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<br />[I <br /> <br />City of Arden Hills . <br />April 1, 2004 <br />Page Fifteen <br /> <br />Governmental Accounting Standards Board (GASH) Statement No. 34, Basic Financial Statements - and <br />Management's Discussion and Analysis - for State and Local Governments <br /> <br />We have discussed GASH Statement No. 34 in detail in our management letter eac~-c:)f-:tbe last three years. This statement is <br />a major overhaul in the way government financial statements look and the infonn1:ltiQ:b' contained within. It is intended to <br />make the City's annual financial report more user friendly for citizens, staff~,_9():Uricil:~:n1those that provide resources to the <br />City. We are prepared to offer assistance and direction on implementatioD:blllstaff arid'__~Qllt)~il can find many resources <br />relating to Statement No. 34 on GASB's web site (gasb.org). We have. discussed some of\liei!ems needing preparation in <br />advance of implementation with your staff and listed below are some:-'k~y dates and activitieS.: <br /> <br />Statement implementation date: <br />Items needing completion by City: <br />Infrastructure asset inventory: <br />Capital asset inventory: <br />Program revenue assignments <br />Management Discussion and Analysis Letter (MD&A): <br /> <br />Year ending,'pecember 31, 2004 <br /> <br />Year ending, Decefi1ber 3 t, 2004 <br />Complete <br />Year ending, December 31. 2004 <br />Year ending, December 31, 2004 <br /> <br />We have completed GASB Statement No. 34 coriyersicmsforse'Veral entities over_the last year. Our experience indicates <br />that there is a significant increase in time to compkte,the auditifthere has not been;-sufficient preparation. We reconunend <br />scheduling a planning meeting in the sununer to ensure_that the City is on track fot>:ti1eeting the requirements of GASB <br />Statement No. 34. We will contact you in May or Jun~t~ schedule:ajneetiIlgif~ou-(ktennine one is necessary. In advance . <br />of year end, we will need to cqllXe(t,th~Ainancial statements totl1e;new reporti~gJormat. We will prepare an engagement <br />letter in order to facilitate lllJS-l?tocessH:)ye'~the summer. - <br /> <br />* * *- *' * <br /> <br />This report is inten~:d solely for the,i~fQfID'\H()~.all~use1:)ftn<magernent. Council and the Minnesota Office of the State Auditor <br />and is not inten4~l,1;(()<q:e_andshould nottre"lJsed by anyone6ther~han these specified parties. <br /> <br />Our audit~~~iild not necessariiY'Qisclose allweaknesses in the system because it was based on selected tests ofthe accounting <br />recof(y(~~'related data. The cOII1fl1ehts and recommendations in the report are purely constructive in nature, and should be read <br />in this cOntext. <br /> <br />If you have:h1x:,~qli_9stions or wish to discuss any of the items contained in this letter, please feel free to contact us at your <br />convenience. We_;:w:ish 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 1, 2004 <br />Minneapolis, Minnesota <br /> <br />ABDO. EICK & MEYERS. LLP <br />Certified Public Accountants <br /> <br />. <br /> <br />952.8.~5.9090 . Fax 952.8.'l.5.3261 <br /> <br />www.Ul:lrn(;pll.l:l.colll <br />