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<br />Memorandum, 2001 Budget Discussion <br />Page Two <br />October 12,2000 <br /> <br />o bserva tio ns/Ou estions <br />1. \Vhat is the linkage between the proposed Payable 2001 levy and the City Council's PMP <br />policy? <br />2. Is the current proposed 200 I - 2005 Capital Plan still relevant with regards to <br />programmed PMP activities? <br />3. The City of Arden Hills must begin compliance with the provisions of Governmental <br />Accounting Standards Board (GAS B) Pronouncement No, 34 for the 2003 fiscal year. <br />For budgeting purposes, compliance actually begins in 2002. Among the many <br />compliance responsibilities contained within the pronouncement are disclosure <br />requirements, including Management Discussion and Analysis as a required element of <br />the financial statements and significantly increased reporting of capital assets and <br />infrastructure. The reader of financial statements presented under GASB 34 will rathcr <br />easily be able to asccrtain the level of deferrcd maintenance in regards to infrastructure <br />assets and management's expectations and performance of its custodial responsibilities in <br />relationship to the infrastructure investment. <br /> <br />However the City Council chooses to re-examine the PMP policy, there should be some <br />consideration to the GASB 34 implementation timing requirements. <br /> <br />e <br /> <br />e <br /> <br />. <br />