11/05/2012 Council Packet - Laserfiche WebLink

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2012 2013 2014 Avg. Abdo, Eick & Meyers City $34,100 $35,052 $36,138 $35,097 CFD 7,000 7,200 7,400 7,200 CliftonLarsonAllen City $34.780 $35,617 $36,566 $35,654 CFD 4,000 4,100 4,200 4,100 HLB Tautges Redpath City $35,000 $35,600 $36,200 $35,600 CFD 7,500 7,650 7,800 7,650 MMKR City $36,225 $36,650 $37,100 $36,658 CFD 5,500 5,600 5,700 5,600 Given all the factors involved, including cost, a case could be made either way for retaining the present audit firm or for changing firms. The case for retaining the current audit firm is that they have a working knowledge of the city's operations, they have worked well with staff in past audits, they would provide continuity of services and would reduce the city's audit cost by $5,520 for 2012. The case for changing firms would be to gain a fresh look into the city's financial operations, to gain another financial perspective and would save a maximum of $6,200 for 2012. Although the decision to change responsibility for CFD accounting duties has been put off, another factor to consider may be the proposed cost of performing the CFD audit. The lowest proposed cost is from the city's current audit firm at $4,000. The firm currently performing the CFD audit proposed a fee of $5,500. Considering all of the above, staff's opinion is to retain the present firm of CliftonLarsonAllen, although we are open to a change in audit services if that is Council's decision. Requested Council Direction Staff is seeking Council direction on the selection of an auditing firm for the next three years. Following the discussion, if the Council decides to change audit firms, the item will be placed on the November 13 consent agenda for formal Council approval. Attachments None.