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CITY OF HUGO, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (CONTINUED) <br />5. Change in Accounting Standards <br />During the year ended December 31, 2015, the City implemented Governmental Accounting Standards <br />Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions and Governmental <br />Accounting Standards Board (GASB) Statement No. 71, Pension Transition for Contributions Made <br />Subsequent to the Measurement Date - an amendment of GASB Statement No. 68. The cumulative <br />effect of applying these statements is reported as a restatement of beginning net position. <br />Following is a reconciliation of the previously reported December 31, 2014 balances with the amounts <br />reported on the December 31, 2015 financial statements: <br />Activities/Fund <br />Net Position <br />December 31, 2014 <br />as Previously <br />Reported <br />Restatement for <br />Net Pension Liability <br />Net Position <br />December 31, 2014 <br />as Restated <br />Governmental Activities $ 36,569,314 $ (666,071) $ 35,903,243 <br />Business -Type Activities $ 34,306,987 $ (222,740) $ 34,084,247 <br />Proprietary Fund <br />Water and Sewer Utility Fund $ 34,306,987 $ (222,740) $ 34,084,247 <br />