|Financial Audit Division Report 08-09||Released March 20, 2008|
The department had adequate internal controls over financial reporting and generally complied with certain provisions of laws, regulations, contracts, and grants. However, the department had the following issue of noncompliance with state statute:
Tax revenue and expenditure programs material to the basic financial statements of the State of Minnesota for fiscal year 2007.
The Department of Revenue administers Minnesota’s revenue system, which manages 28 state taxes (including individual income, sales, corporate franchise, petroleum, environmental, gambling, cigarette/tobacco, alcohol, insurance, and health care provider taxes) and state assessed property taxes. The department collected about $15.5 billion in state taxes for fiscal year 2007 and oversaw the uniform application of the property tax laws.