HomeMy WebLinkAboutItem No. SA3CITY OF LAKE ELSINORE
t
REPORT TO THE CITY COUNCIL
REPORT TO THE REDEVELOPMENT AGENCY
TO:
FROM:
DATE:
SUBJECT:
BACKGROUND
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.
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:
APPROVED FOR
AGENDA LISTING:
ve Sery
Ron MolendykN City Manager
Ron Molendyk, Executive Director
AGENDA ITEM NO,_3,,,_