2008 CAFR - Laserfiche WebLink

Home Browse Search

I CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2008 Note 17 SUBSEQUENT EVENTS The City issued the $5,175,000 General Obligation Bonds, Series 2009A on May 7, 2009 to refund the 2010 through 2015 maturities of the $1,610,000 G.O. Storm Sewer Revenue Bonds, Series 2000A, and the $950,000 G.O. State Aid Bonds, Series 2000B and to provide funding for Road and Park Improvements. Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS The Governmental Accounting Standards Boards (GASB) recently approved the following statements which were not implemented for these financial statements: Statement No. 45 Accounting and Financial Reporting by Employers for Post Employment Benefits Other Than Pension Plans. Implementation is required in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999. This Statement is effective for periods beginning after December 15, 2006, for phase 1 governments (those with total annual revenues of $100 million or more); after December 15, 2007, for phase 2 governments (those with total annual revenues of $10 million or more but less than $100 million); and after December 15, 2008, for phase 3 governments (those with total annual revenues of less than $10 million). Early implementation is encouraged. The City of St. Anthony will implement Statement No. 45 as of January 1, 2009. Implementing Statement No. 45 will result in recording a Net OPEB Obligation at December 31, 2009 of approximately $89,000 and disclosure of an actuarial Accrued Liability related to other post employment benefits of approximately $1,161,000. Statement No. 51 Accounting and Financial Reporting for Intangible Assets. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2009. Statement No. 53 Accounting and Financial Reporting for Derivative Instruments. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2009. Statement No. 54 Fund Balance Reporting and Governmental Fund Type Definitions. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2010. The effect these standards may have on future financial statements is not determinable at this time.