Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <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. 87 may have a material impact. <br />Note 20 CHANGE IN ACCOUNTING PRINCIPLE <br />For the year ended December 31, 2017, the City implemented GASB Statement No. 75, Accounting and Financial <br />Reporting for Postemployment Benefits Other Than Pensions. GASB Statement No. 75 established new accounting <br />and financial reporting requirements for governments whose employees are provided OPEB. See Note 10 for further <br />information. <br />The standard required retroactive implementation which resulted in a restatement of net position for governmental <br />activities at December 31, 2016. Certain amounts necessary to fully restate 2016 financial statements are not <br />determinable, therefore, prior year comparative amounts have not been restated. Details of the prior period adjustment <br />are as follows: <br />Governmental <br />Activities <br />Net position - January 1, 2017, as previously reported $42,819,930 <br />Prior period adjustment: <br />Effect of implementing GASB Statement No. 75 (692,480) <br />Net position - January 1, 2017, as restated $42,127,450 <br />83 <br />