Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2022 <br /> <br /> <br /> <br /> <br />Note 18 CHANGE WITHIN THE FINANCIAL REPORTING ENTITY <br /> <br />During 2022, the City made changes within its financial reporting entity, by moving its storm water activities <br />from a governmental fund into a new business-type activities – enterprise fund. This resulted in adjustments to <br />and restatements of beginning net position and fund net position for the year ended December 31, 2022, as <br />follows: <br /> <br />Proprietary Funds <br />Govermental Business-Type <br />Net position:Storm Water Activities Activities <br />January 1, as previously reported $0 $74,852,362 $59,991,618 <br />Change within financial reporting entity *(55,157) 55,157 (55,157) <br />January 1, as restated ($55,157) $74,907,519 $59,936,461 <br />* Change within financial reporting entity: <br />Deferred outflows related to pensions $31,171 ($31,171) $31,171 <br />Net pension liability (44,842) 44,842 (44,842) <br />Deferred inflows related to pensions (41,486) 41,486 (41,486) <br />Net position ($55,157) $55,157 ($55,157) <br />Government-Wide <br />Reporting Units Affected by Adjustments to and <br />Restatements of Beginning Balances <br /> <br />Note 19 RECENTLY ISSUED ACCOUNTING STANDARDS <br /> <br />The Governmental Accounting Standards Boards (GASB) recently approved the following statements which <br />were not implemented for these financial statements: <br /> <br />Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements. <br />The provisions of this Statement are effective for reporting periods beginning after June 15, 2022. <br /> <br />Statement No. 96 Subscription-Based Information Technology Arrangements. The provisions of this <br />Statement are effective for reporting periods beginning after June 15, 2022. <br /> <br />Statement No. 99 Omnibus 2022. The provisions of this Statement contain multiple effective dates, the first <br />being for reporting periods beginning after June 15, 2022. <br /> <br />Statement No. 101 Compensated Absences. The provisions of this Statement are effective for reporting <br />periods beginning after June 15, 2023.  <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. 96 may have a material impact. <br /> <br /> <br />84