Agenda - Council - 01/27/1998 - Laserfiche WebLink

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CASE #: ~ CONSIDER AUTHORIZING TEMPORARY ASSISTANCE TO COMPLETE TIF AUDIT By: Linda Waite Smith, Administrative Services Manager Background: The City has engaged Springsted, Inc. to conduct an audit of our Tax Increment Financing '(TIF) districts. Over the life of the districts accounting procedures have changed and record keeping has been inconsistent. Consequently, the task of gathering information that Springsted representatives need to do the audit is very time consuming. In addition, our Finance Officer has been occupied with normal end-of-year financial reporting requirements and handling many of the duties of the vacant Economic Development Coordinator position. The TIF audit has been delayed because the Finance Officer is unable to free up enough time to gather all the required information. Robert Thistle of Springsted knows of several people who have experience working with TIF accounting who might be available to assist us with the City's share of the audit work. We are requesting authorization to hire such a person to provide temporary assistance at a cost not to exceed $5,000. These professional services are eligible for funding from the EDA budget which contains $25,000 for professional services. As soon asl the TIF audit is completed, the report will be distributed to the Mayor and Councilmernbers for review. Then, Mr. Thistle will attend the February 24, City Council meeting to formally present the report and answer questions. Council Action: Authorize engaging professional assistance for the TIF audit, in an amount not to exceed $5,000, to be paid from the EDA budget for professional services. Reviewed by: Acting City Administrator Finance Officer Copies also distributed to: CC: 1/27/98 lindas\tifhelp.cas