Laserfiche WebLink
CITY OF EUGENE, OREGON <br /> <br />Notes to Basic Financial Statements <br /> <br /> <br />(5) Other Information, continued <br /> <br />(K) Subsequent Event <br /> <br />On May 15, 2018, Eugene voters passed Measure 20-289, authorizing the City to issue a maximum of $39,350,000 of <br />general obligation (G.O.) bonds. The proceeds from the sale of the bonds are to be used for capital costs related to <br />park renovation projects, trail and habitat projects, safety/lighting improvements, infrastructure projects, school district <br />partnerships, recreation and pool facility renovation and improvement projects, and new park development. The City <br />is intending to issue approximately $30.0 million in bonds in February 2019. <br /> <br />(L) Change in Accounting Principle <br /> <br />Based on the implementation of GASB Statement No. 75, the City restated the beginning net position for <br />Governmental and Business-type Activities to recognize their proportionate share of the OPEB liability and deferred <br />outflows of resources as of July 1, 2017. Net position for Governmental and Business-type Activities was reduced by <br />$11,685,343 and $3,338,397, respectively. <br /> <br />(M) Prior Period Adjustment <br /> <br />A prior period adjustment, reducing total net position by $534,937, was recorded in the Wastewater Utility Fund in the <br />proprietary fund statements, which is part of business-type activities on the government-wide statements. This <br />change was related to the City’s inventory. <br />87 <br />December 10, 2018, Meeting - Item 2D