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COUNCIL MEETING <br /> JAN 2 3 2006 <br /> R�QUEST FOR COUNCIL ACTION <br /> C�TY OF ORONO <br /> DATE: January 23, 2006 <br /> ITEM NO: /S <br /> Dep�rtment Approv�l: Aclministrator Reviewed: Agenda Section: <br /> Name Tom Kuehn ��e�� ,,f City Administrator's <br /> Title Finance Director � � Report <br /> f� � <br /> %� <br /> Item Description: � <br /> Appoint Auditor for Piscal Year 2005 <br /> We have requested an estimate from the audit firm of Malloy, Montague, Karnowski, <br /> Radosevich & Company for performing the annual audits, including the Minnesota legal <br /> compliance audit, assistance with the Certificate of Achievement for Excellence in Financial <br /> Reporting program, assistance with disclosure and reporting requirements of GASB Statement <br /> No. 34, and assistance with the implementation of new pronouncements fi�om the Governmental <br /> Accounting Standards Board (GASB). <br /> A management report will also be prepared for the City Council and administration, to be <br /> presented at a council meeting upon completion of the audit and preparation of the arulual <br /> report. <br /> The estimated cost for the 2005 fiscal year audits, including the Miiulesota legal compliance <br /> audit, and assistance with the Certificate of Achievement for Excellence in Financial Reporting <br /> Program, is $27,600 excluding direct expenses. The 2004 audit fee was $29,949, which <br /> included the first year implementation of GASB 34 and other rel�ted services; plus additional <br /> direct expenses of$1,029, for a total cost of$30,978. <br /> COUNCIL ACTION REQUEST�D: <br /> Council lppoinhnent of the audit fu7n of Malloy,Montague,Kanlowski,R�dosevich&Co.,P.A. <br /> to perform the required audits for the 2005 fiscal year records at an estimated cost of$27,600, � <br /> excluding direct expenses. <br /> (U:\Word PerfeclN9emo-Cowicil-Aclion\AudilPee.wpd] <br />