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<br />WS – Item #5 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 5 <br /> <br /> <br />Date: July 6, 2020 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, City Administrator <br /> <br />Re: Interim Accounting Services <br /> <br /> <br />Background <br /> <br />With the recent appointment of Sarah Cotton to the City Administrator position and the <br />resignation of the city’s Accounts Payable/Payroll Technician, there are currently two <br />vacancies within the Finance Department. Staff has posted both vacancies and is <br />beginning to receive applications. It is unknown how long a vacancy will remain in <br />either of these positions. Staff is working to evaluate both the short and long-term needs <br />within the Finance Department. <br /> <br />In evaluating options that might provide some interim assistance, Staff reached out to <br />AEM Financial Solutions. Staff outlined potential service needs in the short-term <br />including, bank reconciliations, budget development/preparation, and TIF reporting, as <br />well as long-term service needs the Finance Department may require. <br /> <br />AEM has submitted an Accounting Service Proposal that details fees for services outlined <br />in the scope of work on a monthly or fixed fee basis as follows: <br /> <br /> Bank Reconciliation - $1,250/month <br /> TIF Reporting - $2,000 <br /> Budget Preparation - $14,500 <br /> <br />Staff has reviewed the proposal and at this time recommends entering into an agreement <br />for the Bank Reconciliation and TIF Reporting components of the proposal. <br /> <br />Attachments <br /> <br />AEM Financial Solutions Accounting Services Proposal <br /> <br />Requested Council Direction <br /> <br />Review and discuss the Accounting Services Proposal submitted by AEM Financial <br />Solutions.