I. RECOMMENDATION:
Staff recommends approval of the engagement letter received from Price Paige & Company related to the preparation for the Fiscal Year 2017-2018 Audit.
II. BACKGROUND:
The City has previously used Price Page & Company for consulting services of past audits and are the City’s current external auditors since Fiscal Year 2014-2015.
III. DISCUSSION:
Additional assistance is needed in the Finance Department to prepare and complete the audits in an expeditious manner to minimize the risk of losing grant funding.
Professional consulting services include the following:
- Assist in the accounting of City’s cash and investment with fiscal agent’s reconciliation and long-term debt.
- Assist in the preparation of the City’s capital assets depreciation schedule.
IV. ALTERNATIVES:
None.
V. FISCAL IMPACT:
Total amount of the proposal is a not to exceed amount of $17,500.
A total of $10,000 was approved in the engagement dated May 21, 2019 by the City Manager as it was an amount within her spending authority.
The additional amount of $7,5000 is needed to complete the project bringing the total to an amount not to exceed to $17,500 which is above the City Manager’s spending authority therefore Council approved is needed.
The fiscal impact the General Fund is minimal as the assistance for the long-term debt is to be funded through the Coalinga Public Financing Authority (Fund 150). The assistance for the capital assets is to be funded through the following funds with the respective percentages listed:
|
101
|
406
|
88030
|
20%
|
|
150
|
751
|
96501
|
5%
|
|
150
|
752
|
96502
|
5%
|
|
150
|
753
|
96503
|
5%
|
|
501
|
406
|
88030
|
15%
|
|
502
|
406
|
88030
|
15%
|
|
503
|
406
|
88030
|
15%
|
|
504
|
406
|
88030
|
2%
|
|
506
|
540
|
88030
|
3%
|
|
820
|
610
|
88030
|
15%
|
|
|
|
100%
|
|