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City of Lino Lakes, Minnesota <br />— Management Report, Page 46 <br />CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING 1 <br />The City submitted the 1995 Comprehensive Annual Financial Report (CAFR) to the <br />— Government Finance Officers Association of the United States and Canada for a comprehensive <br />review. The CAFR is reviewed by two individuals and graded in ten different categories. The <br />— CAFR must receive a unanimous approval of both reviewers. <br />The City received the award for their 1995 CAFR. We commend the City for this <br />achievement. <br />GOVERNMENTAL ACCOUNTING STANDARDS UPDATE <br />1 <br />— The Governmental Accounting Standards Board (GASB) has issued its Exposure Draft <br />document on the Governmental Financial Reporting Model. <br />This document proposes significant changes in governmental accounting which will impact <br />internal financial accounting and external financial reporting of the City. A summary of the key <br />provisions of the preliminary views document is presented below: <br />• Fund Perspective Financial Statements. These financial statements would be similar to <br />— <br />current financial statements with modified accrual basis of accounting for governmental <br />funds, accrual basis of accounting for business type activities (formerly enterprise and <br />internal service funds). However, the GASB proposes a new definition for fiduciary funds <br />and the elimination of the account groups. <br />• Entity -wide Perspective Financial Statements. These financial statements include full <br />— accrual accounting for all activities. The income statement will be replaced by a statement <br />of activities using the net program cost format. Additionally, capital use charges <br />— (depreciation) on general fixed assets and infrastructure assets will be required to be <br />reported in the financial statements. <br />