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MINUTES OF THE REGULAR ORONO CITY COUNCIL MEETING <br />HELD NOVEMBER 22, 1993 <br />(#15) INSURANCE AGENT OF RECORD <br />Hurr asked if 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 llurr, seconded by Jabbour, to appoint Mr. Duweyn Carlson. Apple Valley <br />Agency, as Insurance Agent of Record for 1994, at a fee not to exceed $7,650.'D0, 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 tliis <br />award, there was a lot of work to do but now it is maintenance. <br />Hurr thoucht the aw'ard may not be necessary every year since there is a cost of $2,250 annually <br />for the certificate program. <br />Goetten explained that she worked hard at getting this program in place because she felt this was <br />a way for Orono to show financial stability. <br />City Administrator Moorse stated that part of the program is to follow good financial procedures <br />and this meets standards set by the State and National Organization of Financial Officers. <br />Moorse explained that the costs related to the award aie not a payment for the award, but rather <br />are for assistance in keeping up with new accounting standards related to both good financial <br />practices and the receipt of the award. <br />Hurr asked if the City could meet those standards without paying the costs each year. Kelley <br />thoucht the standards would change yearly and would be good to keep up with them as they are <br />updated. <br />It was moved by Jabbour. seconded by GtKtten, to appoint the audit firm of Malloy, Karnowski, <br />Radoscvich & Co. to perform the required audits for the 1993 fiscal year at an estimated cost <br />of $15,7(X) plus direct expenses and to assist with the Certificate of Achievement in Financial <br />Reporting program at a cost not to exceed $1,500. Ayes 5, nays 0.