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CITY OF ELK RIVER, MINNESOTA
<br />NOTES TO THE FINANCIAL STATEMENTS
<br />DECEMBER 31, 2018
<br />NOTE 15: CHANGE IN ACCOUNTING STANDARDS
<br />During 2018, the City implemented new accounting pronouncements issued by the Governmental Accounting Standards
<br />Board (GASB), including Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other
<br />than Pensions, for the year ended December 31, 2018. These standards required a retroactive implementation which
<br />resulted in the restatement of beginning balances in the December 31, 2018 financial statements. Changes related to
<br />these standards are reflected in the financial statements and schedules and related disclosures are included in Note 12.
<br />As a result of the restatement of beginning balances, the following schedule reconciles the previously reported December
<br />31, 2017 balances to the December 31, 2018 financial statements:
<br />Primary Government
<br />Governmental activities
<br />Business -type activities
<br />Municipal Liquor
<br />Garbage
<br />Sewer
<br />Storm Water
<br />Water
<br />Electric
<br />Total business -type activities
<br />December 31. 2018
<br />Net Position
<br />January 1, 2018
<br />as Previously Prior Period
<br />Reported Restatement (1)
<br />Net Position
<br />January 1, 2018
<br />as Restated
<br />$ 97,905,834 $ (241,699) $ 97,664,135
<br />$ 5,637,990 $
<br />(19,012) $ 5,618,978
<br />228,421
<br />- 228,421
<br />29,820,838
<br />(19,818) 29,801,020
<br />10,489,713
<br />(1,248) 10,488,465
<br />24,201,051
<br />- 24,201,051
<br />36,491,274
<br />- 36,491,274
<br />$ 106,869,287 $ (40,078) $ 106,829,209
<br />(1) To record net other postemployment benefits liability and deferred outflows of resources at December 31, 2017.
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