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<br />Memo <br />City Council <br />Final Payment for 2006 Audit <br />2 <br /> <br />Department, and the time involved in finishing the audit, considerable time was spent in repeated <br />visits by the auditors. <br /> <br />FINANCIAL IMPLICATIONS <br /> <br />The auditor communicated with me that the total billable costs for the audit equaled $33,000, <br />which is $8,250 over the original proposal. The auditor is pleased with the outcome of the audit, <br />the City's response and the final CAFR document which is a much better product than was <br />planned. They have decided to split the difference between the original bid and the actual cost <br />and only charge the City an additional $4,200. Part ofthe cost, was from turning the document <br />into the CAFR and is estimated to be about $2, I 00 for printing, tabs, and review of the checklist. <br />The remaining cost is due to the problems and issues associated with year-end and the shortage <br />of personnel the City experienced. <br /> <br />We have a much higher quality document as a result, and staff can find ways to cut some of the <br />costs next year for the document, such as printing the tabs, bindings, etc. I am confident that <br />next year's audit will come in at or below the bid price, as we now have audit work papers set up <br />and a stable staff. <br /> <br />CITY STAFF RECOMMENDATION <br /> <br />Motion to approve payment to MMKR for $11,550.00 for final payment for auditing services for <br />2006. <br />