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<br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />City of Arden Hills <br />April 10, 2002 <br />Page Eleven <br /> <br />Governmental Accounting Standards Board (GASB) Statement No, 34, Basic Financial Statements - and Management's <br />Discussion and Analysis - for State and Local Governments <br /> <br />We have discussed GASB 34 in detail in our management letter each of the last two years. This statement is a major overhaul in <br />the way government financial statements look and the information contained within. It is intended to make the City's annual <br />financial report more user friendly for citizens, staff, council and those that provide resources to the City. We are prepared to <br />offer assistance and direction on implementation but staff and council can find many resources relating to Statement #34 on <br />GASH's web site (http://accounting.rutgers.edulraw/gasb/repmodelJindex.html). We have discussed some of the items needing <br />preparation in advance of implementation with your Finance Director and listed below are some key dates and activities: <br /> <br />Statement implementation date: <br />Items needing completion by City: <br />Infrastructure asset inventory: <br />Capital asset inventory: <br />Management Discussion and Analysis Letter (MD&A): <br /> <br />Year ending, December 31, 2004 <br /> <br />Year ending, December 31, 2003 <br />Year ending, December 31, 2003 <br />Year ending, December 31, 2004 <br /> <br />The dates above are recommended timelines for completion but the City can complete any of them before the date identified. <br /> <br />* * * * * <br /> <br />This report is intended solely for the information and use of management, Council and the Minnesota Office of the State Auditor <br />and is not intended to be and should not be used by anyone other than these specified parties. <br /> <br />Our audit would not necessarily disclose all weaknesses in the system because it was based on selected tests of the accounting <br />records and related data, The comments and reconunendations in the report are purely constructive in nature, and should be read <br />in this context. <br /> <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 opportunity to be of service and for the courtesy and cooperation extended to us by <br />your staff. <br /> <br />April 10, 2002 <br />Minneapolis, Minnesota <br /> <br />1 <br />~ J ~/J.;; rn~}Lf <br /> <br />ABDO, EICK & MEYERS, LLP <br />Certified Public Accountants <br />