Skip to main content Skip to office menu Skip to footer
3 golden objects Minnesota Legislature

Office of the Legislative Auditor - Financial Audit Division

Report Summary
Department of Finance

Financial Audit

For the Year Ended June 30, 1993

 

Public Release Date: April 15, 1994 No. 94-14

Objectives

Evaluate internal control structure: Bond sales, master lease draws and repayments, indirect costs, University of Minnesota grants, and Minnesota Historical Society grants.

Test compliance with certain finance-related legal provisions.

Conclusions

We found two areas where the internal control structure needed improvement:

  • The Department of Finance needs to improve controls over the collection and monitoring of indirect cost reimbursements.
  • The department needs to establish stronger controls when allowing departments to have negative account balances.

We found no departures from finance-related legal provisions. However, we discuss one issue regarding the financial management of state government and how the department has applied a statutory provision:

  • The department has expanded its appropriation authority through use of interagency agreements.