6.0. SR 04-08-2002 - Laserfiche WebLink

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revenues. (At year-end Community Recreadon's administration expenditures were within $425 of revenues.) Members of Community Recreation also received their recreation fees on a more timely basis with an accurate accounting of program revenues and expenditures. The Community Recreation board discontinued operations as of December 31, 2001, and all City related recreation programs now run directly through the recreation department. GASB 34: As most of you know, GASB 34 is the new reporting standard developed by the Governmental Accounting Standards Board (GASB) to help make government financial reports easier to read. Some of the main changes include the addition of a new Management Discussion and Analysis section to give readers an easy to read overview of the government's financial performance, a new statement of financial posidon and statement of activities that aggregates information for the entire city, requires amended and original budget data for comparison to actual, and requires that general capital assets be reported with accumulated depreciation and infrastructure assets be included with depreciation method or modified approach reporting, and changes focus from fund types to major individual funds while continuing to require fund basis accounting. Implementation of GASB 34 has been and will continue to be an ongoing project for the next few years. The City is required to comply with GASB 34 for the report issued for the period ending December 31, 2003. There is still a considerable amount of work that needs to be completed before we will be ready to fully implement GASB 34. PUBLIC IMPROVEMENT/DEVELOPMENT FINANCING: There were no public improvement bonds issued in 2001, a much needed break after two years of sizable bond issues to fund infrastructure improvements. Water Revenue Bonds ($3,590,000) were issued by the City for Elk River Municipal Utilities in 2001 to fund a water tower, well, and treatment facility. Equipment certificates were also issued to finance a fire truck. ECONOMIC DEVELOPMENT/TAX INCREMENT FINANCING (TIF): The Finance Department continues to administer and meet reporting requirements for TIF districts as well as tax rebate projects. The department also accounts for micro loans and business incubator rents.