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CASE <br /> <br /> YEAR-END 1989 AUDIT ENGAGEMENT LETTER <br /> By: Sandra Ashley, Finance Officer <br /> <br />Background: <br /> <br />Pannell Kerr ForSter, Certified Public Accountants, have performed the City's annual audit for <br />the last three (3) years. Attached is a copy of an engagement letter which explains and confirms <br />the basic services they expect to perform in conjunction with our upcoming audit. <br /> <br />Observation: <br /> <br />In addition to performing the City's annual audit, Pannel Kerr Forster has assisted the City in <br />year-end closing, preparation of the CAFR (Comprehensive Annual Financial Reporting) and <br />financial analysis as required for certain agreements entered into by the City. Pannel Kerr <br />Forster has provided their services in a responsive, timely manner. <br /> <br />For the year ended December 31, 1989, Pannet Kerr Forster has provided an estimate of the <br />fees to be charged in conjunction with the audit. This estimate is a range of $12,500 to <br />$16,500 with actual charges based on individual hourly rates. For comparative purposes, for <br />the year ended December 31, 1988 the City's costs as related to fhe audit were just under <br />$20,000. In addition to the audit function, the City incurred a cost of $1,200 for the lyping, <br />proofing and printing of the CAFR. <br /> <br />The City's administrative staff has begun entering the framework of the CAFR into the City's <br />word processing network. The City will generate the CAFR in-house for the year ended <br />December 31, 1989. <br /> <br />Recommendation: <br /> <br />Staff recommends the City enter into the engagement letter with Pannell Kerr Forster for the <br />year ended December 31, 1989 audit. <br /> <br />Council Action: <br /> <br />Motion 1o direct the City Administrator to enter into the engagement letter with Pannell Kerr <br />Forster for the year ended December 31, 1989 audit. <br /> <br />Review Checklist: <br /> <br />City Administrator .. X <br />City Attorney ... <br />City Engineer <br />Community Development Director <br /> <br />Chief of Police <br />Finance Officer <br />Planning & Zoning Comm. <br />Park & Recreation Comm. <br /> <br /> <br />