutes 16A.50
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44