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This letter outlines our proposal to assist the City in determining the readiness and identify key <br /> areas to be addressed. in impiementing GASB Statement No. 34. We will provide the City with <br /> an assessment of GASB Statement No. 34 implementation readiness and will provide the City � <br /> with a preliminary plan to comply with the Statement. Our assessment will be broken down <br /> into two stages because of the nature of the requirements. The two stages are as follows: <br /> • Financial Reporting; and <br /> • Fixed Asset Accounting and Reporting. <br /> FINANCIAL REPORTING <br /> The new reporting model will be effective for financial reporting as follows: <br /> • The reporting model for the City of Decatur is to be implemented with your fiscal year end <br /> April 30, 2004 with earlier implementation encouraged. <br /> • Consideration should be given to establishing balances in fiscal year end April 30, 2003 so <br /> as to provide b�ginning balance from the prior fiscal year end. <br /> In order to perform the assessment, we will coordinate our efforts with staff to develop a <br /> document that identifies the ma.tters that will need to be addressed related to Statement No. 34. <br /> After these matters are identified, we will prepare a preiiminary plan to implement Statement <br /> No. 34. This plan will be prepared to assist staff in prioritizing resources with the objective of <br /> a smooth Statement No. 34 implementation. <br /> In order to accomplish the objectives, we will conduct a series of interviews with appropriate <br /> stafF. The interviews will focus on the City's ability to address the following key areas related <br /> to Statement No. 34 implementation issues: <br /> • Financial reporting; <br /> • Disclosure information reporting; and <br /> • Management's discussion and analysis preparation. <br /> After these areas are evaluated, through our interviews, we will prepare the readiness <br /> assessment document to identify the areas requiring attention. We will also recommend a <br /> priority of the areas to be addressed. <br /> A critical element of this readiness assessment will be the City's financial accounting software/ <br /> system. The City may need to consider replacing its existing financial accounting software <br /> with a new system which will accommodate the requirements of GASB 34. We will assist the <br /> City in identifying the main functionality requirements it should look for in its new system. <br /> 2 <br />