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Elk River ---- <br /> Municipal Utilities UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> Elk River Municipal Utilities Commission Theresa Slominski—Finance & Office <br /> John Dietz—Chair Manager <br /> Al Nadeau—Vice Chair <br /> Daryl Thompson—Trustee <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> October 11,2016 5.1 <br /> SUBJECT: <br /> RFP Auditing Firm <br /> BACKGROUND: <br /> In 2011 the City of Elk River,the Elk River Fire Relief Association, and Elk River Municipal <br /> Utilities issued a Request for Proposal (RFP) of auditing services for a five year term. At that <br /> time the current auditors of Abdo, Eick and Meyers LLP had performed the Utility audit for <br /> approximately 20 years, and the City had been using them long before that. It was agreed that <br /> every five years we would conduct an RFP and perform an evaluation to exercise our fiduciary <br /> responsibility to contract with a professional and responsible auditing firm. This process ensures <br /> that we are working with qualified, competent firms that will provide an independent and <br /> accurate assessment of our financial position. The three entities above issued a combined RFP <br /> for 2016 through 2020 on August 1st, 2016. <br /> DISCUSSION: <br /> There were three RFPs received: Redpath & Co.(R), CliftonLarsonAllen LLP (CLA), and Abdo, <br /> Eick, and Meyers LLP (AEM). All three were competent firms that submitted qualifying <br /> proposals and interviewed well. In price,they were pretty comparable, and the summary of their <br /> prices is attached. For the Utility, all submissions were a decrease to the current rate of$18,780. <br /> After much discussion, it was decided that the City and Fire Relief wished to contract with <br /> CliftonLarsonAllen LLP for the next five years,and the Utilities wishes to continue to contract <br /> with Abdo,Eick, and Meyers LLP. <br /> The Utility rationale for keeping the current auditors is largely dependent on the current <br /> transactions that we are invested in,which our current auditors have been very involved in <br /> helping us plan for the implementation of these transactions and the financial reporting of them. <br /> The transactions I am referring to are the recent bonding for the MMPA buy-in, the territory <br /> acquisition, and the sale of the security division. For these items,the auditor familiarity with our <br /> processes and the specific details of these transactions provides a huge advantage. <br /> POWERED D BY <br /> Page 1 of 2 NATURE <br /> Reliable Publico <br /> Power Provider POWERED T o S ERV E <br /> 136 <br />