Label
Accounting Services
Department of Finance
Thomas Buckley (x1602)
Revised
Title
Authorizing the expenditure of an amount not to exceed $75,000, annually, from the General Fund for consulting services for the preparation of the Annual Comprehensive Financial Report (ACFR) and accounting advisory services; authorizing the Mayor to accept bids and award contracts for said services for a period of three years, with an option to renew for two additional one-year periods; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This Ordinance authorizes the expenditure of funds for accounting services to assist the Division of Accounts with preparation of the City of Toledo’s Annual Comprehensive Financial Report (ACFR) and provide accounting advisory services as necessary. The selected firm’s responsibilities will include but not be limited to: preparing the GASB 68 (pension) and GASB 87 (leases) entries and schedules and reviewing city’s trial balances, financial statements, debt schedules, footnotes, Management Discussion and Analysis report, and the completed ACFR for proper disclosures and for analytical purposes to identify and address errors or other audit concerns. These services would entail consulting leading up to and after the preparation of the ACFR over a three-year contract period with an option to renew for two additional one-year periods.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That, subject to future appropriation, the expenditure of an amount not to exceed $75,000, annually, is authorized from the General Fund, Account Code 1001-14600-1134001STDSTD, for consulting services for the preparation of the Annual Comprehensive Financial Report (ACFR) and accounting advisory services.
SECTION 2. That the Mayor is authorized to accept bids and award contracts for the purposes authorized in Section 1 for a period of three years with an option to renew for two additional one-year periods, upon such terms and conditions are deemed requisite and proper by the Director of Finance and the Director of Law.
SECTION 3. That the Finance Director is authorized to draw warrant or warrants against the above account code in an amount not to exceed $75,000, annually, in payment of the above authorized obligations upon presentation of the proper voucher or vouchers.
SECTION 4. That this Ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage. The reason for the emergency lies in the fact that this ordinance is necessary for the immediate preservation of the public peace, health, safety and property, and for the further reason that this ordinance must be immediately effective in order to timely engage an accounting services firm to assist with preparation of the ACFR.
Vote on emergency clause: yeas _____, nays _____.
Passed: _________________, as an emergency measure: yeas _____, nays _____.
Attest: ________________________ __________________________________
Clerk of Council President of Council
Approved: _____________________ __________________________________
Mayor
I hereby certify that the above is a true and correct copy of an Ordinance passed by
Council ________________________.
Attest: ________________________
Clerk of Council