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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Summary of Significant Accounting Principles
Changes in Accounting Principle: Restatement of Equity – Note 2
Deposits and Investments – Note 3
Receivables – Note 4
Capital Assets – Note 5
Long Term Debt – Note 6
Industrial, Commercial, and Housing Revenue Bonds and notes – Note 7
Prior Year Defeasance of Debt – Note 8
Demand Bonds – Note 9
Leases – Note 10
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
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