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<br /> <br />City of Centervi/le <br />City Council :Meeti11fl <br /> <br />Date: <br /> <br />September 24, 2002 <br /> <br />To: <br /> <br />Ms. Kim Moore-Sykes <br />Honorable Mayor and Members of the City Council <br /> <br />From: <br /> <br />Ellen Paulseth, Finance Director <br /> <br />Re: <br /> <br />General Fixed Assets Acconnt Group <br /> <br />GFAAG <br />Attached is an unaudited report of the General Fixed Assets Account Group for the City <br />of Centerville. <br /> <br />As you will recall, the lack oftangible fixed asset records has been the key reason for the <br />receipt of a qualified audit opinion. This report will be instrumental in getting an <br />unqualified opinion for the year 2002. It will also allow for easier implementation of <br />GASB 34 directives in the year 2003. <br /> <br />A variety of research methods was used to establish this report. Land records and deeds <br />were cross-referenced with insurance documents and Anoka County property tax records <br />to establish land ownership and building values. A physical inventory of equipment, <br />furniture and machinery was completed and cross-referenced with insurance records, title <br />documents and general ledger accounts. <br /> <br />For the year 2002 we will record asset values at their historical cost, which is consistent <br />with current GASH requirements. In many cases, historical cost was estimated due to <br />lack of source documents (receipts, claims, etc.) In cases where physical assets such as <br />park properties were donated or dedicated to the city through the development process, <br />historical value was estimated using county records. Beginning in the year 2003, we will <br />record assets at their current value and depreciate them for the useful life of the asset. <br /> <br />Please review the items contained within this report and inform me if you notice any <br />discrepancies or incorrect information. <br />