Agenda Packets - 1992/12/28 - Laserfiche WebLink

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impressed with the City's financial planning and the fact that designations for cash flow and emergencies had been established. The Finance Department has had the goal of substantially 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 a 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, and 1990 were submitted to the GFOA and the City was awarded a Certificate of Achievement for Excellence in Financial Reporting. During 1991 1,738 Certificates were awarded to governmental units throughout the United States. Of these, 69 were awarded to governmental units in Minnesota. The Certificate is valid for one year only. Staff has submitted the 1991 Comprehensive Annual Financial Report to GFOA for consideration for a Certificate in 1992. Installation of a new computer system in March 1989 has improved efficiency in the production of payrolls, accounts payable, financial statements, and utility billing. One of the goals—of-the Department is to purchase_a report generator software package. A report generator package will allow creation of customized financial reports. A need exists for this type of software to create reports to be used in the conduct of the annual audit and in the preparation of annual financial reports. Capital items proposed include: The average life of a computer system is three to five years. Therefore, staff proposes the purchase of a new computer system—in 1994. T e es imated cost is $70,000. 16