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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2015 <br /> <br /> <br /> <br />Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. <br />The provisions in Statement 75 are effective for fiscal years beginning after June 15, 2017. <br /> <br />Statement No. 76 The Hierarchy of Generally Accepted Accounting Principles for State and Local <br />Governments. The provisions in Statement 76 are effective for reporting periods beginning after June 15, <br />2015. <br /> <br /> Statement No. 77 Tax Abatement Disclosures. The provisions of this Statement are effective for reporting <br />periods beginning after December 31, 2015. <br /> <br /> Statement No. 78 Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans. <br />The provisions of this Statement are effective for reporting periods beginning after December 15, 2015. <br /> <br /> Statement No. 79 Certain External Investment Pools and Pool Participants. The provisions of this <br />Statement are effective for reporting periods beginning after June 15, 2015, except for certain provisions <br />on portfolio quality, custodial credit risk, and shadow pricing which are effective for reporting periods <br />beginning after December 15, 2015. <br /> <br /> Statement No. 80 Blending Requirements for Certain Component Units. The provisions of this Statement <br />are effective for reporting periods beginning after June 15, 2016. <br /> <br />Statement No. 81 Irrevocable Split-Interest Agreements. The provisions of this Statement are effective for <br />reporting periods beginning after December 15, 2016. <br /> <br />The effect these standards may have on future financial statements is not determinable at this time, but it is <br />expected that Statement No. 75 will have a material impact. <br /> <br /> <br />Note 19 CHANGE IN ACCOUNTING PRINCIPLE <br /> <br />For the year ended December 31, 2015, the City implemented GASB Statement No. 68, Accounting and <br />Financial Reporting for Pensions – an Amendment of GASB Statement No. 27. GASB 68 addresses accounting <br />and financial reporting for pension plans that are provided to employees of state and local governments. The <br />standard requires the City to record its share of the net pension liability of defined benefit plans, as well as any <br />corresponding deferred inflows and outflows of resources. See Note 7 for further information. <br /> <br />88