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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br /> <br /> <br /> <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 />Statement No. 82 Pension Issues – an amendment of GASB Statement No. 67, No. 68 and No. 73. The <br />provisions of this Statement are effective for reporting periods beginning after June 15, 2016, except for <br />the requirements of this Statement for the selection of assumptions in a circumstance in which an <br />employer’s pension liability is measured as of a date other than the employer’s most recent fiscal year-end. <br />In that circumstance, the requirements for the selection of assumptions are effective for that employer in <br />the first reporting period in which the measurement date of the pension liability is on or after June 15, <br />2017. <br /> <br />Statement No. 83 Certain Asset Retirement Obligations. The provisions of this Statement are effective for <br />reporting periods beginning after June 15, 2018. <br /> <br />Statement No. 84 Fiduciary Activities. The provisions of this Statement are effective for reporting periods <br />beginning after December 15, 2018. <br /> <br />Statement No. 85 Omnibus 2017. The provisions of this Statement are effective for reporting periods <br />beginning after June 15, 2017. <br /> <br />Statement No. 86 Certain Debt Extinguishment Issues. The provisions of this Statement are effective for <br />reporting periods beginning after June 15, 2017. <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 />The standard required retroactive implementation which resulted in a restatement of net position as of <br />December 31, 2014. Certain amounts necessary to fully restate 2014 financial information are not <br />determinable, therefore, prior year comparative amounts have not been restated. Details of the prior period <br />adjustment are as follows: <br /> <br />Governmental <br />Activities <br />Net position - January 1, 2015, as previously reported $15,524,257 <br />Prior period adjustment: <br />Deferred outflows of resources - pension related 265,222 <br />Net pension liability (4,813,862) <br />Net pension asset 205,387 <br />Net position - January 1, 2015, as restated $11,181,004 <br /> <br />87