HomeMy WebLinkAboutItem No.4TO:
FROM:
DATE:
SUBJECT:
BACKGROUND
CITY OF LAKE ELSINORE
REPORT TO THE CITY COUNCIL
REPORT TO THE REDEVELOPMENT AGENCY
MAYOR AND CITY COUNCIL
REDEVELOPMENT AGENCY CHAIR AND BOARD
RON MOLENDYK, CITY MANAGER
RON MOLENDYK, EXECUTIVE DIRECTOR
MAY 11, 1993
ANNUAL AUDIT EXTENSIONS OF AGREEMENT
The City entered into a three year audit agreement with KPMG Peat
Marwick on April 24, 1990 and covered F/Y 1989 -90 through F/Y 1991-
92.
All agencies of the City are required to have an annual audit
performed by Independent Certified Public Accountants and Federal
Law requires a single audit when Federal Funds are passed through
to the City.
DISCUSSION
To provide continuity in the audit process, State & Federal
Regulations and Financial Statement Preparation, Staff is
recommending an extension of two years for audit services.
The cost for F/Y 92 -93 is fixed and will be modified by the CPI
from F/Y 93 -94.
FISCAL IMPACT
The cost for the F/Y 1992 -93 audit is as follows:
CITY
RDA
PFA
GANN Limit
Single Audit
Total
$18,500.00
5,600.00
5,300.00
500.00
3,900.00
33,800.00
Authorize the two year extension of the annual audit to KPMG Peat
Marwick, and authorize the Director of Administrative Services to
sign proposal.
PREPARED BY:
Rnh ma. dministrative
APPROVED FOR
AGENDA LISTING:
Ron Molendyk\ City Manager
Ron Molendyk, Executive Director
AGENDA ITEM NO. 4_
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