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 2021 ANNUAL FINANCIAL STATEMENTS.
Brief Description: This is a contract with an accounting firm to assist staff in the preparation of the 2021 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.
Our 2021 statements will include Governmental Accounting Standards Board (GASB) Nos. 68 and 75 which are the reporting requirement for pensions. In summary, local governments are required to report their share of the net pension liability on the balance sheet. This requires additional calculations and disclosures in our statements. In addition, we are required to report Other Post-Employment Benefits (OPEB) which includes reporting our share of the unfunded liability for retiree health care.
The estimated costs are as follows:
Financial Statement Preparation $30,000
GASB 68/75 Supplemental Data $ 3,500
Total $33,500
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 - $35,000)
Supplemental Appropriation Required
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...
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