R2000-260 ACCEPTING AND AUTHORIZING EXECUTION OF ENGAGEMENT LETTER FOR CONSULTING SERVICES

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; Based on our readiness assessment, .we will develop an implementation plan for the City to follow in the future as Statement No. 34 is implemented. The plan will include the following: • Illustrat� the most critical areas, which will need immediate attention during the , _ implementatioa period; • Identify the individual prajects that need to be completed; � • Prioritize projects based on importance to the implementarion; and • Provide recommended personnel requirements inciuding responsibility for implementation of individual projects. � Based on the above procedures we will determine if any additional procedures aze necessary. , For all of the areas described above, we will issue a report of procedures. The report will be prepared to meet the objectives described for each area. FI,XED ASSET ACCOUNTING AND REPORTING The second stage of the proposal is our discussion of our intended assistance with this accounting standard as it relates to fixed assets and infrastructure assets, we now wish to propose a fixed asset accounting diagnostic review and a GASB Statement No. 34 readiness assessment for the City of Decatur. General background on the new accounting and reporting standard follows: • All fixed assets including the General Fixed Asset Account Group are to be depreciated. • Prospective reporting of new infrastructure assets is to begin at the unplementa.tion of the � reporting model. • The retroactive reporti.ng of infrastructure will include assets from 1980 forward. , • There are two options for infrastructure reporting including historical cost and depreciation or the Modified Approach that tracks maintenance and preservation Further, time is of the essence for governments like the City of Decatur in that we want to allow for sufficient time to do the necessary planning for implementation and compliance. 3