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05-31-05
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05-31-05
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<br />n <br /> <br />. <br />[] <br /> <br />[] <br /> <br />[] <br /> <br />[] <br /> <br />u <br /> <br />n <br /> <br />[1 <br />, <br />j <br /> <br />[~ <br /> <br />n <br /> <br />u <br /> <br />u <br /> <br />[J <br /> <br />u <br /> <br />I <br />L <br /> <br />r <br />L. <br /> <br />CITY OF ARDEN HILLS, MINNESOTA <br />NOTES TO FmANCML STATEMENTS <br />DECEMBER 31, 2004 <br /> <br />Note 6: CHANGE m ACCOUNTmG PRINCIPLE <br /> <br />During fiscal year 2004, the City implemented several new accounting pronouncements issued by the GASB. They are <br />Statement No, 34, "Basic Financial Statements - and Management's Discussion and Analysis - for State and Local <br />Governments", Statement No, 37, "Basic Financial Statements - and Management's Discussion and Analysis -for State <br />and Local Governments: Omnibus ", and Statement No. 38, "Certain Financial Statement Note Disclosures ", paragraphs <br />6 through 11. <br /> <br />Because of implementation of the new standards, an adjustment is required for the December 31, 2003, carry forward <br />(net asset) balance of the governmental fimds. The following schedule reconciles the January I, 2004 balance to the <br />December 3 I, 2003 net asset balance using the new accounting standards, <br /> <br />Governmental funds <br />Fund balance, December 31, 2003 $ 10,212,026 <br />Adjustments <br />Net book value of capital assets, including infrastructure 10,218,678 <br />Bonds payable, net (2,715,000) <br />Accrued interest payable (50,789) <br />Compensated absences payable (78,677) <br />Deferred revenue on special assessments receivable 556,575 <br />Deferred revenue on taxes receivable 57,602 <br />Total net assets as restated, January 1,2004 $ 18200.415 <br />Proprietary funds <br />Retained earnings, December 31, 2003 $ 4,816,513 <br />Plus: Contributed capital 7,094,382 <br />Total net assets as restated, January 1,2004 $ 11,910,895 <br /> <br />.33- <br />
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