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Vadnais Lake Area Water <br />Management Organization <br />Management Information <br />The most significant changes <br />Although the new GASB requirements are numerous, the major changes include: <br />• Reporting on the major individual funds as opposed to the aggregation of fund groups; <br />• Comparison of actual fmancial results to both the original and amended budgets; <br />• Requiring infrastructure reporting and additional "government -wide" financial statements <br />on the accrual basis of accounting. This means the "checkbook" basis of accounting at <br />the fund level would remain alongside the new and different entity -wide statements, <br />which would include long-term assets and liabilities, and, <br />• Requiring a narrative analysis of the government's financial activities (MD&A letter). <br />Three phases of implementation dates <br />The implementation dates are effective in three phases based on a government's annual <br />revenues in the first fiscal year ending after June 15, 1999, as follows: <br />• Phase 1. Governments with total annual revenues (excluding extraordinary items) of <br />$100 million or more should apply this statement for periods beginning after June 15, <br />2001. <br />• Phase 2. Governments with total annual revenues of at least $10 million, but less than <br />$100 million, should apply this statement for periods beginning after June 15, 2002. <br />• Phase 3. Governments with less than $10 million in revenues should apply this statement <br />for periods beginning after June 15, 2003. <br />The Organization is a Phase 3 government and will be required to implement GASB 34 for <br />the year ending December 31, 2004. <br />8 <br />