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REQUEST FOR ACTION <br />To Item Number <br />Ci Council 4.6. <br />Agenda Section Meeting Date Prepared by <br />Consent October 17, 2011 Lori Ziemer, Asst. Finance Director <br />Item Description Reviewed by <br />Approve Proposal for Auditing Services with Abdo, Eick & Tim Simon, Finance Director <br />Meyers, LLP Reviewed by ~~ <br /> Robert Thistle, Interim City <br /> Administrator <br />Action Requested <br />The City Council is asked to approve Abdo, Eick & Meyers, LLP as the City's auditors for the December <br />31, 2011 audit engagement. <br />Background/Discussion <br />The RFP for auditing services for the City of Elk River, the Elk River Fire Relief, and the Elk River <br />Municipal Utilities was posted on the League of MN Cities' website and the city's website. The City <br />received proposals from five (5) well-qualified firms experienced in governmental auditing ranging in <br />price from $25,650 to $35,000 for the 2011 audit engagement. <br />A committee consisting of City, Fire Relief, and Utilities staff interviewed three firms to analyze which <br />firm would best meet the needs for all entities involved. The analysis took into account experience, <br />staffing, audit approach and presentation, in addition to price. The committee chose Abdo, Eick & <br />Meyers, LLP because of their experience and the number of hours partners and managers are involved in <br />the audit. <br />The engagement will begin with the December 31, 2011 audit, with the City's yearly option to extend it <br />up to five years. <br />Financial Impact <br />The recommended proposal with Abdo, Eick & Meyers, LLP anticipates an annual fee of $29,869 for the <br />2011 audit, with subsequent years ranging from $29,869 up to $32,639. The 2012 budget amount of <br />$30,500 will cover the cost of the 2011 audit. The Fire Relief and Utility audits will be funded by their <br />respective budgets. <br />Attachments <br />None <br />Action Motion by Second by Vote <br />FOIIOW Up <br />