City of Oakwood, Ohio - Notes to the Basic Financial Statements

and comparable information for making decisions or assessing accountability. The implementation of GASB Statement No. 100 is presented on the financial statements of the City.

GASB Statement No. 101 sets out to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The implementation of GASB Statement No. 101 had the following effect on net position as reported December 31, 2023, by opinion unit affected:

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	Enterprise Funds			Government-Wide
	Water Fund	Sewer Fund	Stormwater Fund	Governmental Activities	Business-Type Activities
Net Position-Beginning of Year,
as Previously Presented	$2,192,158	$3,007,812	$2,048,514	$43,580,575	$7,725,269
Change in Accounting Principal-
Adoption of GASB 101	(49,671)	(36,007)	(14,695)	(1,055,703)	(100,373)
Net Position-Beginning of Year,
as Restated	$2,142,487	$2,971,805	$2,033,819	$42,524,872	$7,624,896

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