Laserfiche WebLink
Item No. 14 <br />Memorandum <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: INDEPENDENT OUTSIDE AUDIT FOR FISCAL YEARS 2016-17,2017-18, <br />AND 2018 -19 <br />DATE: February 6, 2017 <br />BACKGROUND: Article III Section 35 of the City Charter states that the City Council will <br />designate the certified public accountants to perform the annual independent audit of the City's <br />financial records. <br />STATUS OF ISSUE: The City requested, by two published advertisements in the Paris News, <br />proposals by qualified public accountants to perform audit services. Notice was also emailed to <br />both local firms that have performed the audit in past years. One proposal was received from <br />McClanahan & Holmes, LLP. <br />BUDGET: The estimated fee is $59,000 plus out -of- pocket expenses such as postage and <br />printing. Out -of- pocket expenses normally run less than $300. Subsequent year fee increases will <br />be limited by the change in the annual average of the consumer price index published by the U.S. <br />Department of Labor (CPI -U). The estimated fee is only $2,000 more than it was three years ago. <br />RECOMMENDATION: Motion to accept the proposal from McClanahan & Holmes, LLP to <br />conduct the annual financial audit for fiscal years 2016 -17, 2017 -18, and 2018 -19. <br />