Agenda - Council - 10/14/1997 - Laserfiche WebLink

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I have attached a copy of a proposal from Springsted, Inc. to perform this audit [Exhibit Bi. Springsted has assisted many communities in this type of review and been able to provide reports that have satisfied the State Auditors Office. The fees would be based on an hourly rate with an anticipated not-to-exceed amount of $7,500. It should be noted that if 80% of this amount is reached [$6,000], Springsted would approach the City to determine what is necessary to complete the project in a manner satisfactory to the City. There is currently funding available in professional services in the Economic DevelopmFnt Authority Fund. This is an appropriate funding source as the TIF districts are administered by the EDA. Based on the results of this process, and the tremendous amount of time involved in meeting the state reporting requirements, it would also be staffs recommendation that we utilize the services of Springsted on an annual basis to ensure that we continue to meet all of the requirements prescribed by the State. Staff Recommendation: It is staffs recommendation that the City Council authorize entering into an agreement with Springsted, Inc. to provide a compliance audit of the City's TIF districts and assist in the preparation of cash flow projections based on recent legislative changes. The fee structure would be as outlined in the proposal. Council Action: Direct staff to enter into an agreement with Springsted, Inc. to provide a compliance audit of the City's TIF districts and assist in the preparation of cash flow projections based on recent legislative changes as outlined in the proposal. Reviewed by: Finance Officer Acting City Administrator CC: 10/14/97 I I I I I I I