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<br />Regular City Council Minutes -10/21/02 <br />Page 21 <br /> <br />financial complexities; accounting and financial reporting <br />practices; continuity and integrity of the financial audit; <br />skill and expertise of the Audit Profession; and the cost of <br />conducting the audit. <br /> <br />Mr. Miller sought Council direction on whether to initiate <br />negotiations with the City's existing audit form for <br />extension of services for an additional three (3) years, with <br />Council approval of the negotiated contract; or to direct <br />staff to submit a Request for Proposals (RFP) for audit <br />services to all qualified audit fim1s. Mr. Miller stated that, <br />due to the complexity of the City's finances, he estimated <br />only three (3) firms in the metropolitan area qualified to <br />perform the audit. Mr. Miller further stated that, given the <br />experience and history with the City's current firm, he felt <br />the City was in a good position for negotiating a contract <br />extension. <br /> <br />Kysylyczyn moved, Kough seconded, directing staff to <br />submit a Request for Proposals (RFP) to all qualified audit <br />firms. <br /> <br />Councilmember Kough stated that he would like to see the <br />contract initiated at a flat rate if possible in order to obtain <br />more competitive rates, and invited the City's existing <br />auditor to submit a proposal. <br /> <br />Mayor Kysylyczyn reiterated his preference for free <br />enterprise biding. <br /> <br />Councilmember Schroeder spoke against the motion; <br />citing his preference, in this instance, for continuity due to <br />recent staff changes and the new GSAB reporting <br />standards being followed. <br /> <br />Councilmember Maschka asked Mr. Miller's estimate on <br />the cost of the RFP process. <br /> <br />Mr. Miller estimated the cost between $500 - $1,000, <br />mostly consisting of staff administration for preparation, <br />processing, interviewing and consultation. Mr. Miller also <br />