The Valuation Advisory Group-Professional Property Record Services (GASB 34) THE
VALUATION
ADVISORY
GROUP
INC.
March 14, 2003
Mr. Bill Veach
City Administrator
City of Okeechobee
55 S.E. Third Avenue
Okeechobee, Florida 34974 -2903
Dear Mr. Veach:
The Valuation Advisory Group, Inc. is pleased to offer this proposal for professional property
record services. The purpose of our services will be to provide you with a comprehensive and
auditable property record which will enhance fixed asset accounting and property control
procedures. This property record will be designed to assist the City in complying with
Generally Accepted Accounting Principles (GAAP) and GASB Statement No. 34.
This proposal was prepared after our discus,'.ons with City personnel concerning the properties
and fixed assets, as well as the accounting procedures, of the City of Okeechobee, along with
a review of the information provided. The reports produced as a result of this engagement will
be useful as internal management tools with regard to accounting, budgeting, planning and
purchasing, and will serve to enhance general fixed asset control.
SCOPE
The services we propose will be conducted on the basis of historical cost for financial reporting
purposes, defined as the actual or estimated cost of a property to its present owner. The report
will include items inventoried by or provided to The Valuation Advisory Group as of a cutoff
date to be determined. The properties to be included in this project will consist of land,
445 PHARR ROAD, NE ATLANTA, GEORGIA 30305 (404) 841 0992 FAx (404) 841 0121
Mr. Bill Veach
City of Okeechobee
March 14, 2003
Page 2
buildings, improvements other than buildings, machinery, equipment, vehicles, and furniture and
fixtures.
Land and vehicles will be included based on information to be provided by City personnel.
Buildings and improvements other than buildings will be included based on a combination of
verifying existing records and performing accepted appraisal techniques. In performing our
analysis of the historical costs of these assets, we will work with the City's existing records
where possible. In assigning historical costs to these assets, we feel that it is important to utilize
actual costs, where these costs are available. In researching historical costs, we will make
extensive use of such sources of information as minute books, deed files, bid files, contractor
payment applications, etc. Only as a last resort will we resort to an appraisal based on a
trending of current replacement costs. This use of actual historical costs helps to ensure the
auditability of the record.
Machinery, equipment, and furniture and fixtures will be included based on a physical inventory
by our staff. All items with estimated historical costs greater than $750 will be included. At
the time of the inventory, tags will be affixed, if desired, and general information recorded.
METHODOLOGY
In order to facilitate the project, we ask for the following assistance from City personnel:
to provide a liaison who will be available to answer questions, provide data, and
arrange access to the various buildings;
for those buildings where cost information is not readily available, to provide any
recent appraisals of the buildings and any other information, such as construction
files, minute books, etc. which might be helpful in arriving at estimates of
historical cost;
to provide lists of vehicles and attached equipment, laptop computers, and hand-
held radios which you desire to be included in our reports;
to have the necessary tags available prior to the beginning of the inventory phase
of the project; and
THE
VALUATION
ADVISORY
GROUP
INC.
Mr. Bill Veach
City of Okeechobee
March 14, 2003
Page 3
to make available at the beginning of the project all current property ledgers and
inventories.
The Valuation Advisory Group, Inc. will provide the following under this engagement:
conduct a verification of land, buildings, improvements and infrastructure and,
where necessary, perform accepted appraisal techniques in order to identify and
assign proper historical costs;
conduct an inventory of furniture, fixture and equipment items with historical
costs greater than $750;
review existing recorded data to ascertain historical costs. The historical costs
not identified during this cost finding phase will be developed using accepted
appraisal methodology, including the use of catalogs, pricing services, and
internally developed databases;
assign acquisition dates to the inventory items, where necessary;
calculate depreciation, both current and accumulated, in accordance with GASB
34; and
develop and process final reports.
In addition, if you so desire, our staff will apply tags at the time of the physical inventory.
Although it will be left up to City personnel to select and obtain the desired tags, we will be
happy to provide recommendations as to sources for these tags.
REPORTS
In addition to summaries by asset type, your reports will include the following information, by
asset:
THE
VALUATION
ADVISORY
GROUP,
INC.
EE
Mr. Bill Veach
City of Okeechobee
March 14, 2003
Page 4
item number within report
asset type
description of the asset including generic name, manufacturer's name, model
number, etc.
serial number
asset tag number, if applicable
fund
department/function
location
room
acquisition date
historical cost
useful life
depreciation, both current and accumulated
In addition to three bound copies of our report, we will provide the report data in spreadsheet
format (Lotus 1 -2 -3, Quattro -Pro, Microsoft Excel, etc.) or database format (dBase IV,
Microsoft Access, etc.), in addition to an ASCII file to facilitate conversion onto most fixed
asset systems.
Several sample report pages are enclosed for your review. We have found that the format of
our reports allows for ease of use by our clients, with minimal cross referencing required. In
addition, the flexibility of our reports allows us to include any other data which you feel are
useful, and to sort the assets by additional categories, if you so desire.
FEES
Based on the scope and methodology outlined, our fees for this service will be $6,800, inclusive
of all expenses incurred during the performance of the project. If tagging is desired, there will
be an additional fee of $225. We ask for a $2,000 retainer prior to beginning the project, with
the balance to be invoiced progressively over the course of the engagement.
THE
VALUATION
ADVISORY
GROUP,
INC.
Mr. Bill Veach
City of Okeechobee
March 14, 2003
Page 5
CONCLUSION
We appreciate the opportunity to offer this proposal, and look forward to working with you.
In summary, the clear strength of The Valuation Advisory Group, Inc. lies in our unequalled
commitment and capabilities in serving the public sector and our sensitivity to the needs of our
clients. We are the only national valuation firm serving the public sector from an accounting
perspective; all work performed will be under the direct supervision of a CPA, in order to help
ensure the auditability of the record. Our experience in serving the fixed asset accounting and
property record needs of the public sector, and our reputation for providing quality and timely
service, may be verified by checking with any of numerous references.
If this letter meets with your approval, please authorize commencement by signing the enclosed
copy and returning it with a check for the retainer. However, if you have any questions or
would like to further discuss the project, please do not hesitate to call.
We sincerely look forward to hearing from you and to the opportunity of being of service to the
City of Okeechobee.
Respectfully submitted,
THE V TION ADVISORY GROUP, INC.
1
F. Gre. ory odes, CPA
FGR: ans
Enclosures
d
ACCEPTANCE: G MAYO R
'NAME /TITLE
May 8,2003
DATE
THE
VALUATION
ADVISORY
GROUP,
INC.
IIIMIMMINEMEIMMIIMMIEMIIMIMIMMIIIMIMIMMIMMIMIMMIIIIMIMMIN
SAMPLE TAGS
PROPERTY OF
CITY OF C MERCE
1111111/1111 i111iP11111111
sw
WI
We will be happy to provide sources for tags, if desired.
THE
VALUATION
ADVISORY
GROUP
INC.
REFERENCES
Please feel free to contact any of the below as references for our services:
Village of Bal Harbour Ms. Jeannette Horton
655 96th Street Finance Director
Bal Harbour, Florida 33154 (305) 866 -4633
Flagler College Ms. Michelle Wilson
Post Office Box 1027 Assistant Director, Business Services
St. Augustine, Florida 32085 (904) 819 -6390
Levy County Mr. Danny J. Shipp
Post Office Box 610 Clerk of Court
Bronson, Florida 32621 (352) 486 -5272
Live Oak Housing Authority John R. Tull
406 Webb Drive Executive Director
Live Oak, Florida 32060 (904) 362 -2123
City of Marianna Mr. Phil McCrary
Post Office Box 936 City Clerk
Marianna, Florida 32447 (904) 482 -4353
Putnam County Carol Carswell, CGFO
Post Office Box 758 Finance Director
Palatka, Florida 32178 -0758 (904) 329 -0229
City of Sanibel Ms. Renee M. Lynch
800 Dunlop Road Finance Director
Sanibel, Florida 33957 (941) 472 -9615
City of Satellite Beach Brenda R. Raver, CGFO
565 Cassia Boulevard Finance Director
Satellite Beach, Florida 32937 (321) 773 -4407
THE
VALUATION
ADVISORY
GROUP,
INC.
City of South Bay Ms. Virginia K. Walker
335 SW Second Avenue City Clerk
South Bay, Florida 33493 (561) 996 -6751
We will be happy to provide numerous additional references upon request.
THE
VALUATION
ADVISORY
GROUP
INC.
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r n r h h h h h h h h h h 1---- h h h h h h h h h h h h h n h