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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />Note 9: CHANGE IN ACCOUNTING STANDARDS
<br />During 2015, the City implemented several new accounting pronouncements issued by the Governmental Accounting
<br />Standards Board (GASB), including Statement No. 68, Accounting and Financial Reporting for Pensions - an Amendment of
<br />GASB Statement No. 27 and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement
<br />Date - an Amendment of GASB Statement No. 68, for the year ended December 31, 2015. These standards required a
<br />retroactive implementation which resulted in the restatement of beginning balances in the December 31, 2014 financial
<br />statements. Changes related to these standards are reflected in the financial statements and schedules and related disclosures
<br />are included in Note 4 and 6.
<br />As a result of the restatement of beginning balances, the following schedule reconciles the previously reported
<br />December 31, 2014 balances to the December 31, 2015 financial statements:
<br />PRIMARY GOVERNMENT
<br />Governmental activities
<br />Business -type activities
<br />Business -type activities
<br />Liquor Store
<br />Garbage
<br />Sewer
<br />Water
<br />Electric
<br />Total business -type activities
<br />DISCRETE COMPONENT UNIT
<br />Housing and Redevelopment Authority
<br />December 31, 2015
<br />Net Position
<br />January 1, 2015 Net Position
<br />as Previously Prior Period January 1, 2015
<br />Reported Restatement (1) as Restated
<br />$ 114,016,893 $ (7,372,731) $ 106,644,162
<br />$ 88,601,863 $ (3,533,826) $ 85,068,037
<br />$ 5,246,383
<br />$ (479,103)
<br />$ 4,767,280
<br />613,708
<br />(15,543)
<br />598,165
<br />26,686,183
<br />(338,024)
<br />26,348,159
<br />23,086,536
<br />(269,711)
<br />22,816,825
<br />32,969,053
<br />(2,431,445)
<br />30,537,608
<br />$ 88,601,863 $ (3,533,826) $ 85,068,037
<br />$ 2,207,499 $ (35,900) $ 2,171,599
<br />(1) To record beginning net pension liability, deferred inflows of resources and deferred outflow of resources at
<br />December 31, 2014.
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