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2018 Annual Report • Finance Department • St. Anthony Village, Minnesota <br /> <br /> <br /> <br />19 <br /> <br />SILVER LAKE ROAD LED STREET LIGHTS FUNDED BY “TIF” <br />Tax Increment Funding or “TIF” revenue sources were <br />available in the Apache Cub tax increment fund for <br />qualifying public improvements. Finance staff consulted <br />with Ehlers regarding the use of TIF funds to pay for the <br />scheduled replacement of Silver Lake Road streetlights. <br />Ehler’s performed the TIF pooling calculations necessary to <br />determine the funds available for this improvement. <br />The result of this process was that the street light <br />replacement project was fully funded by TIF dollars. In <br />addition the City’s general fund benefits annually by the <br />reduced electrical costs with the conversion to LED lights. <br /> <br />GASB 75……………..AND COUNTING <br />The Government Accounting Standards Board <br />issues statements as it relates to the financial <br />reporting by governmental agencies. The 75th <br />statement issued dealt with the accounting and <br />financial reporting for postemployment benefits <br />other than pensions. Translated this refers to the <br />actuarial cost impact on health insurance rates <br />associated with employees potentially retaining <br />coverage after retirement (premium is paid by retiree). <br />Per discussions with the City’s auditors GASB 75 was implemented by consolidating the <br />accounting for all Funds OPEB liabilities within Internal Service fund to provide the big picture <br />of OPEB status. A further outcome is a treatment that is consistent with how the City’s <br />governmental funds accounts for OPEB liabilities. Lastly, it achieves the removal of the year to <br />year impact of changing actuarial estimates from the Enterprise Fund Balance Financial <br />statements. <br /> <br /> <br />