Summary of Specifications:
The City is required to have an audit performed in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, the provision of the Single Audit Act, OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, OMB’s Compliance Supplement, the preliminary Draft Part 43 of the New York State Codification of Rules and Regulations, (NYCRR) applicable to each state transportation assistance program, and the Federal Transit Administration Section 5311. The City of Oneonta prepares its financial statements on the basis prescribed by the New York State Office of the State Comptroller for annual reports to that office. The City also has implemented GASB statement No. 45, Accounting and Financial Reporting by Employers for Post-Employment Benefit Plans Other Than Pensions. All reports required under these standards, circulars, bulletins, supplements or guides must be provided and meet standards in effect at the time of issuance.
