Laserfiche WebLink
Submitting the City's Comprehensive Annual Financial Report for <br />review to the Government Finance Officers Association's <br />Certificate of Achievement for Excellence in Financial Reporting <br />Program is another goal that has been included for several years <br />in the Public Service Program of the Long Term Financial Plan. <br />The Certificate of Achievement is the highest form of recognition <br />in governmental accounting and financial reporting and its <br />attainment represents a significant accomplishment by a <br />government unit and its management. Benefits include the report <br />being a securities marketing aid and with providing all fiscal <br />data needed by the many Fersons and groups that have a legitimate <br />interest in the financial affairs of the City. Financial reports <br />qualifying for a Certificate of Achievement provide detailed <br />information by which bond rating agencies, investors and analysts <br />may assess the City's financial condition when the City <br />contemplates issuing bonds. Since Financial Reports qualifying <br />for a Certificate of Achievement employ standardized terminology <br />and formatting conventions comparisons from one year to the next <br />and among different government units are facilitated. in <br />addition Statements that qualify for a Certificate of Achievement <br />contain supporting schedules, statistical tables and narrative <br />explanations to assure that all fiscal data required by <br />taxpayers, investors and creditors and state agencies are <br />presented. <br />Our auditors have also requested additional compensation for <br />their work in assisting with preparing the City's Comprehensive <br />Annual Financial Report for submission to the Government Finance <br />Officers Association's Certificate of Achievement for Excellence <br />in Financial Reporting Program. Their work in this area involved <br />reviewing the financial statements and making technical <br />corrections. Staff was aware that additional work would be <br />required by the auditors in this area, however, hoar much work <br />would be required could not be predicted in advance. Their <br />original request was $3,251. Staff negotia-ed a compromise <br />billing with Robert Tautgas in the amount of $1,445.50. Staff <br />recommends Council authorize payment of this billing from <br />Contingency accounts of the General, Water and Sewer Funds. <br />It should be noted that additional work by the auditors in these <br />areas in the future will not be required. Work by the auditors <br />and staff in these area should be considered "start-up costs". <br />RECOMMENDATION: Authorize additional payment of $4,238 tc Voto, <br />Tautges, Redpath & Co., LTD. for accounting services provided <br />relative to establishment of a Fixed Asset Accounting System and <br />assistance in upgrading the City's Comprehensive Annual Financial <br />Report to meet reporting standards promulgated by the Government <br />Finance Officers Association. Budget transfers from the <br />Contingency accounts of the General Fund (92,596.80), Water Fund <br />($820.60) and Sewer Fund ($820.60) are authorized to cover this <br />payment. <br />DBj DS <br />Enclosures <br />