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MEMO <br />TO: MICHAEL E. MALONE, CITY MANAGER <br />FROM: GENE ANDERSON <br />SUBJECT: ANNUAL AUDIT <br /> <br />Request for proposals were mailed in July and advertisement made in the <br />Paris News regarding the performance of the City's audit for the year ending <br />September 30, 2003. Attached you will find a copy of the bid list and the <br />newspaper notice. <br /> <br />Also attached is a copy of the one proposal received from McClanahan and <br />Holmes, PLLC. The estimated cost is $48,000. This is an increase over the <br />$36,000 paid the previous year because this year the City falls under the new <br />GASB 34 reporting standards. The year of implementation will be more <br />expensive as it is estimated to require 1010 man-hours to complete the audit <br />compared to the usual 800 man-hours. <br /> <br />It is recommended that the proposal be accepted. <br /> <br /> <br />