Governmental Accounting Standards Board (GASB) has issued a new statement #87-Leases, which will be effective for FY2021. This is an extremely complex and comprehensive standard which will have a significant impact on the County’s balance sheet. To fully implement the standard, the County must evaluate all its existing leases or lease-like contracts to determine whether the new standard will be applicable to these contracts. Currently, the County’s Department of General Service has more than 250 office and space related leases or contracts, and other County departments are still collecting their contracts and providing them to the Department of Finance (FIN) for evaluation. Collectively, more than 300 contracts will need to be evaluated. After the evaluation, if applicable, all required calculations to determine lease liability, lease asset, and other related amount(s) for the contract need to be completed. Therefore, FIN would like to contract for an administrative financial professional with comprehensive experience in contract management and familiarity with accounting to assist with the implementation of this complex standard.
Scope of Work:
1) Contractor will review and interpret the leases and contracts by determining items such as type of lease, County’s relationship (i.e. lessee or lessor), period of contract, terms of the contract, prepayments or CPI terms, annual interest rate charged, etc.
2) Contractor will evaluate all current leases and contracts to determine if GASB Statement #87Leases is applicable;
3) If the standard is applicable to the GASB Standard, the contractor will calculate the lease liability, lease asset, and other related amount(s) for the contract;
4) In a timely manner, Contractor will interpret the contract and calculate correctly according to the standard;
5) Contractor will update the Lease Library for each contract collected in SharePoint and upload the calculation, if applicable;6) Contractor will work with County staff to facilitate knowledge transfer;
Job Status: Full Time