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A . <br />CITY OF NORTH OLMSTEla <br />RESOLUTION NO. 2003 - 5 <br />BY: Mayor Musial <br />A RESOLUTION AUTHORLZING THE MAYOR OF THE CITY OF <br />NORTH OLM.STED TO ENTER INTO AN AGREEMENT WITH <br />COSTIN + COMPANY, PROVIDIIVG FOR GAAP CONYERSION <br />ASSISTANCE PROFESSIONAL SERVICES FOR THE 2002 FISCAL <br />YEAA A1VD DECLARING AN EMERGENCY. <br />N'HEREAS, each year since 1999, the City has issued a Comprehensive Annual <br />Financial Report (CAFR) which details the City's finances; and <br />WHEREAS, the financial section of this Report is critical and the accumulation and <br />recording of data using Generally Accepted Audit Principles (GAAP) to clearly represent the <br />City's finances greatly depends on these professional services; and <br />WHEREAS, to utilize the same firm that issues our financial statements is cost effective <br />while maintaining independence through the use of different personnel; and <br />WHEREAS, a request for proposal was made at the same time the Auditor of State <br />obtained a five-year bid for the audit; and <br />WHE.REAS, Costin + Compa.ny has rendered timely and quality professional services to <br />the City for the past two years; and <br />WHEREAS, it accordingly is the recommendation of the Director of Finance that the <br />City retain the professional services of Costin + Company to provide GAAP conversion <br />assistance professional services for the 2002 Fiscal Year; and <br />WHEREAS, it is not necessary that the contract to be awarded be competitively bid, <br />because it is for prafessional services, nor is it necessary that it be submitted to the Board of <br />Control for approval because the amount to be expended pwsuant to the contract will not exceed <br />$15,000_00; and <br />