Title
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A PROFESSIONAL SERVICES CONTRACT WITH CIUNI & PANICHI, INC. FOR THE PREPARATION OF THE CITY’S 2025 ANNUAL FINANCIAL STATEMENTS.
Brief Description: This is a contract with an accounting firm to assist staff in the preparation of the 2025 annual financial statements.
Body
Legislative History
None
Purpose & Explanation
The City’s annual financial statements are required to be reported on an accrual basis. This is a contract with an accounting firm to assist staff in preparation of those statements and related notes to the financial statements. The City has always used this service as it is deemed the most efficient approach in preparing our statements for audit. Additional information on the estimated costs can be found on page 3 of the attached Engagement Letter.
The estimated costs are as follows:
Financial Statement Preparation $28,050
GASB 34 Reporting $ 7,150
GASB 68/75 Supplemental Data $ 3,800
GASB 87/96 Leases, SBITA $ 2,000
Contingency $ 2,000
Total $43,000
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
X Professional Services
Other [provide explanation]
Fiscal Impact
X Currently Budgeted (Account 101-7500)
Supplemental Appropriation
Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Timing Considerations
Staff requests passage of this legislation on consent agenda to allow the timely preparation of our annual financial statements.
Recommendation
Suggested Action
Staff recommends approval of the contract with Ciuni & Panichi, Inc. for the preparation of City’s 2025 annual financial statements.
Submitted by,
Thomas J. Sheridan, City Manager
Jeff Knoblauch, Asst. City Manager/Finance
Margaret Tussey, Asst Finance Director