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City of Centerville June 3, 2009 Page 20 • For counties, to pay for the increase in their share of health and human service costs caused by reductions in federal health and human service grants effective after September 30, 2007 • To fund increased costs of securing, maintaining, and demolishing foreclosed and abandoned housing in cities that have a 2007 foreclosure rate over a certain percent • To lost traffic citation revenue and unreimbursed costs of redeployed traffic control agents due to the collapse of the Interstate 35W bridge • To fund certain cost increases in police and firefighter costs • To recoup losses due to any unallotment of city and county general purpose aids and credits We recommend that the City review all of the options presented when calculating future years levies. There is further guidance provided by League of Minnesota Cities on how to estimate the 20091evy limit on their website: www.hnc.org The following Governmental Accounting Standards Board (GASB) Statements have been issued and may have an impact on future City financial statements: GASB Statement No. 45 -Accounting and Financial Reporting by Employers for Post employment Benefits Other Than Pensions This statement is effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999: • Goverrunents that were phase t goverrunents for the purpose of implementation of Statement No. 34 -those with annual revenues of $100 million or more -are required to implement this Statement in financial statements for periods beginning after December 15, 2006. • Goverrunents that were phase 2 goverrunents for the purpose of implementation of Statement No. 34 -those with total annual revenues of $ t0 million or more but less than $100 million -are required to implement this Statement in financial statements for periods beginning after December t 5, 2007. • Goverrunents that were phase 3 goverrunents for the purpose of implementation of Statement No. 34 -those with total annual revenues of less than $ t0 million -are required to implement this Statement in financial statements for periods beginning after December 15, 2008. Statement No. 45 gives the following smnmary, "In addition to pensions, many state and local governmental employers provide other post employment benefits (OPEB) as part of the total compensation offered to attract and retain the services of qualified employees. OPEB includes post employment healthcare, as well as other forms of post employment benefits (for example, life insurance) when provided separately from a pension plan. This Statement establishes standards for the measurement, recognition, and display of OPEB expense/expenditures and related liabilities (assets), note disclosures, and, if applicable, required supplementary information (RSI) in the financial reports of state and local governmental employers." 952.835.9090 Fax 952.835.3261 www:aemcpas.cosn