HomeMy WebLinkAboutCC AG PKT 2005-06-13 #N •
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AGENDA REPORT
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DATE: June 13, 2005
TO: Honorable Mayor and Council Members
THRU: John B. Bahorski, City Manager
FROM: Pamela Arends -King, Director of Administrative Services /Treasurer
SUBJECT: Agreement for GASB Statement 34 Infrastructure
Compliance
SUMMARY OF REQUEST:
Staff requests City Council approve the agreement for GASB Statement 34 Infrastructure
Compliance services between MuniFinancial and the City of Seal Beach and authorize
the City Manager to execute the agreement. Staff also request City Council approve
budget amendment 06 -02 transferring contract professional services from fiscal year
2004 -05 to fiscal year 2005 -06.
BACKGROUND:
As of June 30, 2003, the City implemented the first phase of the Governmental
Accounting Standards Board (GASB) Statement 34. GASB Statement 34 is the new
financial reporting model for the Comprehensive Annual Financial Report. The second
phase of implementing the new financial reporting model is to include a complete
analysis of the City's fixed assets and infrastructure to determine a dollar value. Before
the establishment of GASB Statement 34 government entities were not required to report
infrastructure as a fixed asset, therefore the funds spent on infrastructure was expensed
and not reported as a fixed asset. Because the analysis of the infrastructure is a daunting
task that is very time consuming without available staff to complete it, MuniFinancial
was chosen to provide the services based on the firms expertise and experience with other
agencies in regards to the implementation of GASB Statement 34.
FISCAL IMPACT:
MuniFinancial's fees for the services provided outlined in Exhibit A are not to exceed
• $25,000 as stated in Exhibit B. There is no immediate impact to the General Fund
because the analysis of the City's infrastructure was budgeted in fiscal year 2004/05.
Agenda Item ,. /
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Budget amendment 06 -02 transfers funds budgeted in fiscal year 2004 -05 to fiscal year
2005 -06.
RECOMMENDATION:
City Council approve the agreement for GASB Statement 34 Infrastructure Compliance
services between MuniFinancial and the City of Seal Beach and authorize the City
Manager to execute the agreement. Staff also request City Council approve budget
amendment 06 -02 transferring contract professional services from fiscal year 2004 -05 to
fiscal year 2005 -06.
a t,,,,A
Pamela Arends -King
Director of Administrative Services /Treasurer
NOT _ D AND APPRO t :
1
Jo r. B. ors i
;r
City anager
ATTACHMENTS:
Resolution approving an agreement between Seal Beach and MuniFinancial
Agreement for GASB Statement 34 Services.
RESOLUTION NUMBER 5335
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH APPROVING THE AGREEMENT
BETWEEN THE CITY AND MUNIFINANCIAL FOR GASB
STATEMENT 34 INFRASTRUCTURE COMPLIANCE.
The City Council of the City of Seal Beach hereby resolves as follows:
SECTION 1. The City Council hereby approves the Agreement between the City
and MuniFinancial for GASB Statement 34 infrastructure compliance dated June 13
2005. l'A"
SECTION 2. The M or shall execute the Amendment on behalf of the City.
SECTION 3. The City Clerk shall certify to the passage and adoption of this
resolution.
PASSED, APPOVED, AND ADOPTED by the City Council of the City of Seal
Beach at a meeting thereof held on the 13th day of June , 2005 by the following
vote:
AYES: Council Members:
NOES: Council Members:
ABSENT: Council Members:
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify that
the foregoing resolution is the original copy of Resolution Number 5335 , on file in the
office of the City Clerk, passed, approved, and adopted by the City Council of the City of
Seal Beach, at a regular meeting thereof held on the 13th day of June , 2005.
City Clerk
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RESOLUTION NUMBER 5336
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH, CALIFORNIA, AUTHORIZING A
BUDGET AMENDMENT, NO. 06 -02 FOR CONTRACT
PROFESSIONAL SERVICES FOR GASB STATEMENT 34
INFRASTRUCTURE COMPLIANCE BY MUNIFINANCIAL
WHEREAS, the fiscal year 2005/2006 budget requires budgetary amendments as
outlined below:
THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
The budget for contract professional services for GASB Statement 34 infrastructure
compliance by MuniFinancial is hereby increased as follows:
REVISED/
ADOPTED PROPOSED BUDGET (diff)
DESCRIPTION ACCOUNT BUDGET BUDGET AMENDMENT
Planning Department
Contract Professional 001 - 017 -44000 $39,500 $64,500 $25,000
Services
PASSED, APPROVED AND ADOPTED by the City Council of the City of Seal Beach
on 13th day of June , 2005 by the following vote:
AYES: Council members _ 1.4 , ,1 ! t �/ � l� t:/i yffi"JA
NOES: Council members 1 1
ABSENT: Council members tr,:\p
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Linda Devine, City Clerk of Seal Beach, California, do hereby certify that the
foregoing resolution is the original copy of Resolution Number 5336 on file in the
office of the City Clerk, passed, approved, and adopted by the City Council of the City of
Seal Beach, at a regular meeting thereof held on the 13th day of June , 2005.
1
Cit Clerk