2002-09-25 CC Packet - Laserfiche WebLink

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, City 0/ Centerville City Cuuncif.:Meeting Date: September 24, 2002 To: Ms. Kim Moore-Sykes Honorable Mayor and Members of the City Council From: Ellen Paulseth, Finance Director Re: General Fixed Assets Account Group GFAAG Attached is an unaudited report ofthe General Fixed Assets Account Group for the City of Centerville. As you will recall, the lack oftangible fixed asset records has been the key reason for the receipt of a qualified audit opinion. This report will be instrumental in getting an unqualified opinion for the year 2002. It will also allow for easier implementation of GASB 34 directives in the year 2003. A variety of research methods was used to establish this report. Land records and deeds were cross-referenced with insurance documents and Anoka County property tax records to establish land ownership and building values. A physical inventory of equipment, furniture and machinery was completed and cross-referenced with insurance records, title documents and general ledger accounts. For the year 2002 we will record asset values at their historical cost, which is consistent with current GASB requirements. In many cases, historical cost was estimated due to lack of source documents (receipts, claims, etc.) In cases where physical assets such as park properties were donated or dedicated to the city through the development process, historical value was estimated using county records. Beginning in the year 2003, we will record assets at their current value and depreciate them for the useful life of the asset. Please review the items contained within this report and inform me if you notice any discrepancies or incorrect information.