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CITY COUNCIL may 16, 199,, <br />MEETING <br />milli <br />AWARD OF CONTRACT TO KPMG <br />FINANCIAL AUDIT SERVICES <br />Direct the City Attorney <br />the council to execute � <br />comprehensive financier: <br />$248,000 over the five <br />DISCUSSION <br />FCLERK OF THE COUNCIL USE ONLY <br />AP roved ;-j9 As Recommended <br />7 _J As Amended (see Minutes) <br />E Ordinance on 1st Reading <br />Ordinance on 2nd Reading <br />Implementing Resolution <br />Set Public Hearing For <br />Continued to: <br />L FILE NUMBER(S): _0 <br />to prepare and authorize <br />five-year agreement with <br />audit services in an <br />years. <br />the Mayor and Clerk of <br />KPMG Peat Marwick for <br />amount not to exceed <br />The City conducted a formal Request for Proposal (RFP) process in March <br />1994 to select a certified public accounting firm to serve as the City's <br />independent auditors. The following seven companies responded to the <br />RFP: <br />Conrad & Associates <br />Coopers & Lybrand <br />Deloitte & Touche <br />Ernst & Young/Macias <br />KPMG Peat Marwick <br />RJ Miranda & Company <br />Moreland & Associates <br />The primary purpose of the audit service is to provide an opinion on the <br />City's comprehensive annual financial report and enable the City to meet <br />the requirements of the Government Finance Officers Association <br />"Certificate of Achievement for Excellence in Financial Reporting", and <br />those of the California Society of Municipal Finance Officers <br />"Certificate of Award for Outstanding Financial Reporting". In <br />addition, the audit firm will issue the necessary compliance reports on <br />redevelopment agency activities and federal grants. The firm will issue <br />a separate financial report on the redevelopment agency. <br />C.S. 383 <br />