I. RECOMMENDATION:
Financial Services Director recommends that City Council authorize the City Manager to approve and sign the agreement with Price Paige & Company to provide professional services for a comprehensive revamp of the City’s Chart of Accounts (COA).
II. BACKGROUND:
The revamp of the Chart of Accounts is part of the City’s one-time projects approved during the FY 2025–26 budget hearings. This effort provides significant value to the City, as the existing Chart of Accounts was established many years ago with minimal standards and limited structural guidance.
Over the years, additional accounts were created without a comprehensive understanding of accounting best practices or long-term financial reporting needs. As a result, the current structure has led to:
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Inconsistent account numbering and hierarchy
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Improper or unclear grouping of categories
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Accounts that do not align with GASB reporting standards
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Difficulty in preparing accurate and timely financial statements
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Increased staff time required for reconciliation and financial analysis
As a result, the current COA structure no longer supports the City’s operational needs or the level of reporting required for audits, financial transparency, and sound fiscal management. Price Paige & Company, has been a longstanding fiscal accounting advisor for the City and is well acquainted with the existing COA and the challenges staff encounter during audit preparation and year-end reporting.
III. DISCUSSION:
Price Paige & Company has reviewed the City’s Chart of Accounts and determined that a full restructuring is necessary to:
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Establish a logical, consistent, and standardized COA framework
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Ensure alignment with governmental accounting best practices and GASB standards
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Improve the accuracy and efficiency of financial reporting and budget development
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Reduce staff time spent on manual adjustments, reclassifications, and reconciliations
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Lay a foundation compatible with future financial system upgrades and technology improvements
Price Paige & Company possesses extensive experience in governmental accounting and has successfully completed similar COA modernization projects for other public agencies. Their proposed scope of work includes:
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Review of all existing accounts
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Development of a new structured hierarchical COA
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Mapping of legacy accounts to the new system
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Implementation support and staff training
This modernization will significantly strengthen the City’s financial management framework and enhance transparency for the public, City Council, and auditors.
IV. ALTERNATIVES:
Not Approve
V. FISCAL IMPACT:
The cost of services is outlined in the agreement with Price Paige & Company to not exceed $40,000. This project was approved during the FY25/26 budget hearing. Funding was allocated as follows:
| Account |
Budget |
| 101-406-88100 |
20,000 |
| 501-406-88100 |
8,000 |
| 502-406-88100 |
4,000 |
| 503-406-88100 |
5,600 |
| 504-406-88100 |
400 |
| 820-610-88100 |
2,000 |
| Total |
40,000 |
No additional appropriation is required at this time. | | |