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Financial/Economic Development

Goal 1: Continue Responsible Fiduciary Emphasis for the Organization and Council
Objective 1: Comply with all Financial Regulations and Policies
Project Performance Measure(s) City Service Team (Department)
Core Plan/Implement Upcoming  GFOA Certificate of Excellence Finance (Accounting)
FED GASB Statements  AFR with clean opinion
1.1.1

Summary:
Milestone Estimated Actual
The Governmental Accounting Standards Board (GASB) Completion Completion
has issued multiple GASB statements that must be Read GASB statements and 9/30/2021 9/30/2021
implemented over the next several fiscal years. identify effective dates.
Create implementation 9/30/2021 9/30/2021
FY 2021 timeline for each.
GASB 84 Fiduciary Activities Identify reporting, 9/30/2021 9/30/2021
Implementation Guide 2019‐2 disclosure, and RSI
GASB 90 Major Equity Interests requirements
GASB 92 Omnibus 2020 (varies FY 2021 and FY 2022) Implement required process 9/30/2021 9/30/2021
GASB 93 Replacement of Interbank Offered Rates changes.
(varies FY 2021 and FY 2022) Draft changes need for AFR 9/30/2021
External auditor review of 9/30/2021
FY 2022 proposed AFR updates
GASB 87 Leases
Implementation Guide 2019‐3, 2020‐1
GASB 89 Accounting for Interest Cost
GASB 97 Component Unit Criteria, 457 Plans

FY 2023
GASB 91 Conduit Debt Obligations
GASB 94 Public‐Private, Public‐Public Partnerships and
Availability Payment Arrangements
GASB 96 Subscription‐Based Information Technology
Arrangements

The anticipated impact of implementing the above
statements includes increased staff time to analyse and
implement process changes, potential accounting
consultation needs, and increased reporting
requirements.

Update:
The project is on target.

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