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

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Our proposed study will seek to provide general direction for the City and will comprise a GASB 34 readiness assessment from a fixed asset and �infrastructure perspecrive. With this study we will: • Review GASB Statement No. 34 as it relates to the fixed assets and infrastructure of the Village with you and accounting staff and representatives of Engineering, Public Works, Water and Sewer, Streets and Mass Transit Departments and others deemed appropriate by you. ! Assess existing information regarding fixed assets and infrastructure that is available within the City. • Seek to determine what information regarding infrastructure assets is incomplete or lacking necessary data elements. • Consider GFOA Strategy on Infrastructure as it relates to the City and the potential election of limiting retroactive reporting to major classes of infrastructure, defining classes of infrastructure narrowly, retroacrively reporting to 1980 only, using estima.tes whenever possible, using composite approaches to depreciation, and other issues. • Begin to define infrastructure assets, ciassifications and units of ineasure. • Begin to address asset inclusion and exclusion per GASB Statement No. 34 and per general materiality. • In general, review asset inventory, aging, costing and lifing. � • Seek to consider options and various approaches. • In a review meeting, discuss acrivities, observations, and findings in general. In conducting our study we plan to interview appropriate staff within the City at the department , level to determine the extent of available information andJor the extent of information that is lacking. CONCLUSION As with other governments and other studies we have conducted, we hope to find potential economies and efficiencies with our work. This is coupled with our interpretation of GASB Statement No. 34 and the inherent flexibility and allowance for management decisions in implementation. 4