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CITY OF ROSEVILLE, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2016 Change in Accounting Principle In the last quarter of 2015, the Roseville City Council took steps to dissolve the Roseville Housing and Redevelopment Authority’s (HRA) Council and appoint themselves as the new board. This was done as an initial step so in 2016 the HRA could be converted to the new Roseville Economic Development Authority (REDA). In past years, the resources and activity of the HRA were presented in the City’s financial statements as a discretely presented component unit. In 2016, a change in presentation to a blended component unit had to be made to better reflect the relationship between the City and the newly created REDA. The restated net position for the governmental activities on the Statement of Activities is the inclusion of $4,550,565, the REDA’s 2016 beginning net position. The newly created REDA is its own taxing authority and therefore is included in the governmental non-major special revenue funds combining balance sheet and statement of revenues, expenditures and changes in fund balance. A summary of the restatements to net position are as follows: Governmental Funds Roseville Government-Wide Economic Governmental Development Activities Authority Net position, January 1 151,230,576$ -$ Net position increase (decrease): REDA's beginning net postion 4,550,565 4,550,565 Net position, January 1, as restated 155,781,141$ 4,550,565$ Note 7 GASB STATEMENTS ISSUED BUT NOT YET IMPLEMENTED GASB has issued GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits other than Pensions. The new statement requires governments in all t y p e s o f O P E B p l a n s t o p r e s e n t m o r e e x t e n s i v e n o t e d i s c l o s u res and required supplementary i n f o r m a t ion (RSI) about OPEB liabilities. 78 Item 8: Attachment D