Management Report and Recommendations 12/31/1988

Home Search

City of Lino Lakes, Minnesota Management Report, Page 14 million at December 31, 1988 and are projected to increase substantially over the periods if anticipated development occurs. Fixed Assets As discussed in prior management reports, the City does not maintain complete fixed asset accounting records. Advantages of maintaining such a system include the following: • Availability of insurable value amounts. • Increased safeguarding of movable assets. • Availability of database to determine capital equipment replacement needs. • Improved financial reporting. Our firm now offers the service of establishing complete fixed asset systems for cities. We are prepared to: 1) Plan the implementation. 2) Assist in taking physical inventories. 3) Assist in defining historical or estimated historical cost. 4) Enter all such assembled data into a specialized fixed asset system for governments. 5) Generate complete fixed asset reports as of the completion date of the engagement. Maintenance of the system for purchases, sales, disposals and transfers may be maintained on our system or the City may require in -house systems for periodic updates. The project will require City staff time to assist in assembling physical inventories and to edit reports. Upon request, we will prepare an engagement letter which will include timing and estimated costs.