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MEMORANDUM ON INTERNAL CONTROL <br /> SCHEDULE OF OTHER MATTERS <br /> GASB 80—Blending Requirements for Certain Component Units an amendment of GASB Statement <br /> No. 14 <br /> This Statement amends the blending requirements for the financial statement presentation of component <br /> units of all state and local governments. The additional criterion requires blending of a component unit <br /> incorporated as a not-for-profit corporation in which the primary government is the sole corporate <br /> member. The additional criterion does not apply to component units included in the fmancial reporting <br /> entity pursuant to the provisions of Statement No. 39,Determining Whether Certain Organizations Are <br /> Component Units. <br /> Effective in fiscal year 2017-18: <br /> GASB 75—Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions <br /> The primary objective of this Statement is to improve accounting and financial reporting by state and <br /> local governments for postemployment benefits other than pensions (other postemployment benefits or <br /> OPEB).It also improves information provided by state and local governmental employers about financial <br /> support for OPEB that is provided by other entities. This Statement results from a comprehensive review <br /> of the effectiveness of existing standards of accounting and fmancial reporting for all postemployment <br /> benefits (pensions and OPEB) with regard to providing decision-useful information, supporting <br /> assessments of accountability and inter-period equity,and creating additional transparency. <br /> GASB 81—Irrevocable Split-Interest Agreements <br /> This Statement requires that a government that receives resources pursuant to an irrevocable split-interest <br /> agreement recognize assets, liabilities, and deferred inflows of resources at the inception of the <br /> agreement. Furthermore, this Statement requires that a government recognize assets representing its <br /> beneficial interests in irrevocable split-interest agreements that are administered by a third party, if the <br /> government controls the present service capacity of the beneficial interests.This Statement requires that a <br /> government recognize revenue when the resources become applicable to the reporting period. <br /> Management's Response: <br /> The City will implement all applicable pronouncements as they become effective. <br /> 4 <br />