2001 S Finance - Cherry Bekaert & Holland Governmental Accounting Standards Board Statement 34 Implementation

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Go Fund mappings Since the County is in the process of selecting a new general ledger accounting system,the County has elected to use Go Fund in the interim to accumulate the data necessary to produce the government wide financial statements. Our deliverable for this project will be to go through the June 30, 2001 trial balance and map the existing general ledger accounts so that the detail information can be sorted as required to produce the government wide financial statements for June 30, 2002. Computation of beginning of the year conversion adjustments GASB 34 requires that the County present government wide financial statements for the year ended June 30,2001.This is going to require that the County calculate and record beginning of the year conversion entries for the governmental funds. The entries required will be the recording of accounts receivable, capital assets, long term debt, accumulated depreciation, and the elimination of internal service funds. Our deliverable will be the accumulation of these entries as of June 30, 2001 into a template that can be used at June 30, 2002. Computation of current year refunding conversion adjustment The County did a refunding on general obligation bonds in July of 2001. GASB 34 requires that all general fund refundings occurring after the implementation date be converted to the proprietary basis of reporting in the government wide financial statements. Our deliverable will be to go through the bond documents and calculate this adjusting entry for the year ended June 30,2002. Computation of beginning of the year net assets GASB 34 requires that net assets be presented on government wide financial statements in the following categories, investment in capital assets, net of related debt, restricted and unrestricted. Our deliverable will include the development of a template which calculates these balances as of June 30, 2001 that can be used at year end. Drafting of notes to the general purpose financial statements The new reporting model will require that additional disclosures be included in the notes to the general-purpose financial statements. Our deliverable for this project will be to draft these additional note disclosures based upon the June 30, 2001 financial statements and provide them to you in a word document. Preparation of pro-forma Government Wide Financial Statements We will prepare pro-forma government wide financial statements based upon the June 30,2001 financial statements. The statements to be included will be the statement of net assets and statement of activities.The statement of net assets will report on all of the non-fiduciary activities of the County and its component units.The statement of activities will report the degree to which the direct expenses of a given function or segment are offset by program revenues. All of this information will be provided to you on a template. Preparation of a preliminary Management's Discussion & Analysis We will prepare a preliminary management's discussion and analysis based upon the June 30,2001 general-purpose financial statements and the pro-forma government wide financial statements. Areas to be addressed in this report includes financial highlights, an overview of the financial statements, an analysis of the government wide financial statements,a discussion of budgetary highlights, and a discussion of capital asset and debt administration. The working papers for the engagement are the property of Cherry, Bekaert & Holland, L.L.P. and constitute confidential information. Except as discussed below, any requests for access to our working papers will be discussed with you prior to making them available to requesting parties.