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Future Accounting Standard Changes <br />The following Governmental Accounting Standards Board (GASB) Statements have been issued and may have an impact <br />on future City financial statements: (1) <br />GASB Statement No. 100 -Accounting Changes and Error Corrections Effective: 12/31/2024 <br />GASB Statement No. 101 -Compensated Absences Effective: 12/31/2024 <br />GASB Statement No. 102 Certain Risk Disclosures Effective: 12/31/2025 <br />Further information on upcoming GASB pronouncements. <br />* * * * <br />Restriction on Use <br />This purpose of this communication is solely for the information and use of the City Council and management of the City <br />and is not intended to be, and should not be used by anyone other than those specified parties. <br />Our audit would not necessarily disclose all weaknesses in the system because it was based on selected tests of the <br />accounting records and related data. The comments and recommendations in the report are purely constructive in nature, <br />and should be read in this context. <br />If you have any questions or wish to discuss any of the items contained in this letter, please feel free to contact us at your <br />convenience. We wish to thank you for the continued opportunity to be of service and for the courtesy and cooperation <br />extended to us by your staff. <br />Abdo <br />Minneapolis, Minnesota <br />NEED DATE <br />6 <br />convenience. We wish to thank you for the continued opportunity to be of service and for the courtesy and cooperation <br />us by your staff. <br />Minneapolis, Minnesota <br />198