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CITY OF POSEVILLE. MIt7NE50TA <br />NOTES ?0 FINANCIAL STATEMENTS (CONTINUED) <br />DECEMBER 31 1986 <br />Note 1 Summarv of Sianificant Accountinq Policies (Continued) <br />''�� finartcial analysls. Data in these columns do not present financial posiCion, resulCs <br />of operations, or changes in financial posiLlon in conformity with generally accepted <br />accounting principles. Nelther Ss such data comparable Lo a consolidation. <br />'. Interfund eilminations have not been made in the aggregatlon of this daca. <br />� Note 2 - AccountlnQ Chanqe <br />The CSty changed Sts method of accounting for property and equipment relating to the <br />operations for storm water run-off in 1986. Previously, a portlon of the storm water <br />property and equipment was recorded in the General Fund Assets Account Group. <br />Effective January 1, 1986 this property and equipment is accounted for in the Storm <br />Drainage Enterprise Fund. <br />Tfie January i, 1986 and 1985 Storm Drainage Enterprise Fund retained earnings, <br />contribution and related 1965 expenses have been restated to reflect thls accounting <br />change. The January 1, 1986 and 1985 general fixed assets and the related investment <br />in general fixed assets have also been restated. <br />The City also changed the method of accounting for depreciation on contrib�ted <br />property and equipment. Previousiy the related depreciation expense reduced the <br />contrib�tion. Effective January i, 1986 the related depreciation was a reduction of <br />retained earnings. The January 1, 1966 and 1985 retained earnings and contribution <br />have been restated to reflect this change. <br />The following is a summary of changes made to prevloUsly reported amounts, <br />Enterorlse Funds - <br />Retained earnio4s Contrlbutlons Oneratin4 <br />January 1, January 1, January 1, January 1 expense <br />1986 1985 1986 1985 1985 <br />Balance as <br />previously <br />reported <br />Adjustment to <br />charge <br />depreciatlon <br />expense to <br />retained <br />earnings ( <br />Add - <br />Addition <br />of property <br />equipment <br />Deduct <br />Accumulated <br />depreciation <br />to January 1, <br />1985 <br />1985 <br />Depreciation <br />expense on <br />additional <br />property and <br />equipment <br />Balances as <br />restated <br />56,128,392 <br />362,900) ( <br />(1,401,286) <br />( 105 527) <br />59 259 179 <br />55,907,020 <br />180,998) <br />(1,401,286) <br />512,658,647 <br />362,400 <br />10,801,625 <br />54.329.736 523,822,872 <br />32- <br />512.659,024 <br />160,998 <br />10,302,819 <br />54,347,778 <br />5 105.527 <br />523 137 841 54 953 305 <br />