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City of Lino Lakes, Minnesota <br />Management Report <br />Combined Financial Statement Analysis <br />Accounting Standards <br />GAB The Governmental Accounting Standards Board (GASB) issued in March, 1997, a final <br />statement on accounting and financial reporting for certain investments (Statement No. 31). This <br />statement is required to be implemented in 1998. <br />Essentially, this statement will require the City to record virtually all investments at fair <br />value. Currently, the City's investments are recorded at amortized cost in accordance with <br />current accounting principles. The change in fair value of investments is required to be allocated <br />to all funds participating in the City's investment pool. This change may result in greater <br />"swings" in investment earnings because of market changes. <br />A summary of investment balances (excluding CD's) at December 31, 1997 is as follows: <br />Amortized cost $14,551,032 <br />Fair value 14,515,661 <br />Cost over fair value $35,371 <br />Page 7 <br />