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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br /> <br />(69) <br /> <br />NOTE 18 ANTENNA LEASES <br />The City receives revenue from agreements for the lease of space above its water tower to <br />two communications companies. The space is used for antennas and other equipment (of <br />the lessee) necessary to provide radio communications. For accounting purposes, the <br />leases are considered operating leases. Lease revenue for the year ended December 31, <br />2015 totaled $74,025. The lease agreements call for a yearly 4% increase in lease revenue: <br /> <br />2016 97,273$ <br />2017 100,533 <br />2018 78,945 <br />2019 59,749 <br />Total 336,500$ <br />Future Lease Receipts <br /> <br /> <br />NOTE 19 CHANGE IN ACCOUNTING PRINCIPLE <br />During the fiscal year ended December 31, 2015, the City adopted GASB Statement No. 68, <br />Accounting and Financial Reporting for Pensions, and the related Statement No. 71. As a <br />result, the City’s net position as of December 31, 2014 has been restated to reflect the <br />recognition of the City’s proportionate share of the Public Employees’ Retirement <br />Association of Minnesota General Employees’ Retirement Fund’s (GERF) net pension <br />liability. <br /> <br />Governmental <br />Activities <br />Business- Type <br />Activities <br />Net Position, December 31, 2014 as Previously Reported 36,648,690$ 10,786,024$ <br />Cumulative Affect of Application of GASB 68, <br /> Net Pension Liability (587,611) (394,166) <br />Cumulative Affect of Application of GASB 71, Deferred <br /> Outflow of Resources for City Contributions Made to the <br /> Plan From July 1, 2014 to December 31, 2014 24,424 16,383 <br />Net Position, December 31, 2014, as Restated 36,085,503$ 10,408,241$