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Legislation #: 010432 Introduction Date: 3/22/2001
Type: Ordinance Effective Date: 4/15/2001
Sponsor: None
Title: Authorizing the Director of Finance to enter into a $273,200.00 contract with Deloitte _ Touche LLP, in connection with the implementation of GASB 34; authorizing expenditure of up to $298,200.00 in consideration therefor.

Legislation History
DateMinutesDescription
3/22/2001

Prepare to Introduce

3/22/2001

Referred Finance and Audit Committee

3/28/2001

Do Pass

3/29/2001

Assigned to Third Read Calendar

4/5/2001

Passed


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ORDINANCE NO. 010432

 

Authorizing the Director of Finance to enter into a $273,200.00 contract with Deloitte & Touche LLP, in connection with the implementation of GASB 34; authorizing expenditure of up to $298,200.00 in consideration therefor.

 

WHEREAS, the Governmental Accounting Standards Board (GASB) is the private-sector organization that sets financial accounting and reporting standards for state and local governments. In June 1999, the GASB issued Statement No. 34 (GASB 34), the most comprehensive government accounting rule ever developed. The new standard will significantly change the way the City reports its finances to the public; and

 

WHEREAS, the methods and implications of reporting municipal infrastructure under GASB 34 are new to the government finance profession, City staff in the Finance Department and in the many operating departments that will be significantly affected do not yet know how to translate GASB 34 principles into new work practices, products, and financial reports; and

 

WHEREAS, the Citys financial statements are used to communicate useful financial and operational information to users of financial statements, the usefulness of which depends on effective measurement of the Citys economic activities and the effective communication of those measurements to the users; and

 

WHEREAS, the firm of Deloitte & Touche LLP is found to be qualified to assist the City in the implementation of GASB; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is hereby authorized to enter a $273,200.00 contract on behalf of the City, with Deloitte & Touche LLP, Certified Public Accountants, to assist the City with the implementation of GASB 34. A copy of said contract, in substantial form, is attached hereto and hereby approved.

 

Section 2. That the Director of Finance is hereby authorized to expend up to $298,200.00 as consideration for the services from previously appropriated funds in the amounts indicated below:

 

FUND AMOUNT

 

01-100-012-1051-B GASB $273,200.00

01-100-012-1051-B Contingency 25,000.00

$298,200.00

__________________________________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

____________________________________

Director of Finance

 

Approved as to form and legality:

 

 

 

____________________________________

Assistant City Attorney