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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <br /> <br />U. PENSION PLANS <br /> <br />COST SHARING MULTIPLE – EMPLOYER PLANS <br /> <br />Pensions. For purposes of measuring the net pension liability, deferred outflows/inflows of resources, <br />and pension expense, information about the fiduciary net position of the Public Employees Retirement <br />Association (PERA) and additions to/deductions from PERA’s fiduciary net position have been <br />determined on the same basis as they are reported by PERA except PERA’s fiscal year end is June 30. <br />For this purpose, plan contributions are recognized as of employer payroll paid dates and benefit <br />payments and refunds are recognized when due and payable in accordance with the benefit terms. <br />Investments are reported at fair value. <br /> <br />SINGLE EMPLOYER PLAN <br /> <br />Pensions. For purposes of measuring the net pension liability (asset), deferred outflows of resources <br />and deferred inflows of resources related to pensions, and pension expense, information about the <br />fiduciary net position of the St. Anthony Fire Department Relief Association (Relief) and additions to / <br />deductions from the Relief’s fiduciary net position have been determined on the same basis as they <br />were reported by the Relief. For this purpose, benefit payments are recognized when due and payable <br />in accordance with the benefit terms. Investments are reported at fair value. <br /> <br /> <br />V. RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS <br /> <br />1. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND <br />BALANCE SHEET AND THE GOVERNMENT-WIDE STATEMENT OF NET POSITION <br /> <br />The governmental fund balance sheet includes a reconciliation between fund balance – total <br />governmental funds and net position – governmental activities as reported in the government-wide <br />statement of net position. One element of that reconciliation explains that “long-term liabilities, <br />including bonds payable, are not due and payable in the current period and therefore are not <br />reported in the funds”. The details of this ($33,203,187) difference is as follows: <br /> <br />Bonds payable ($31,675,000) <br />Accrued interest payable (338,067) <br />Unamortized bond premium (620,404) <br />Other post-employment benefits (569,716) <br />Net adjustment to reduce fund balance - total <br />governmental funds to arrive at net position - <br />governmental activities.($33,203,187) <br /> <br />49