Records Consultants, Inc. - Fixed Assets Inventory Proposal
Submitted for:
Joe Lopez
Submitted By:
Joe Lopez
Department:
Purchasing
Information
Subject:
Discussion and possible action to approve a professional service contract between Records Consultants, Inc. (RCI) and Webb County for an inventory of all Webb County assets, One (1) handheld scanner with software, One (1) year of customer support for an amount not to exceed $64,800.00 in accordance with the Texas Local Government Code; Sections 271.101 and Section 271.102 (Cooperative Purchasing Program Participation), Buy-Board contract No. 498-15, and authorizing the County Judge to execute all relevant documents; and any other incidents related thereto. [Account #1001-1130-001-432001 Professional Services]
Issue: The letter to management prepared by External Auditors for the past two (2) years recommends for Webb County to conduct a physical inventory of all assets.
Solution: Accept proposal by RCI in accordance with GASB # 34 and GAAFR guidelines for financial reporting and generally accepted accounting principals.
Results: The physical inventory of all County assets will provide a more accurate account of all fixed, controllable, and high risk assets. Ensure all assets are accounted for and update our financial records in accordance with GASB #34 and GAAP rules.
Background:
Independent Auditor comments/recommendation:
"We recommend that the County continue in its efforts to conduct a physical inventory and reconcile to the County's capital asset subsidiary records by September 30, 2016."