Share to Facebook Share to Twitter Bookmark and Share
File #: O-405-20    Version: Name:
Type: Ordinance Status: Second Reading
File created: 9/21/2020 In control: Finance Department
On agenda: 10/20/2020 Final action:
Title: Authorizing the expenditure of an amount not to exceed $40,000 from the General Fund for consulting services for the preparation of the Comprehensive Annual Financial Report (CAFR) and accounting advisory services; authorizing the mayor to accept bids and award contracts for said services for a period of one year; and declaring an emergency.
Label
Moline Amendment
Accounting Services
Department of Finance
Thomas Buckley (x1602)
(Revised)

Title
Authorizing the expenditure of an amount not to exceed $40,000 from the General Fund for consulting services for the preparation of the Comprehensive Annual Financial Report (CAFR) and accounting advisory services; authorizing the mayor to accept bids and award contracts for said services for a period of one year; 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 Comprehensive Annual Financial Report (CAFR). The selected firm's responsibilities will include but not be limited to: preparing the GASB 68 (pension) entries and schedules and reviewing city's trial balances, financial statements, debt schedules, footnotes, Management Discussion and Analysis report, and the completed CAFR for proper disclosures and for analytical purposes to identify and address errors or other audit concerns.

The fiscal impact of this ordinance is as follows:
- The amount of funds requested: $40,000
- The expenditure budget line item: 1001-14600-1134001STDSTD
- New revenue generated (operational revenue, grants, if any): none
- Revenue budget line item (if any): none
- Are funds budgeted in the current fiscal year (yes/no)?: no
- Is this a capital project (yes/no)? no
- If yes, is it new or existing (new/existing)? n/a
- What section of the City's Strategic Plan does this support:
o Excellence in Basic Services (yes/no) yes
o Quality Community Investment (Livable City, Development) (yes/no) no
o Workplace Culture & Customer Service (yes/no) yes
o Environment (yes/no) no

Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:

SECTION 1. That the expenditure of an amount not to exceed $40,000 is authorized from the General Fund, Account Code 1001-14600-1134001STDSTD, for consulting services ...

Click here for full text