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. � p T w PANDOLFI, TOPOLSKI, WEISS & CO., LTD. 'I <br /> Accountants and Management Consultants , <br /> - - 218 WEST LAWRENCE AVENUE � <br /> SPSINGFIELD,ILLINOIS 62704 <br /> PHONE(217)744-1040 i <br /> - FAX(217)744-8113 ! <br /> November 15, 2000 <br /> Beth Couter <br /> City of Decatur <br /> #1 Gary K. Anderson Plaza <br /> Decatur, Illinois 62523 <br /> Dear Beth: <br /> This letter follows our recent discussion regarding the financial reporting at the City of <br /> Decatur. We discussed the significant accounting and financial reporting changes brought about <br /> by GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and <br /> Analysis -for State and Local Governments. <br /> GASB Statement No. 34 is the most significant change in the history of accounting and <br /> financial reporting for state and local governments. Some of the more significant changes <br /> include the following: <br /> • Capital Asset and Infrastructure Reporting - The City will be required to: <br /> ➢ Report roads, bridges and drainage systems and lighting systems as capital assets. <br /> ➢ Depreciate all items considered to be capital assets. <br /> ➢ Maintain fixed asset accounting systems to track capital assets. <br /> • Government-Wide Reporting - Financial statements must display information about the <br /> City as a whole using information based on accrual accounting - as utilized currently in <br /> commercial and not-for-profit accounting. Expenses not expenditures are reported on the <br /> operating sta.tement and all assets and liabilities (including capital assets) are reported. <br /> • Management Discussion& Analysis (MD&A) - GASB 34 requires management to: <br /> ➢ Analyze the City's overall financial position and results of operations. <br /> ➢ Assess whether financial positioa has unproved or deteriorated as a result of the year's <br /> operations. <br /> � ➢ Describe facts, decisions or conditions expected to have a significant effect on financial <br /> position or results of operations. <br /> ➢ Analyze significant variations between budgeted amounts and actual results. <br /> � 1 <br /> CHICAGO LOOP NEW YORK METROPOLITAN AREA CENTRAL ILLINOIS CHICAGO METROPOLITAN AREA INDIANA <br /> 400 N.Michigan,16TM Floor 208 Greenwood Avenue 218 W.Lawrence Avenue 2221 Camden Court,Suite 300 833 W.Lincoln Highway <br /> Chicago,IL 60611 Bethel,CT 06801 Springfield,IL 62704 Oak Brook,IL 60523 Suite 430W <br /> Phone(312)321-0546 �� Phone(203)797-9681 � � Phone(217)744-1040 � � Phone(630)574-1040 � � Schererville,IN 46375 <br /> Fa�c(312)321-0481 Fax(203)744-7890 Fa�c(217)744-8113 Fax(630)574-8313 Phone(219)322-1099 <br />