City commission waives GAAP requirements

With just one action item on the agenda, the Concordia city commission approved a resolution waiving the generally accepted accounting principles (GAAP) requirements for the annual audit during its regular meeting on Thursday at City Hall.
Since 1983, the city has waived the GAAP requirements by resolution in order to make the annual audit more usable to city staff.
A resolution is required by state statute and determines that financial statements and reported required by GAAP are not relevant to requirements of the cash basis and budget laws of Kansas.
“This allows us not to have to use the generally accepted accounting principles and instead use cash basis so we can't obligate ourselves toward anything unless we have cash in the bank,” city finance director Amber Farha said.
During her report, city manager Amy Lange thanked the commissioners and the department heads for another good year in 2019.
“A lot of opportunities, a lot of successes and we are looking forward to another one here in 2020,” Lange said.
The commission adjourned to a pair of study sessions that included the annual commissioner orientation and commission priorities for 2020.