18. Recently Issued and Implemented Accounting Pronouncements (Continued)

City Council · 2026-04-21 · agenda_item

The City of West Melbourne is currently reviewing new accounting standards and their impact on financial reporting. This review includes prior period restatements to correct errors in previous financial statements. Specifically, the Stormwater Special Revenue Fund's beginning balance was adjusted by $99,000 due to a correction in recognizing FDEP grant revenues. Additionally, donated land valued at $1,850,868, received in prior years but not previously recorded, has been added to the government-wide financial statements. This item is currently under review by the City Council. The project involves accounting and financial reporting adjustments, including potential updates to financial systems and record-keeping processes. Businesses specializing in accounting, financial consulting, and potentially IT services related to financial systems may find opportunities. Early engagement could be beneficial as the city finalizes its reporting procedures.

prior period restatement for stormwater fund

99000 $

prior period restatement for donated land

1850868 $

previously reported stormwater fund balance

1573932 $

restated stormwater fund balance

1672932 $

previously reported net position

69607791 $

restated net position

71557659 $