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<br /> 2.6 PHASE II <br /> 2.6.1 Costing/Valuation <br /> <br /> The CONSULTANT will assign an estimated Original Cost, Cost of <br /> Reproduction New, Cost of Reproduction New Less Depreciation, and year <br /> of acquisition to each controllable unit. The CONSULTANT will also <br /> estimate the useful life of each asset or group of assets. CONSULTANT <br /> will follow GAAP in both inventory and costing phases. CONSULTANT will <br /> also include aquisition cost when available. When aquisition cost is <br /> not available or the land was donated, the CONSULTANT will estimate a <br /> reasonable historical cost at the time of aquisition. <br /> Based upon professional analysis, pricing, and processing of the <br /> asset records, the CONSULTANT shall furnish its written opinions of the <br /> following for all City-owned buildings and their contents: <br /> Original Cost <br /> Cost of Reproduction New (CRN) <br /> Cost of Reproduction New Less Depreciation (CRNLD) <br /> The appraisal will not take into consideration the replacement of <br /> the property to conform with building codes, ordinances, and other <br /> legal restrictions, nor will it consider the cost of demolition in <br /> connection with reconstruction or the removal of destroyed property. <br /> 2.6.2 Prelimina~ Reports <br /> <br /> The CONSULTANT shall provide the CITY with a full complement of <br /> reports (in duplicate), sorted by City Department and tag number, <br /> containing the results of the CONSULTANT's investigation, which shall <br /> include the following: <br /> (1) A narrative for use by the City and outside auditors to <br /> provide assurance that the techniques and conclusions are <br /> consistent with GAAP. <br /> (2) A certificate of values. <br /> (3) Glossary of accounts and descriptive abbreviations used. <br /> (4) Appraisal reports consisting of the following: <br /> (a) Property Accounting Summary: Displays the description <br /> of the fields being summarized, original cost, <br /> accumulated depreciation, unrecovered cost, annual <br /> depreciation, and projected provision for each asset or <br /> group of assets. <br /> (b) Property Accounting Ledger Report: Displays the tag <br /> number, class code, quantity, manufacturer's name, model <br /> or type number, description, serial number, depreciation <br /> begin date, fund code, estimated useful life, original <br />