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<br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />City of Arden Hills <br />April I, 2004 <br />Page Fifteen <br /> <br />Governmental Accounting Standards Board (GAS B) Statement No. 34, Basic Financial Statements - and <br />Management's Discussion and Analysis - for State and Local Governments <br /> <br />We have discussed GASB Statement No. 34 in detail in our management letter each of the last three years. This statement is <br />a major overhaul in the way government financial statements look and the information contained \vithin. It is intended to <br />make the City's annual financial report more user friendly for citizens, staff, Council and those that provide resources 10 the <br />City. Weare prepared to offer assistance and direction on implementation but stalT and council can find many resources <br />relating to Statement No. 34 on GASB's web site (gasb.org). \Ve have discussed some of the items needing preparation in <br />advance of implementation with your staff and listed below arc 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 />Program revenue assignments <br />Management Discussion and Analysis Letter (MD&A): <br /> <br />Year ending, December 31, 2004 <br /> <br />Year ending, December 3], 2004 <br />Complete <br />Y car ending, Dcccmber 31, 2004 <br />Year ending, December 31,2004 <br /> <br />We have completed GASB Statement No. 34 conversions for several entities over the last year. OUf experience indicates <br />that there is a significant increase in time to complete the audit if there has not been sufficient preparation. We recommend <br />scheduling a planning meeting in the summer 10 ensure that the City is on track for meeting the requirements of GASB <br />Statement No. 34. We will contact you in Mayor June to schedule a meeting if you determine one is necessary. In advance <br />of year end, we will need to conver1lhe financial statements to the new reporting formal. We will prepare an engagement <br />letter in order to facilitate this process over the summer. <br /> <br />* * * * * <br /> <br />This report is intended solely for the infonnation 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 disclos.e all weaknesses in the system because it was based on selected tests of the accounting <br />records and related data: The comments and recommendations in the report are purely constructive in nature. and should be read <br />in this context. <br /> <br />If you have any questions or\vish to discuss any of the items contained in this letter, please feel free to contact us at your <br />convemence. We wish to thank you for the oppor1unily 10 be of service and for the courtesy and cooperation extended to us by <br />your staff. <br /> <br />(J1b luJL ~~ JLL! <br /> <br />April I, 2004 <br />Minneapolis, Minnesota <br /> <br />ABDO, E1CK & MEYERS, LLP <br />Certified Public Accountants <br /> <br />%2.8,)5.9090 . FH~ ().')2.Rt'J.3261 <br /> <br />",.ww.,lem<'p>ls.co-m <br />