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------^ING <br />REQUEST FOR COUNCIL ACTION 9 2002 <br />DATE: Decei(^ Vt2O0lif^Q <br />ITEM NO: <br />Department Approval!^ y ; Administrator Reviewed: <br />Name Tom Kuehn <br />Title Finance Director <br />Item Description: ^ <br />Appoint Auditor for Fiscal Year 2002 <br />m <br />Agenda Section: <br />City Administrator's <br />Report <br />We have requested a cost estimate from the audit firm of Malloy, Kamowski, Radoscvich <br />& Company for performing the 2002 fiscal year audits. The estimated cost for the 2002 <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 $23,670 <br />excluding direct expenses. The total cost for the 2001 audit, related .services, and direct <br />expenses wr.< $24,235. <br />There are several activities the City is now involved in that we were not previously. The <br />City has a Tax Increment District, which will require specialized record keeping and <br />reporting. The City is also using Community Block Grant Funds for affordable housing <br />grants and loans. The City is also involved in a joint fire hall project with the City of Long <br />Lake. The audit of these activities will quite possibly require substantial additional time and <br />expense from the audit staff, and therefore could result in significantly higher than estimated <br />audit costs. <br />COUNCIL ACTION REQUESTED: <br />Council appointment of the audit firm of Malloy, Kamowski, Radosevich & Co., P,S. to <br />perform the required audits for the 2002 fiscal year records at an estimated cost of <br />$23,670, excluding direct expenses. <br />Wof4 NKMToMUMtt <br />oumkM