Laserfiche WebLink
CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2014 <br />Q. USE OF ESTIMATES <br />The preparation of financial statements in accordance with generally accepted accounting principles <br />(GAAP) requires management to make estimates that affect amounts reported in the financial <br />statements during the reporting period. Actual results could differ from such estimates. <br />R. RECLASSIFICATIONS <br />Certain amounts presented in the prior year data has been reclassified in order to be consistent with the <br />current year's presentation. <br />S. COMPARATIVE TOTALS <br />The basic financial statements, required supplementary information, combining and individual fund <br />financial statements and schedules and supplementary financial information include certain prior -year <br />summarized comparative information in total but not at the level of detail required for presentation in <br />conformity with generally accepted accounting principles. Accordingly, such information should be <br />read in conjunction with the City's financial statements for the year ended December 31, 2013, from <br />which the summarized information was derived. <br />T. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES <br />In addition to assets, the statement of financial position will sometimes report a separate section for <br />deferred outflows of resources. This separate financial statement element, deferred ou�flows of <br />resources, represents a consumption of net position that applies to a future period(s) and so will not be <br />recognized as an outflow of resources (expense/expenditure) until then. The government has no items <br />that qualify for reporting in this category. <br />In addition to liabilities, the statement of financial position will sometimes report a separate section for <br />deferred inflows of resources. This separate financial statement element, deferred inflows of <br />resources, represents an acquisition of net position that applies to a future period(s) and so will not be <br />recognized as an inflow of resources (revenue) until that time. The government has one type of item, <br />which arises only under a modified accrual basis of accounting, that qualifies for reporting in this <br />category. Accordingly, the item, unavailable revenue, is reported only in the governmental fund <br />balance sheet. The governmental funds report unavailable revenues from the following sources: <br />property taxes, special assessments, and tax increment. <br />51 <br />