Agenda - Council - 08/28/2007 - Laserfiche WebLink

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Consent # 1 \ AUTHORIZE REQUESTS FOR PROPOSALS FOR AUDITING SERVICES By: Diana Lund, Finance Officer Background: The City has retained the auditing firm of Malloy, Montague, Kamowski, Radosevich & Co. [MMKR] for the audits of its comprehensive annual financial reports and Fire Relief Association since 1990. Over the past three years, the City has seen an increase in costs for auditing services due to the implementation of GASB 34 and other legal requirements such as the Single Audit Act and compliance reporting. The following is a detail of the cost of auditing services for the City and Fire Relief over the past seven years: CAFR Year Budget Year City CAFR Cost Fire Relief Cost 2000 2001 2002 2003 2004 2005 2006 2001 2002 2003 2004 2005 2006 2007 $18,125 $19,843 $19,200 $20,600 $27,030 $26,126 $26,532 $1,613 $1,715 $1,842 $1,928 $2,543 $2,558 $2,666 During the past several years auditing services have been awarded to MMKR late in the year, for just that year, without consideration being given to what the market may have to offer. In order to "see what's out there" for auditing services for local governments, we are requesting that requests for proposals [RFP] be sent to a number of auditing firms that offer services to local governments. RFP's would be due to the City by September 28, 2007 and a recommendation for award presented at the October 9, 2007 Finance <;ommittee meeting. This time table would allow adequate time for the scheduling of preliminary audit work which generally takes place in late November and early December each year. As with the proposals for legal services, we will be looking for at least a three year commitment with established not-to-exceed amounts for the City's regular Audit, the Fire Relief Audit and for a Single Audit (if required). -79-