06-14-2021 Council Packet - Laserfiche WebLink

Home Search

CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2020 Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS The Governmental Accounting Standards Board (GASB) recently approved the following statements which were not implemented for these financial statements: Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning after June 15, 2021. Statement No. 91 Conduit Debt Obligations. The provisions of this Statement are effective for reporting periods beginning after December 15, 2021. Statement No. 92 Omnibus 2020. The provisions of this Statement are effective for reporting periods beginning after June 15, 2021. Statement No. 93 Replacement of Interbank Offered Rates. The provisions of this Statement contain multiple effective dates, the first being for reporting periods beginning after June 15, 2020. Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The provisions of this Statement are effective for reporting periods beginning after June 15, 2022. Statement No. 96 Subscription – Based Information Technology Arrangements. The provisions of this Statement are effective for reporting periods beginning after June 15, 2022 The effect these standards may have on future financial statements is not determinable at this time, but it is expected that Statement No. 87 may have a material impact. Note 19 SUBSEQUENT EVENTS On January 4, 2021 the Lino Lakes YMCA notified the City that they are unable to develop a sustainable operating model that abides by the terms of their Development Agreement. The YMCA’s development agreement requires that if the YMCA facility is not operated as a recreational facility, the title of the facility will revert back to the City. This clause resulted in the YMCA’s conveyance of its Lino Lakes facility to the City of Lino Lakes effective March 1, 2021. 82