Governmental Accounting Standards Board Consulting Services

The vendor is required to provide that governmental accounting standards board (GASB) consulting services statement no. 101 (compensated absences) and reviewing the GASB 87 (leases) and 96 (subscription-based information technology arrangements (SBITA)) contracts/agreements.
a. General planning and reporting
1. Before commencing work, consultant shall meet with city staff to:
• Clarify the intended goals and purpose(s),
• Gain an understanding of city operations, and
• Establish responsibilities.
b. Essential duties include but are not limited to:
1. GASB 87 and GASB 96
• Data collection
• New contracts and agreements review
• Review status of existing contracts or agreements
• Update a comprehensive list of all agreements reviewed and indicate whether they are reported in the annual comprehensive financial report (ACFR) and provide reasons and documentation to support the decision
• Selection and review of discount rate using a template provided by debt book
• Update data in debt book
• Preparation of journal entries and ACFR footnote disclosure using debt book
2. GASB 101
• Review the city’s current practice and compensated absences liability
• Determine the most appropriate methodology to implement the new standards
• Data collection including determining historical trends, information about current and expected future eligibility and usage
• Calculation of year-end compensated absences
• Preparation of year-end schedules, journal entries, and footnote disclosure
• Annual review and update
3. Supplemental services contingent upon availability of funds:
• Assist city staff with implementation of future GASB pronouncements
• Review, update, or draft policies and procedures related to GASB implementation.
- A citywide budget of $734.1 million, including the General Fund budget of $404.8 million.
- budget: $100,000
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: March 03, 2025