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<br /> <br />City of Arden Hills . <br />April 14,2006 <br />Page Twenty <br /> <br />GASB Statement No. 47 - Accountingfor Termination Benefits <br /> <br />In general, Statement No. 47 is effective for financial statements for periods beginning after June 15, 2005. However, <br />for termination benefits that affect defined benefit post employment benefits other than pensions, governments should <br />implement Statement No. 47 simultaneously with Statement No. 45, Accounting and Financial Reporting by Employers <br />for Post employment Benefits Other Than Pensions. The Statement provides accounting and reporting guidance for state <br />and local governments that offer benefits such as early retirement incentives or severance to employees that are <br />involuntarily terminated. The Statement requires that similar forms of termination benefits be accounted for in the same <br />manner and is intended to enhance both the consistency of reporting for termination benefits and the comparability of <br />financial statements. <br /> <br />***** <br /> <br />This report is intended solely for the information and use of the Council, management, others within the City and the Minnesota <br />Office of the State Auditor, and is not intended to be and should not be used by anyone other than these specified parties. <br /> <br />Our audit would not necessarily disclose all weaknesses in the system because it was based on selected tests of the accounting <br />records and related data. The comments 3l1d recommendations in the report are purely constructive in nature, and should be read <br />in this context. <br /> <br />If you have any questions or wish to discuss any of the items contained in this letter, please feel free to contact us at your <br />convemence. We wish to thank you for the opportunity to be of service and for the courtesy and cooperation extended to us by <br />your staff, <br /> <br />April 14,2006 <br />Minneapolis, Minnesota <br /> <br />ABDO, E1CK & MEYERS, LLP <br />Certified Public Accountants <br /> <br />952.835.9090 . Fax 9.52.835.3261 <br /> <br />www.aeJllf;f)a~.com <br /> <br />. <br /> <br />. <br />