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REQUEST FOR COUNCIL ACTION <br />CniiMrii ^^feting <br />JAN 1 2 2004 <br />CITY OF ORONO <br />DATE: January 12,2004 <br />ITEM NO; }g <br />Department Approval: . t Administrator Reviewed: <br />Name TomKuehn <br />Title Finance Director i 7^2 <br />Item Description: <br />Appoint Auditor for Fiscal Year 2003 <br />Agenda Section: <br />City Administrator's <br />Report <br />We have requested a cost estimate from the audit firm of Malloy, Kamowski, Radosevich <br />& Company for performing the 2003 fiscal year audits. The estimated cost for the 2093 <br />fiscal year audits, including the Minnesota legal compliance audit, and assistance with the <br />Certificate of Achievement for Excellence in Financial Reporting Program, is $24,200 <br />excluding direct expenses. The total cost for the 2002 audit, related services, and direct <br />expenses was $24,708. <br />There are several activities the City is now involved in that we were not previously. The <br />Tax Increment District requires specialized record keeping and reporting. The City is <br />also using Community Block Grant Funds for affordable housing grants and loans. The <br />City is also involved in a joint fire hall project with the City of Long Lake. The audit of <br />these activities will quite possibly require substantial additional time and expense from <br />the audit staff, and therefore could result in significantly higher than estimated audit <br />costs. <br />COUNCIL ACTION REQUESTED: <br />Council appointment of the audit firm of Malloy, Kamowski, Radosevich & Co., P.A. to <br />perform the required audits for the 2003 fiscal year records at an estimated cost of <br />$24,200, e.xcluding direct expenses. <br />Wgid Nrfta Tom^AudltFce wpd