The Metropolitan Sewer District of Greater Cincinnati (MSD) is seeking a consultant to provide financial reporting services, including performing a full accrual conversion and preparing complete GAAP-basis financial statements. The consultant will work with MSD Finance and Accounting staff, as well as City of Cincinnati Finance staff, to complete the project. The scope of services includes planning and kickoff, full accrual conversion, capital asset and long-term debt reconciliation, financial statement preparation, internal review and adjustments, audit support, and additional financial and accounting services as requested by MSD.
• The consultant will conduct an initial planning meeting with MSD Finance & Accounting and City of Cincinnati Finance staff.
• The consultant will review prior year financial statements, accounting policies, trial balances, and reconciliation schedules.
• The consultant will convert fund-level financial information from budgetary or modified accrual to full accrual accounting.
• The consultant will prepare the proprietary fund financial statements, including Statement of Net Position, Statement of Revenues, Expenses, and Changes in Net Position, and Statement of Cash Flows.
• The consultant will develop and post year-end accrual journal entries for capital asset activity and depreciation, long-term debt and related interest, compensated absences, claims payable, and OPEB/Net Pension Liabilities.
• The consultant will assist in reconciling capital asset additions, retirements, depreciation, and Capital Improvement Planning (CIP).
• The consultant will ensure proper recording of bond proceeds, amortization, and related compliance disclosures.
• The consultant will prepare complete footnotes in compliance with GASB requirements.
• The consultant will prepare the Management’s Discussion and Analysis (full drafting).
• The consultant will ensure all GASB statements applicable to enterprise funds are properly addressed, including new pronouncements effective as of the reporting period.
• The consultant will meet with MSD and City Finance staff to review the draft GAAP statements and reconcile to trial balances.
• The consultant will make any necessary adjustments and finalize schedules for audit support.
• The consultant will provide audit-ready schedules and reconciliations.
• The consultant will respond to auditor inquiries and provide documentation as needed throughout the audit process.
• The consultant will provide other related financial and accounting services as requested by MSD.