Laserfiche WebLink
for its investment in equipment, vehicles, and buildings and structures. In <br /> 1988 Staff inventoried existing items. After the inventory was completed it <br /> was entered onto the fixed asset accounting system. <br /> A second objective was to obtain a Certificate of Achievement for Excellence <br /> in Financial Reporting for the City from the Government Finance Officers <br /> Association of the United States and Canada (GFOA). This Certificate is <br /> given to those government units whose financial reports are prepared in <br /> accordance with generally accepted accounting principles as promulgated by <br /> the Governmental Accounting Standards Board. In order to receive this <br /> Certificate the fixed asset accounting system described in the preceding <br /> paragraph was implemented and various practical tables, listing ten years of <br /> data, have been prepared. The City's comprehensive annual financial report <br /> for the years ended December 31, 1988 and 1989 were submitted to the <br /> GFOA and the City was awarded a Certificate of Achievement for Excellence <br /> in Financial Reporting. During 1990 1,689 Certificates were awarded to <br /> governmental units throughout the United States. Of these, 70 were awarded <br /> to governmental units in Minnesota. The Certificate is valid for one year <br /> only. Staff has submitted the 1990 Comprehensive Annual Financial Report <br /> to GFOA for consideration for a Certificate in 1991. <br /> Installation of a new computer system in March 1989 has improved efficiency <br /> in the production of payrolls, accounts payable, financial statements, and <br /> utility billing. One of the goals of the Department is to purchase a report <br /> generator software package. A report generator package will allow creation <br /> of customized financial reports. A need exists for this type of software to <br /> create reports to be used in the conduct of the• annual audit and in the <br /> preparation of annual financial reports. <br /> The average life of a computer system is three to five years. Therefore, staff <br /> proposes the purchase of a new computer system in 1994. The estimated cost <br /> is $65,000. <br /> 14 <br />