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CITY COUNCIL <br />AGENDA ITEM 3B <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton, City Administrator <br /> <br />MEETING DATE: July 13, 2020 <br /> <br />TOPIC: Consider Approval of Accounting Services Proposal <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />The Council is being asked to consider approval of interim accounting services by AEM Financial <br />Solutions. <br /> <br />BACKGROUND <br /> <br />With the recent appointment of Sarah Cotton to the City Administrator position and the resignation <br />of the City’s Accounts Payable/Payroll Technician, there are currently two vacancies within the <br />Finance Department. It is unknown how long a vacancy will remain in either of these positions. <br /> <br />In evaluating options that might provide some interim assistance, Staff reached out to AEM <br />Financial Solutions. Staff outlined potential service needs in the short-term including, bank <br />reconciliations and TIF reporting, as well as long-term service needs the Finance Department may <br />require. <br /> <br />AEM has submitted an Accounting Service Proposal that details fees for services outlined in the <br />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 /> <br />Staff has reviewed the proposal and at this time recommends entering into a service agreement for <br />Bank Reconciliation and TIF Reporting services. <br /> <br />TIF Reporting fees will be covered by tax increment as they qualify as a TIF Administrative <br />expense. Bank Reconciliation fees will be covered by the staff vacancies that exist in the Finance <br />Department. <br /> <br />RECOMMENDATION <br /> <br />Staff is recommending approval of the accounting services proposal submitted by AEM Financial <br />Solutions.