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Item No. 5.C. <br />mou--Nms <br />VWW <br />Meeting Date: March 11, e2024 <br />nda Type of Business: Consent Agenda <br />Administrator Review: <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Gayle Bauman, Finance Director <br />Item Title/Subject: Resolution 9883 Approving Increase for Auditing Services for the <br />Years 2023 - 2025 <br />Background: <br />The City Council approved a five year contract with the auditing firm of Malloy, Montague, <br />Karnowski, Radosevich & Co., P.A. (MMKR) for the years 2021 — 2025 on April 12, 2021. The <br />contract did not include the preparation of the Annual Comprehensive Financial Report (ACFR). <br />The ACFR has been prepared by City staff in the past. <br />Discussion: <br />Preparation of the ACFR consumes a lot of staff time and, depending on the worksheets utilized <br />to create the document, can be prone to errors. Staff must also keep up with any new GASB <br />requirements and ensure proper updates are made to the report each year. Audit firms utilize <br />software packages that allow for the necessary groupings for statements and have standardized <br />report formats that are updated as needed for all clients they serve. <br />MMKR has quoted a price of $7,500 for preparing the report for 2023 and $6,000 per year <br />thereafter. Approximately 25% of the cost is coded to the General Fund with the other 75% <br />being coded to the Special Revenue and Utility funds. <br />Recommendation: <br />Staff is recommending approval of resolution 9883 approving an increase for auditing services <br />for the years 2023 — 2025. <br />Respectfully Submitted, <br />Gayle Bauman, Finance Director <br />