#03 - Audit Presentation - Laserfiche WebLink

Home Browse Search

City of Lake Elmo Year End: December 31, 2024 Journal Entries: Adjusting Date: 1/1/2024 To 12/31/2024 Number Date Name Account No Reference Annotation Debit Credit Recurrence Misstatement 1 12/31/2024 Special Assmt Rec - Stark 331-000-0000-12400 DSF01M 7013 11,873.00 1 12/31/2024 Deferred Revenue 331-000-0000-22200 DSF01M 7013 11,873.00 To adjust for PY2023 AJE 6 coded Recurring Factual to wrong account. 2 12/31/2024 Cash 601-000-0000-10100 ENT01 5201 7,918.00 2 12/31/2024 Accounts Receivable UB Cert 601-000-0000-11501 ENT01 5201 7,918.00 2 12/31/2024 Cash 602-000-0000-10100 ENT02 5201 3,052.00 2 12/31/2024 Accounts Receivable UB Cert 602-000-0000-11501 ENT02 5201 3,052.00 2 12/31/2024 Cash 603-000-0000-10100 ENT03 5201 4,865.00 2 12/31/2024 Accounts Receivable UB Cert 603-000-0000-11501 ENT03 5201 4,865.00 To allocate out negative Recurring Factual Delinquent Balances. 3 12/31/2024 Accounts Receivable - Unbilled 101-000-0000-11700 GF01A 6503 48,272.00 3 12/31/2024 Tower Rent 101-410-1320-34120 GF01A 6503 112,085.00 3 12/31/2024 Interest Earnings - Leases 101-410-1320-36215 GF01A 6503 63,813.00 To apply principal portion of Recurring Factual current year lease collections (revenues) to the receivable balance, and to reclassify the remainder to interest earnings. 4 12/31/2024 Deferred Inflows- Leases 101-000-0000-22300 GF01A 6503 92,018.00 4 12/31/2024 Lease Revenue (Amortization)101-410-1320-38000 GF01A 6503 92,018.00 To amortize the lease deferral Recurring Factual balances on a straight-line basis, resulting in lease revenue being recorded. 5 12/31/2024 OPEB Obligation 601-000-0000-21650 ENT01 6355B 6,258.00 5 12/31/2024 OPEB Expense 601-494-9400-41415 ENT01 6355B 6,258.00 5 12/31/2024 OPEB Obligation 602-000-0000-21650 ENT02 6355B 1,439.00 5 12/31/2024 OPEB Expense 602-495-9450-41415 ENT02 6355B 1,439.00 5 12/31/2024 OPEB Obligation 603-000-0000-21650 ENT03 6355B 838.00 5 12/31/2024 OPEB Expense 603-496-9500-41415 ENT03 6355B 838.00 To record current year OPEB Recurring Factual activity in the proprietary funds. 6 12/31/2024 Investments 101-000-0000-10400 GF01A 11.00 6 12/31/2024 Interest Earnings 101-410-1320-36210 GF01A 11.00 6 12/31/2024 Investments 252-000-0000-10400 SRF03 11.00 6 12/31/2024 Interest Earnings 252-000-0000-36210 SRF03 11.00 To reallocate the interest Recurring Factual earnings in the ARPA Fund, to close out the deficit cash balance. 7 12/31/2024 Deferred Outflows - Pension 601-000-0000-19000 ENT01 6354A 27,634.00 7 12/31/2024 Net Pension Liability 601-000-0000-23950 ENT01 6354A 90,280.00 7 12/31/2024 Deferred Inflows 601-000-0000-23960 ENT01 6354A 8,407.00 7 12/31/2024 PERA Pension Revenue 601-000-0000-33422 ENT01 6354A 6,600.00 7 12/31/2024 Pension Expense - Water 601-000-0000-44910 ENT01 6354A 47,639.00 7 12/31/2024 Deferred Outflows 602-000-0000-19000 ENT02 6354A 10,648.00 7 12/31/2024 Net Pension Liability 602-000-0000-23950 ENT02 6354A 36,471.00 7 12/31/2024 Deferred Inflows 602-000-0000-23960 ENT02 6354A 2,938.00 7 12/31/2024 PERA Pension Revenue 602-000-0000-33422 ENT02 6354A 2,596.00 7 12/31/2024 Pension Expense - Sewer 602-000-0000-44910 ENT02 6354A 20,289.00 7 12/31/2024 Deferred Outflows 603-000-0000-19000 ENT03 6354A 4,740.00 7 12/31/2024 Net Pension Liability 603-000-0000-23950 ENT03 6354A 17,120.00 7 12/31/2024 Deferred Inflows 603-000-0000-23960 ENT03 6354A 1,739.00 7 12/31/2024 PERA Pension Revenue 603-000-0000-33422 ENT03 6354A 1,274.00 7 12/31/2024 Pension Expense - Storm 603-000-0000-44910 ENT03 6354A 9,367.00 To record current year pension Recurring Factual activity in the proprietary funds. 8 12/31/2024 Due From Other Governments 601-000-0000-13200 ENT01 7001A 75,752.00 8 12/31/2024 Miscellaneous State Grants 601-000-0000-33426 ENT01 7001A 75,752.00 To adjust receivable balances from Recurring Factual 6/23/2025 11:18 AM Page 1