2011 CAFR - Laserfiche WebLink

Home

NOTE 1— SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) W. Comparative data /reclassifications Comparative data for the prior year has been presented only for management discussion and analysis. Also, certain amounts presented in the prior year data have been reclassified in order to be consistent with the current year's presentation. X. Change in Accounting Principle For the year ended December 31, 2011, the City has implemented GASB Statement No. 54, "Fund Balance Reporting and Governmental Fund Type Definitions." The objective of this statement is to enhance the usefulness of fund balance information by providing clearer fund balance classifications that can be more consistently applied and by clarifying the existing governmental fund type definitions. This statement establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. More information on these fund balance classifications is included elsewhere in these notes. Pursuant to the guidelines established by GASB Statement No. 54, the City has reclassified the following funds from a special revenue fund to a capital project fund: Parking Ramp Maintenance Fund and Trott Brook Cemetery Perpetual Care Fund. The following funds have been reclassified from individual special revenue funds to be reported within the General Fund increasing fund balance as of the beginning of the year: Park Fund MN Department of Natural Resources Grant Fund $ 109,520 8,591 $ 118,111 The following fund has been reclassified from an individual special revenue fund to be reported within the major capital project Landfill Fund increasing fund balance as of the beginning of the year: Ramsey Star Express Fund $ 9,893 69