11-12-2019 Council Packet - Laserfiche WebLink

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AGENDA ITEM Prepared By: MLU Reviewed By:RJO Approved By: DJR 1.Purpose. The purpose of this action item is to appoint the professional auditing firm for the fiscal years ending December 31, 2019, 2020 and 2021. 2.Background. The City Council adopted a resolution to establish a schedule of 5 year reviews through the RFP process for professional services contracted by the City. Staff reviews the document annually for any scheduled RFP’s. The auditor schedule was for 2017, however because of staffing issues the RFP was not performed at that time. The City is required to undergo an annual audit of its financial statements. The purpose of the audit is to obtain reasonable assurance that the financial statements are free from material misstatement. The audit also covers internal controls and Minnesota legal compliance. Upon completion of the audit, a management report will be prepared for the City Council and administration to be presented at a council meeting. Staff received four proposals for auditing services. The lowest cost was the proposal from Adbo, Eick & Meyers, LLP. A summary of costs are provided in Exhibit A. In addition, Adbo, Eick & Meyers showed the most interest and commitment in providing auditing service to the City through their initial contact, meet and greet, and interview. 3.Staff Recommendation. Based on the interviews and a favorable audit fee, staff recommends a motion to appoint the audit firm of Abdo, Eick & Meyers, LLP to perform the required audits for the City of Orono for the 2019, 2020 and 2021 fiscal years. COUNCIL ACTION REQUESTED Motion to appoint the audit firm Abdo, Eick & Meyers, LLP to perform the required audits for the fiscal years ending December 31, 2019, 2020 and 2021. Exhibits A.Cost Summary Item No.: 10 Date: November 12, 2019 Item Description: Appoint Auditor for Fiscal Years 2019, 2020 and 2021 Presenter: Ron Olson Finance Director Agenda Section: Consent Agenda