Title
Accepting an Addendum to Warren Averett's Terms of Engagement for the FY13 Audit
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Sue Steigerwald, Finance Manger/Treasurer, is requesting an Addendum to Warren Averett, CPA's Terms of Engagement for the fiscal year ended 9/30/2013 and the appropriation of application fees in order to transition from an Annual Financial Report to a Comprehensive Annual Financial Report (CAFR). I would also request that an additional appropriation be made for the application fee for preparation and judging of a Popular Annual Financial Report to aid citizens and other interested parties who have no background in public finance. Both reports are judged by the Government Finance Officer's Association of the US and Canada and, if all requirements are met, receive the Certificate of Achievement for Excellence in Financial Reporting.
I have attached a document explaining the Award Programs, benefits, and associated costs.
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SOURCE OF FUNDING:
Please provide the amount requested: Increase of $7,300 to account 01-620-3050
(Current Budget $55,200, Original Engagement $51,500 + $11,000 max for Addendum & application fees = max. budget shortfall of $7,300)
Is this a budgeted item? YES___X___ NO______
Please provide the budgeted amount: currently $55,200 Account No. 01-620-3050 - Annual Audit Expense
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? YES_____ NO_____
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, The Finance Division desires to go beyond the minimum requirements of generally accepted accounting principles required of the Annual Financial Report and transition to the next level of transparency and full disclosure presented in a Comprehensive Annual Financial Report (CAFR), and
WHEREAS, In conjunction with the CAFR, a Popular Annual Financial Report (PAFR) makes financial information accessible to citizens and other interested parties who may be challenged by traditional public finance reports, and
WHEREAS, both the CAFR and the PAFR are reviewed by the Government Finance Officer's Association of the US and Canada (GFOA) and successful candidates are awarded certificates of achievement in financial reporting.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Accepts Warren Averett's Addendum to the FY13 Audit Terms of Engagement for up to $10,000.
SECTION 2: Approves CAFR and PAFR application fees to GFOA for up to $1,000.
SECTION 3: Appropriates an additional $7,300 to Annual Audit Expense account number 01-620-3050.
SECTION 4: This Resolution shall become effective immediately upon its adoption as required by law.