Finance Department

350 S. 5th St., Room 325M
Minneapolis, MN 55415
finance@minneapolismn.gov

Notes to Financial Statements

The normal statements of the City of Minneapolis (City) have been prepared in conformity with Generally Accepted Accounting Principles (GAAP) as applied to governmental Units. The Governmental Accounting Standards Board (GASB) is the accepted Standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the City’s accounting policies are described below:

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Note 1

Summary of Significant Accounting Principles

Notes 2 and 3

Changes in Accounting Principle: Restatement of Equity – Note 2

Deposits and Investments – Note 3

Notes 4 and 5

Receivables – Note 4

Capital Assets – Note 5

Notes 6, 7 and 8

Long Term Debt – Note 6

Industrial, Commercial, and Housing Revenue Bonds and notes – Note 7

Prior Year Defeasance of Debt – Note 8

Notes 9 and 10

Demand Bonds – Note 9

Leases – Note 10

Notes 11, 12, 13, 14 and 15

Interfund Transactions – Note 11

Net Assets/Fund Balances – Note 12

Restricted Net Assets – Governmental Activities – Note 13

Restricted Net Assets – Business-Type Activities – Note 14

Deficit Net Assets – Note 15

Notes 16, 17 and 18

Defined Benefit Pension Plan – Statewide Public Employees Retirement Association – Note 16

Defined Benefit Pension Plan – Multiple Employer Minneapolis Employee Retirement Fund – Note 17

Defined Benefit Pension Plan – Single Employer Minneapolis Firefighter’s Relief Association, Minneapolis Police Relief Association – Note 18

Notes 19, 20, 21, 22, 23 and 24

Defined Contribution Plan – MCDA – Note 19

Post Employment Benefits – Note 20

Vacation, Severance, Sick and Compensatory Time Pay – Note 21

Risk Management – Note 22

Related Party Transactions – Note 23

Other Commitments and Contingencies – Note 24

Last updated Sep. 27, 2011