|
CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2013
<br />Statement No. 70 Accounting and Financial Reporting for Nonexchange Financial Guarantees. The
<br />provisions of this Statement are effective for financial statements for reporting periods beginning after June
<br />15,2013.
<br />Statement No. 71 Pension Transition for Contributions Made Subsequent to the Measurement Date — an
<br />amendment of GASB Statement No. 68. The provisions of this Statement should be applied simultaneously
<br />with the provisions of Statement 68.
<br />The effect these standards may have on future financial statements is not determinable at this time
<br />Note 18 PRIOR PERIOD ADJUSTMENT/CHANGE IN ACCOUNTING PRINCIPLE
<br />During 2012, corrections to the prior year financial statements were made to correct interest income related to
<br />interfund loans. Prior to adjustment the City was not accruing interest on interfund loans receivable and
<br />payable.
<br />For the year ended December 31, 2013, the City implemented GASB Statements No. 61 and 65. GASB
<br />Statement No. 61, The Financial Reporting Entity: Omnibus —An Amendment of GASB No. 14 and No.34
<br />modifies certain requirements for inclusion of component units in the financial reporting entity and also amends
<br />the criteria for reporting component units as if they were part of the primary government (i.e. blending). GASB
<br />Statement No. 65, Items Previously Reported as Assets and Liabilities resulted in accounts previously presented
<br />as liabilities being reclassified as deferred inflows of resources. In addition, GASB 65 results in the
<br />restatements of beginning net position to reflect the change in accounting for bond issuance costs. Prior to
<br />GASB 65, bond issuance costs were capitalized and amortized over the life of the bond. GASB 65 requires the
<br />expensing of issuance costs (excluding bond insurance) in the year of issuance. The restatement of net position
<br />due to the elimination of deferred charges is summarized below.
<br />Fund balance/net position -
<br />December 31, 2011, as previously reported
<br />Prior period adjustments:
<br />Interfund loan interest
<br />Restatement of deferred charges
<br />Net Prior period adjustments
<br />Fund balance/net position -
<br />January 1, 2012, as restated
<br />Major Enterprise
<br />Total Major Governmental Funds Funds
<br />Governmental Business -Type Government Street Improvement Water and
<br />Activities Activities Wide Projects HRA Projects Sewer
<br />$13,256,059 $10,409,882 $23,665,941 $354,111 $776,143 $8,241,812
<br />(131,028) 131,028 - (70,626) (60,402) 131,028
<br />(480,529) (32,558) (513,087) (32,558)
<br />(611,557) 98,470 (513,087) (70,626) (60,402) 98,470
<br />$12,644,502 $10,508,352 $23,152,854 $283,485 $715,741 $8,340,282
<br />85
<br />
|