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<br />American Appraisal Associates <br /> <br />United StMes <br /> <br /> <br /> <br /> <br />Intern<1tiotli11 <br /> <br />American Appraisal Associates:!'; <br /> <br />8833 Westmoreland Lake Drive <br />Cornelius. Nortn Carolina ;>13031 <br /> <br />Teiepllone (704) 439.251~, <br />Mobile (704) 953.9780 <br />Fax (704) 439.0384 <br />www.arnencan-appralsal.com <br /> <br />Founded in 1896 <br /> <br />May 18, 2007 <br /> <br />Mr, Doug Haag <br />Assistant City Manager - Finance <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, FL 33160 <br /> <br />Re: Comprehensive Proposal for Implementing GASB 34 Capital Asset Reporting and <br />Insurance Placement <br /> <br />Dear Mr. Haag: <br /> <br />American Appraisal Associates, Inc. ("American Appraisal") is pleased to provide this proposal for <br />professional valuation consulting services, The purpose of our work will be to develop a <br />comprehensive report covering the capital assets of the City of Sunny Isles Beach (the "City") to <br />assist you in meeting the reporting requirements of the Governmental Accounting Standards <br />Board's (GASB) Statement No, 34 and insurance placement. . <br /> <br />BACKGROUND AND PURPOSE <br /> <br />On June 30, 1999, the Governmental Accounting Standards Board (GASB) issued Statement No, <br />34, Basict''''inamial Statement.r - and Management'.r DiJm.r.rion and /lna!ysz:r - for State and LL}(al Govemments, <br />The statement establishes new financial reporting standards for state and local governments <br />including states, counties, cities, towns, villages and special purpose governments such as school <br />districts and public utilities, <br /> <br />American Appraisal will develop a detailed capital asset record to assist the City's need to: (a) achieve <br />property accountability and stewardship of assets, (b) obtain a valuation of assets in compliance with <br />the requirements of GAAP, GASB 34, and GAAFR, (c) provide data to assist you in monitOrIng <br />assets, and (d) insurance placement. <br /> <br />City of Sunny Isles Beach <br /> <br />2 <br /> <br />May 18,2007 <br />25115-iJ7.1127 <br /> <br />) <br />