Resolution No. 5146 - Laserfiche WebLink

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CITY OF EUGENE, OREGON Notes to Basic Financial Statements (5) Other Information, continued (G) Outstanding Encumbrances At June 30, 2015, the City has encumbered the following significant commitments: mount A $2,543,769 1,605,594 1,669,451 476,540 10,147,264 17,053 1,113,599 522,232 810,461 2,978,358 $21,884,321 (H) Accounting Standards Issued but not yet Adopted Fair Value Measurement and Application GASBStatement No. 72, , was issued in February 2015. This Statement addresses accounting and financial reporting issues related to fair value measurements and provides guidance for determining a fair value measurement for financial reporting purposes. This Statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements. The guidance will enhance comparability of financial statements among governments by requiring measurement of certain assets and liabilities at fair value using a consistent and more detailed definition of fair value and accepted valuation techniques. This Statement also will enhance fair value application guidance and related disclosures in order to provide information to financial statement users about the impact of fair value measurements on a government’s financial position.The requirements of this Statement are effective for financial statements for periods beginning after June 15, 2015. Earlier application is encouraged. Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions GASB Statement No. 75, , was issued in June 2015. This Statement establishes new accounting and financial reporting requirements for governments whose employees are provided with OPEB, as well as for certain nonemployer governments that have a legal obligation to provide financial support for OPEB provided to the employees of other entities. This Statement Accounting and Financial Reporting by Employers for replaces the requirements of Statements No. 45, Postemployment Benefits Other Than Pensions OPEB Measurements by Agent Employers , as amended, and No. 57, and Agent Multiple-Employer Plans , for OPEB. The requirements of this Statement will improve the decision- usefulness of information in employer and governmental nonemployer contributing entity financial reports and will enhance its value for assessing accountability and interperiod equity by requiring recognition of the entire OPEB liability and a more comprehensive measure of OPEB expense. Decision-usefulness and accountability also will be enhanced through new note disclosures and required supplementary information. This Statement is effective for fiscal years beginning after June 15, 2017. Earlier application is encouraged. The Hierarchy of Generally Accepted Accounting Principles for State and Local GASB Statement No. 76, Governments , was issued in June 2015. This Statement willimprove financial reporting by (1) raising the category of GASB Implementation Guides in the GAAP hierarchy, thus providing the opportunity for broader public input on implementation guidance; (2) emphasizing the importance of analogies to authoritative literature when the accounting treatment for an event is not specified in authoritative GAAP; and (3) requiring the consideration of consistency with the GASB Concepts Statements when evaluating accounting treatments specified in nonauthoritative literature. This The Hierarchy of Generally Accepted Accounting Principles for State and Statement supersedes Statement No. 55, Local Governments . T he requirements of thisStatement are effective for financial statements for periods beginning after June 15, 2015, and should be applied retroactively. Earlier application is permitted. GASB Implementation Guide No. 2015-1 should be applied simultaneously with Statement No. 76. continued 79