Transcript GASB 34: Implication for Storm Water Management Programs

GASB 34:
Asset Management and GIS
Jarrod Gerbaud
Hansen Information Technologies
Presentation will show ...
GASB 34 approaches
 Ideas how to implement GASB
 Necessity for asset and work management
systems
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GASB 34 for Dummies
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GASB 34
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Sweeping revision of the
current financial reporting
model (in place since 1979).
Depreciation for governmental
activities
The BIG One: Recording
infrastructure as capital assets—
and expensing them through
depreciation
GASB 34
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Federally mandated
Additional administrative and operative costs
with...
No federal funding
Increased accountability
GASB 34
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Up-to-date Inventory
of assets
Condition assessments
of assets
Annual estimates of
the amount needed to
maintain and preserve
the assets
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Requires mapping and
recording of infrastructure
Requires a condition survey of
the storm water system
Maintaining of record keeping
annual assessment of the
effectiveness of maintenance
schedules
Challenges of GASB 34
•Infrastructure Reporting
•Depreciation Accounting
•Modified Approach (Toughest)
•Straight Depreciation (Easiest)
Infrastructure Reporting
•Inventory of all Assets, their
condition, location, age and
maintenance costs associated (Capital
and Maintenance costs)
Approaches
•Modified
•Requires full Asset catalog of inventory
•Asset condition levels
•Defined inspection schedules
•Track maintenance costs to assets individually
•Comparisons between actual and estimated costs for
the last 5 years
Approaches
•Depreciation
•Net Cost = Historical Value – Salvage Value
•Asset values
•Asset age
Answer: Streamline Efforts!
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Combine implementation within Public
Works
– formally:
– informally:
project management
cross-functional team
I.e engineers & business
managers (scared yet?)
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Involve other departments
Detailed Suggestions
Inventory and evaluate assets
 Report all activities against assets
 Establish periodic inspections and
preventive maintenance schedules
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Key elements of a good
Asset Management System for
GASB 34 Compliance
Manages inventory systems
 Has the ability to perform conditions
assessments on a measurable scale
 Allows to run “what - if” projections
 Tracks routine maintenance against assets
 Allows to integrate data easily to GIS
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