a) Statement No. 103, Financial Reporting Model Improvements was issued in April 2024 and

Apopka City Commission Meeting · 2026-04-15 · agenda_item

The City of Apopka is reviewing new financial reporting standards that will be effective for fiscal years beginning after June 15, 2025. These standards aim to improve how financial information is presented for better decision-making and accountability. The changes focus on enhancing the Management's Discussion and Analysis section, clarifying unusual or infrequent items, and refining the presentation of proprietary fund statements. This review will involve updating reporting models and potentially implementing new software or processes to meet these requirements. While no construction is involved, businesses specializing in financial reporting, accounting software, and government consulting may find opportunities to offer services or solutions related to these upcoming changes. Engaging early could provide an advantage as the city prepares to adopt these new standards.