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r <br />MINUTES OF THE REGULAR ORONO CITY COUNCIL MEETLNG <br />HELD NOVEMBER 22, 1993 <br />INSURANCE AGENT OF RECORD <br />Hurr asked it these charges were typical and if the City went out for bids. City Administrator <br />Moorse replied that bids were obtained when this agent was hired and bids will be done again <br />during the next year. He felt this agreement was comparable to other cities and probably lower <br />than other cities similar to Orono. <br />It was moved by Hurr, seconded by Jabbour, t.y appoint Mr. Duweyn Carlson, Apple /alley <br />Agency, as Insurance Agent of Record for 1994, at a fee not to exceed $7,650.00, including <br />commissions earned on policy premiums paid by the City. Ayes 5, nays 0. <br />(*#16) APPOINTMENT OF AUDIT FIRM <br />Hurr noted that it costs the City $2,000+ a year to obtain the financial award. <br />City Administrator Moorse explained that when the City first started the process to get this <br />award, there was a lot of work to do but now it is maintenance. <br />Hurr thought the award may not be f ecessar)' every year since there is a cost of $2,250 annually <br />for the certificate program. <br />Gtietten explained that she worked hard at getting this program in place because she felt this was <br />a way lor Orono to show financial stability. <br />City Administrator Moorse stated that part of the program is to follow good fii^ial procedures <br />and this meets standards set by the State and National Organization of FinarKial Officers. <br />Moorse explained that the costs related to the award are not a payment for the award, but rather <br />arc for assistance in keeping up with new accounting standards related to both gtKxl financial <br />practices and the receipt of the award. <br />Hurr asked if the City could meet those standards without paying the cost.s each year. Kelley <br />thought the standards would change yearly and would be good to keep up with them as they arc <br />updated. <br />It was moved by Jabbour, seconded by Gvietten. to appoint the audit firm of Malloy, Kamowski, <br />Kadosevich & Co. to perform the required audits lor the 1993 fiscal year at an estimated cost <br />of $15,700 plus direct expenses and lo assist with the Certificate of Achievement in Financial <br />Reponing program at a cost not to exceed $1,500. Ayes 5, nay s 0.