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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />Statement No. 80 Blending Requirements for Certain Component Units. The provisions of this Statement <br />are effective for reporting periods beginning after June 15, 2016. <br /> <br />Statement No. 81 Irrevocable Split-Interest Agreements. The provisions of this Statement are effective for <br />reporting periods beginning after December 15, 2016. <br /> <br />Statement No. 82 Pension Issues – an amendment of GASB Statement No. 67, No. 68 and No. 73. The <br />provisions of this Statement are effective for reporting periods beginning after June 15, 2016, except for the <br />requirements of this Statement for the selection of assumptions in a circumstance in which an employer’s <br />pension liability is measured as of a date other than the employer’s most recent fiscal year-end. In that <br />circumstance, the requirements for the selection of assumptions are effective for that employer in the first <br />reporting period in which the measurement date of the pension liability is on or after June 15, 2017. <br /> <br />Statement No. 83 Certain Asset Retirement Obligations. The provisions of this Statement are effective for <br />reporting periods beginning after June 15, 2018. <br /> <br />Statement No. 84 Fiduciary Activities. The provisions of this Statement are effective for reporting periods <br />beginning after December 15, 2018. <br /> <br />Statement No. 85 Omnibus 2017. The provisions of this Statement are effective for reporting periods <br />beginning after June 15, 2017. <br /> <br />The effect these standards may have on future financial statements is not determinable at this time, but it is <br />expected that Statement No. 75 will have a material impact. <br /> <br /> <br />Note 20 SPECIAL ITEM <br /> <br />Effective January 27, 2016, the City formally withdrew from the Centennial Fire District, which was a joint <br />venture among the City of Lino Lakes and two other cities. The City created its own fire department which <br />began operations in January 2016. Pursuant to the terms of the joint powers agreement, the City received its <br />proportionate share of the Centennial Fire District’s cash and firefighting equipment. The transaction is <br />recorded as a special item in the amount of $1,111,834 (cash received) in the statement of revenues, <br />expenditures and changes in fund balance, and as a special item in the amount of $1,333,166 (cash plus value of <br />equipment received) in the Statement of Activities. No other assets or liabilities were transferred. <br /> <br /> <br />83