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AGENDA ITEM #11 .2 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: February 1, 2005 <br /> Subject: Audit Update <br /> Report: We have begun working with Larson Allen on <br /> the City Audit. We are moving forward on doing a full <br /> audit in accordance with GASB34 Requirements. When we <br /> `.. are finished we will be in full compliance with GASB34. <br /> The information that we will be pulling together for <br /> GASB34 will provide much useful information in helping <br /> the City to plan ahead. We will be starting by taking an <br /> inventory of City infrastructure, land, buildings and capital <br /> assets. <br /> We need the Council to set the threshold number for the <br /> capital asset inventory list. According to our auditor, a <br /> majority of the smaller cities use the number of $2,500. <br /> Council Action Requested: Council motion to authorize a <br /> full GASB34 audit and to set the capital asset threshold at <br /> $2,500. <br />