Specifications include, but are not limited to: • The chosen vendor will provide general fiscal year-end consulting and advisory assistance, primarily through the preparation of supporting documentation to make ready for the City’s fiscal audit performed by contracted auditor. Expected activities will include: • For all significant balance sheet accounts, comparing balances per the trial balances to supporting documentation; preparing supporting schedules; and proposing adjustments as necessary. • Reconciling of beginning fund balances to audited financial statements and proposing adjustments as necessary. • Preparing reversing entries for prior year accruals. • Preparing adjusting entries for current year accruals based on supporting documentation summarized in spreadsheets or other appropriate formats acceptable to the auditors. This activity includes working with City Staff to gather needed detailed support to use in the preparation of schedules. • Performing reconciliations of federal and state funding of disbursements to trial balances. • Assisting staff as needed with recording to the depreciation system all the asset additions and disposals. • Preparing adjustments for debt service payments so that long-term debt transactions are properly reported. It should be noted that the city currently contracts financial advisement from Cumberland Securities • Obtaining both downloadable data from the Tennessee Retirement System (TCRS) and GASB 68 data from the City to assist with the calculation of net pension liability and deferred amounts. • Obtaining Other Post Employment Benefit (OPEB) actuarial valuations from the City and TCRS to assist with the calculation of net OPEB liability and deferred amounts. • Assisting the City with summarizing lease and subscription-based Information Technology assets. • Inquiring of City Staff as to whether there are any known transactions that may not have been recorded properly and proposing adjustments as needed. • Preparing documentation of all activities, adjustments, and procedures performed for later use by the City’s auditors. • Assisting with the implementation of statements issued by the Financial and Governmental Accounting Standards Board in coordination with the City’s auditors. • Assisting the City with any GASB pronouncements for both existing and upcoming GASB statements. • Assisting with the training of City Staff on the above-listed procedures as may be necessary. • Offering additional accounting or other services as deemed necessary to prepare for the City’s financial audit. These services should be agreed upon during contract negotiations, but as situations arise, the consultant should exercise flexibility to incorporate other tasks and activities into this scope of work as deemed necessary by the City.