Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A PROFESSIONAL SERVICES CONTRACT WITH CIUNI & PANICHI, INC. FOR THE PREPARATION OF THE CITY'S 2022 ANNUAL FINANCIAL STATEMENTS.
Brief Description: This is a contract with an accounting firm to assist staff in the preparation of the 2022 annual financial statements.
Body
Legislative History
None
Purpose & Explanation
The City's annual financial statements are required to be reported on an accrual basis. This is a contract with an accounting firm to assist staff in preparation of those statements and related notes to the financial statements. The City has always used this service as it is deemed the most efficient approach in preparing our statements for audit.
Our 2022 statements will include Governmental Accounting Standards Board (GASB) Nos. 68 and 75 which are the reporting requirement for pensions. In summary, local governments are required to report their share of the net pension liability on the balance sheet. This requires additional calculations and disclosures in our statements. In addition, we are required to report Other Post-Employment Benefits (OPEB) which includes reporting our share of the unfunded liability for retiree health care.
The statements will also include GASB No. 87 which requires the implementation of new reporting standards for leases. This includes a review and reporting of equipment leases, rental agreements, cell tower leases, and any reoccurring payments or receipts as these might indicate lessee vs lessor arrangements.
The estimated costs are as follows:
Financial Statement Preparation $31,850
GASB 68/75 Supplemental Data $ 3,500
GASB 87 Leases $ 6,000
Total $41,350
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
X Professional Services
Other [provide explanation]
Fiscal...
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