Gasb 53 & 72 Reporting Services

Background
The City of Santa Clara is seeking proposals from qualified firms to perform reporting activities required by the Governmental Accounting Standards Board (GASB), specifically Statement 53 (GASB 53) and Statement 72 (GASB 72) for its Electric Utility Department, Silicon Valley Power (SVP).
This initiative aims to ensure compliance with GASB standards in financial reporting.

Work Details
The scope of services includes:
1. GASB 53 Reporting:
- Conduct effectiveness testing for interest rate swaps.
- Prepare and distribute a GASB 53 report detailing hedge effectiveness testing results, financial statement disclosures, and fair values.
2. GASB 72 Reporting:
- Determine credit adjusted fair value and leveling for interest rate swaps.
- Determine credit adjusted fair value and leveling for outstanding power contracts.
3. The contractor will prepare and deliver any required reports as per GASB 53 and GASB 72 standards.
4. Participation in follow-up conference calls with the City or the City’s auditor is also required.

Period of Performance
The anticipated term of the agreement is five (5) years, starting from the date of contract execution.

Place of Performance
The services will be performed for the City of Santa Clara's Electric Utility Department.