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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2019 <br /> <br /> <br /> <br /> <br />Note 17 PRESENTATION OF DEVELOPERS DEPOSITS <br /> <br />For the year ended December 31, 2019, the City implemented GASB Statement No. 84, Fiduciary Activities. <br />Based on the guidance provided by GASB 84, the City’s developer deposits no longer meet the definition of a <br />fiduciary activity. Therefore, the amounts and activity previously reported in a fiduciary fund are now reported <br />in the General Fund. <br /> <br />GASB 84 also requires that changes resulting from the statement be applied retroactively. As such, $16,017 of <br />cash deficit, developer deposits and receivables are now presented in the 2018 comparative column of the <br />General Fund of the City’s 2019 financial statements. This reclassification had no effect on beginning net <br />position or fund balance. <br /> <br /> <br />Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS <br /> <br />The Governmental Accounting Standards Board (GASB) recently approved the following statements which <br />were not implemented for these financial statements: <br /> <br />Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning <br />after June 15, 2021. <br /> <br />Statement No. 91 Conduit Debt Obligations. The provisions of this Statement are effective for reporting <br />periods beginning after December 15, 2021. <br /> <br />Statement No. 92 Omnibus 2020. The provisions of this Statement are effective for reporting periods <br />beginning after June 15, 2021. <br /> <br />Statement No. 93 Replacement of Interbank Offered Rates. The provisions of this Statement contain <br />multiple effective dates, the first being for reporting periods beginning after June 15, 2020. <br /> <br />Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements. <br />The provisions of this Statement are effective for reporting periods beginning after June 15, 2022. <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. 87 may have a material impact. <br /> <br /> <br />Note 19 SUBSEQUENT EVENTS AND UNCERTAINTIES <br /> <br />The COVID-19 pandemic continues to cause rapidly changing disruptions worldwide. Management has <br />evaluated these conditions and believes that it is not possible to reasonably estimate the financial impact, if any, <br />of COVID-19 on the City’s financial statements at December 31, 2019. <br /> <br />88