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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Item No.: <br />8-12-2008 <br />Council Date: <br />Finance <br />Gene Anderson <br />13. <br />8-25-2008 <br />RECOMMENDED MOTION: <br />Motion to accept the proposal from McClanahan & Holmes, LLP to perform an <br />independent outside audit on the City's 2007-08 financial records for an amount not to <br />exceed $51,000 plus out-of-pocket expenses. <br />POLICY ISSUE(S): <br />Fiscal Responsibility <br />Section 35 of the City charter states that not less than 30 or more than 60 days prior to the <br />end of the fiscal year the City Council will designate the certified public accountants that <br />will perform an independent audit of the City's financial records for the fiscal year about <br />to conclude. The City requested, by two published advertisements in the Paris News, <br />proposals by qualified accountants to perform these services. One proposal was received <br />from McClanahan & Holmes, LLP. The estimated fee is $51,000 plus out-of-pocket <br />expenses such as postage and printing. Such out-of-pocket expenses run less than $1,000. <br />BOARD/COMMISSION RECOMMENDATION: <br />NONE <br />EXHIBITS: <br />Proposal letter. <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ~ Minute Order <br />Expense <br />$NA <br />❑ Department Report ❑ Resolution <br />Budgeted Amt. <br />$NA <br />❑ Presentation ❑ Ordinance <br />yT'D Actual <br />$NA <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />NA <br />Acct. Number <br />NA <br />FISCAL NOTES: <br />None <br />REVIEWED AND APPROVED BY: <br />Z Administration E City Clerk ❑ Community Development ❑ EMS/IT 0 Finance ❑ Fite <br />❑ Municipal Court ❑ Legal ❑ Library ❑ Police ❑ Eng./Public Worlcs ❑ Utilities <br />City of Paris Revised 2/04/08 <br />~ 000076 <br />