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CITY OF NORTH OLMSTED ORDINANCE NO. 2007 -128 BY: Mayor O'Grady AN ORDINANCE A UTHORIZING THE DIRECTOR OF FINANCE TO REQUEST PROPOSALS FROM CERTIFIED PUBLIC ACCOLINTANTS TO PROYIDE GAAP CONVERSION ASSISTANCE SERVICES FOR THE PREPARATION OF THE J98?ANNUAL COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR),4ND "?sn, 4S 4X n nTrn N Tn n? E'kERCLS-E$BI-'THE-C-In; F-9R THE .7008, 2$09 4Nm 7010,4NnrD REPORAND FURTHER AUTHORIZING THE MAYOR, SUBJECT TO APPROVAL OF THE BOARD OF CONTROL, TO ENTER INTO AN AGREEMENT WITH THE PROFESSIONAL SELECTED IN THE RFP PROCESS, AND DECLARING AN EMERGENCY, AS AMENDED. WHEREAS, Ohio Law (Ohio Administrative Code Section 117-2-03(B)) requires that all cities file annual audited financial reports prepared on a Generally Accepted Audit Principles (GAAP) basis with the Auditor of State within six months of the close of the city's fiscal year; and WHEREAS, The City maintains its books and records on a non-GAAP, budget basis, as municipalities do, and converts the financial information to a GAAP basis for year-end financial auditing and reporting; and WHEREAS, each year since 1999, the City has issued a Comprehensive Annual Financial Report (CAFR); and WHEREAS, the financial section of this report is critical and the accumulation and recording of data using GAAP to clearly represent the City's finances greatly depends on obtaining competent outside professional accounting services; and WHEREAS, although the City is responsible for the creating of the conversion schedules, it requires conversion assistance to complete the required financial reporting including, but not limited to, financial statement footnotes, supporting schedules and statistical tables; and WHEREAS, in accordance with the recommendation of the Director of Finance, it is the desire of this Council to authorize her to request proposals from certified public accountants to provide said services in connection with the preparation of the 2007 Comprehensive Annual Financial Report and, under various requested alternates, for either options or extended contracts for the years 2008, 2009 and 2010, ara a'so, ^ a' o„*ior *o b° ° ° °d [?y t#e-C--rty-€ef-the?,2998; 2009,-281-0 -r-epefts, and further to authorize the Mayor to enter into an agreement with the professional selected in the RFP process and approved by the Board of Control. NOW, THEREFORE, BE IT ORDAINED BY THE COLINCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: