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2016 CAFR
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2016 CAFR
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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2016 <br />Change in Accounting Principle <br />In the last quarter of 2015, the Roseville City Council took steps to dissolve the Roseville <br />Housing and Redevelopment Authority's (HRA) Council and appoint themselves as the new <br />board. This was done as an initial step so in 2016 the HRA could be converted to the new <br />Roseville Economic Development Authority (REDA). In past years, the resources and activity <br />of the HRA were presented in the City's financial statements as a discretely presented component <br />unit. In 2016, a change in presentation to a blended component unit had to be made to better <br />reflect the relationship between the City and the newly created REDA. The restated net position <br />for the governmental activities on the Statement of Activities is the inclusion of $4,550,565, the <br />REDA's 2016 beginning net position. The newly created REDA is its own taxing authority and <br />therefare is included in the governmental non-major special revenue funds combining balance <br />sheet and statement of revenues, expenditures and changes in fund balance. <br />A summary of the restatements to net position are as follows: <br />Net position, January 1 <br />Net position increase (decrease): <br />REDA's beginning net postion <br />Net position, January ], as restated <br />Government-Wide <br />Governmental <br />Activities <br />Governmental Funds <br />Roseville <br />Economic <br />Development <br />Authority <br />$ 151,230,576 $ <br />4,550,565 4,550,565 <br />$ 155,781,141 $ 4,550,565 <br />Note 7 GASB STATEMENTS ISSUED BUT NOT YET IMPLEMENTED <br />GASB has issued GASB Statement No. 75, Accounting and Finc�ncial Reporting for <br />Postemployment Benefits other than Pensions. The new statement requires governments in all <br />types of OPEB plans to present more extensive note disclosures and required supplementary <br />information (RSI) about OPEB liabilities. <br />
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