AgdaPkt 2012-03-19 - Laserfiche WebLink

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6.1.A. - Page 1 REPORT To the Honorable Mayor and City Council From the Audit Committee March 19, 2012 SUBJECT Amendment No. 3 to Agreement for Auditing Services (Caporicci & Larson) RECOMMENDATION Approve, by motion, amendment to extend the agreement with Caporicci & Larson to provide auditing services for the next three fiscal years. BACKGROUND The City engages an independent certified public accountant to conduct an audit on the City's financial records each year. The current independent auditor, Caporicci & Larson, was first engaged by the City Council for the FY 2002/03 audit based upon a recommendation from the Council's Audit Committee. ANALYSIS Since FY 2010/11 was the final year of the contract between the City and Caporicci & Larson for auditing services, Caporicci & Larson has submitted a proposal to extend this agreement for three additional years. The terms of the existing agreement remain unchanged except for their fees which are proposed as follows: Percent increase From prior year FY 2011/12 $61,618 4.7% FY 2012/13 $54,892 3.0 %* FY 2013/14 $56,539 3.0 %* *Increase is reflected for non - Redevelopment Agency items only as Redevelopment Agency ceased to exist on January 31, 2012, and therefore, has been removed from the audit contract in FY 2012/13. Going forward it is not known whether the City will need to engage an auditor to audit the Successor Agency to the Redevelopment Agency. Should the City be required to do so, staff may need to come back to City Council with a recommendation to amend this contract.