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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Ptesented By: <br />Agenda Item No.: <br />8-15-2011 <br />Council Date: <br />Finance <br />Gene Anderson <br />18. <br />8-22-2011 <br />RECOMMENDED MOTION: <br />Motion to accept the proposal from McClanahan & Holmes, LLP to perform an independent outside audit on the <br />City's 2010-1 l, 2011-12, and 2012-13 financial records. <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 end of the fiscal <br />year the City Council will designate the certified public accountants that will peYform an independent audit <br />of the City's financial records. The City requested, by two published advertisements in the Paxis News, <br />proposals by qualified public accountants to perform these services. Inquiries were received from two firms, <br />but only one proposal was received from McClanahan & Holmes, LLP. The estimated fee is $54,000.00 plus <br />out-of-pocket expenses such as postage and printing. Out-of-pocket expenses normally run less than $300. <br />Subsequent year fees will be limited by the CPI published by the U.S. Department of Labor (CPI-U). <br />BOARD/COMMISSION RECOMMENDATION: <br />NONE <br />EXHIBITS: <br />Proposal letter. <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ~ Minute Order <br />❑ Department Report ❑ Resolution <br />Budgeted Amt. <br />$54,205 for 2010-11 <br />❑ Presentation ❑ Ordinance <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />Audit Expenses <br />Acct. Number <br />0605 in various departments <br />FISCAL NOTES: <br />None <br />REVIEWED AND APPROVED BY: <br />Z Administration E City Clerk ❑ Community Development ❑ EMS/IT 0 Finance ❑ Fire <br />❑ Municipal Court Z Legal ❑ Libraty ❑ Police ❑ Eng./Public Works ❑ Utilities <br />City of Paris Revised 2/04/08 <br />~ 132 <br />