Laserfiche WebLink
Item No. 7 <br />TO: City Council <br />FROM: Gene Anderson, Interim City Manager and Finance Director <br />SUBJECT: INDEPENDENT OUTSIDE AUDIT FOR FISCAL YEARS 2019-20,2020-21, <br />AND 2021-22 <br />DATE: February 3, 2020 <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 $64,000 plus out-of-pocket expenses such as postage and printing. <br />Out-of-pocket expenses normally run less than $300. Subsequent year fee increases will be limited <br />by the change in the annual average of the consumer price index published by the U.S. Department <br />of Labor (CPI -U). <br />RECOMMENDATION: Motion to accept the proposal from McClanahan & Holmes, LLP to <br />conduct the annual financial audit for fiscal years 2019-20, 2020-21, and 2021-22. <br />