GASB 34 Compliance

In June of 1999, the Governmental Accounting Standards Board published Statement 34 (GASB 34). This policy required state and local governments to begin reporting all financial transactions, including the value of their infrastructure assets such as roads, bridges, water and sewer facilities, and dams, in their annual financial reports on an accrual accounting basis.

These government-wide financial statements assist in:

  • Assessing the finances of the government in its entirety, including operational expenses
  • Determining the government's overall financial position
  • Evaluating the government's current-year revenues and analyzing cash flow
  • Visualizing the cost of providing services to its citizenry
  • Outlining how the government finances various programs
  • Understanding the extent to which the government has invested in capital assets
  • Making a better comparison between governmental entities

To that end, our SEH|DB delivery team has worked with several state and local governments to better identify and document the costs associated with operating, maintaining, and rehabilitating their water supply infrastructure.

In addition, our ability to spread rehabilitation and maintenance costs over the life of the service agreement allows our clients to budget an annualized cost associated with maintaining their specific facility.