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Councilmember Wise asked if staff can negotiate with the firm rather than following an RFP <br /> process. <br /> Finance Officer Lund pointed out that the audit hours have increased because of the new GASB <br /> 54 standard and change to the reporting format. <br /> Councilmember Backous asked whether MMKR has to abide by this quote for the term of five <br /> years. He indicated the difference between the bids is $20,000 over a five -year period. <br /> Finance Officer Lund pointed out the bid of $142,000 was only quoted at 220 hours and <br /> indicates that additional services will cost more. Because of the Town Center land and RALF <br /> properties, there would be additional costs with that firm. <br /> Councilmember Elvig asked if there is room for negotiation of the cost or term in an RFP <br /> process. <br /> City Administrator Ulrich stated that may legally be an option but, perhaps, not professional in <br /> terms of practice since the RFP process was followed. <br /> Motion by Chairperson Elvig, seconded by Councilmember Backous, to recommend that the <br /> City Council enter into a five -year contract for professional audit services with the firm of <br /> Malloy, Montague, Karnowski, Radosevich & Co., PA for the not -to- exceed prices as provided <br /> in the proposal. <br /> Further discussion: Councilmember Backous indicated he will support the recommendation <br /> since special project are included in the audit, as mentioned by Finance Officer Lund. <br /> Motion carried. Voting Yes: Chairperson Elvig, Councilmembers Backous and Wise. Voting <br /> No: None. <br /> Case #2: Resolution Restricting and /or Committing Revenue Sources in Special <br /> Revenue Funds and Resolution Amending the Fund Balance Financial Policy <br /> in Regard to the Implementation of Governmental Accounting Standards <br /> Board (GASB) Statement 54 <br /> Finance Officer Lund reviewed the staff report and GASB (Governmental Accounting & <br /> Standards Board) 54 implementation and audit reporting requirements for 2011. She described <br /> the new fund categories and provided examples of each. <br /> Councilmember Backous asked why the Park Fund is not considered committed funds. <br /> Finance Officer Lund explained there are two Park Funds, the Trust Fund is committed and the <br /> other is strictly for maintenance. <br /> Councilmember Wise asked if GASB is about accounting practices. <br /> Finance Committee / October 25, 2011 <br /> Page 3 of 5 <br />