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REQUEST FOR COUNCIL ACTION ^ <br />ClIYUFOROfvo <br />BAI'E: February 14,2005 <br />ITEM NO: IQ <br />Department Approvah/^ . Administrator Reviewed: Agenda Section: <br />Name Tom Kuehn/^^,Ai^u^^ City Administrator ’s <br />Title Finance Director Report <br />Item Description: <br />Appoint Auditor for Fiscal Year 2004 <br />We have requested a cost estimate from the audit firm of Malloy, Kamowski, Radosevich & <br />Company for performing the 2004 fiscal year audits, 'fhe estimated cost for the 2004 fiscal <br />year audits, including the Minnesota legal compliance audit, and assistance with the Certificate <br />of Achievement for Excellence in Financial Reporting Program, is $24,900 excluding direct <br />expenses. <br />For the fiscal year 2004 the City is also required to implement changes mandated by <br />Government Accounting Standards Hoard (GASH) Statement No. 34 as an addition to the <br />comprehensive annual financial report. As this will involve significant relbrmatting of the <br />financial statements and the redoing of notes, among other things, the auditor has estimated an <br />additional cost related to the implementation of $3,000 to $6,000. <br />The total audit expense for the 2004 fiscal year is expected to be between $27,900 and <br />$30,900, plus direct expenses of approximately $750 to $800. 1 he total cost for the 2003 <br />audit, related services, and direct expenses was $28,421, by compari.son. <br />COUNCIL ACTION REQUESTED: <br />Coiuicil appointment of the audit firm of Malloy, Kamowski, Radosevich & Co., P. A. to jx:rform <br />the required audits for the 2004 fiscal year records, including the implementation of GASH <br />Statement No. 34, at an estimated maximum cost of $30,900, excluding direct expenses. <br />|ll SWnrt wfH