Agenda Packets - 1995/06/05 - Laserfiche WebLink

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improving the City's Comprehensive Annual Financial Report. To achieve this goal several objectives were established. These objectives are outlined in the following paragraphs. The first objective was the implementation of a Fixed Asset Accounting System. Such .. system enables the city to properly inventory and account for its investment in equipment, vehicles, and buildings and structures. In 1988 Staff inventoried existing items. After the inventory was completed it was entered onto the fixed asset accounting system. A second objective was to obtain a Certificate of Achievement for Excellence in Financial Reporting for the City from the Government Finance Officers Association of the United States and Canada (GFOA). This Certificate is given to those government units whose financial reports are prepared in accordance with generally accepted accounting principles as promulgated by the Governmental Accounting Standards Board. In order to receive this Certificate the fixed asset accounting system described in the preceding paragraph was implemented and various practical tables, listing ten years of data, have been prepared. The City's comprehensive annual financial reports for the years ended December 31, 1988, 1989, 1990, 1991, and 1992 were submitted to the GFOA and the City was awarded a Certificate of Achievement for Excellence in Financial Reporting. During 1993 2,078 Certificates were awarded to governmental units throughout the United States. Of these, 90 were awarded to governmental units in Minnesota. The Certificate is valid for one year only. Staff has submitted the 1993 Comprehensive Annual Financial Report to GFOA for consideration for a Certificate in 1994. Staffing No new staffing position is projected for the next five years. Five Year Projected Capital Expenditures 1996 • Replacement of the Utility Accountant's personal computer is proposed. Estimated cost: $2,750. • The average life of a computer system is three to five years. The computer system which performs all of the City's accounting functions was purchased in 1989. Therefore, staff proposes the purchase of a new computer system in 1996. Computoservice, Inc., the fir that our accounting software is licensed from, has proposed an IBM RS6000 system. Processing benchmarks on the utility billing system indicate that the new system will process bills fifteen (15) times faster than our present system. The estimated cost is $20,000. It is proposed that the cost be shared by the General (50%), Water (25%) and Sewer (25%). a-�