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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2014 — 71 <br />BY: Mayor Kennedy <br />AN ORDINANCE DISPENSING WITH THE RFP PROCESS AND <br />AUTHORIZING THE MAYOR TO ENTER INTO A CONTRACT WITH <br />CIUNI & PANICHI TO PROVIDE GAAP CONVERSION ASSISTANCE <br />SERVICES FOR THE PREPARATION OF THE COMPREHENSIVE <br />ANNUAL FINANCIAL REPORT (CAFR) FOR 2014 AND DECLARING <br />AN EMERGENCY. <br />WHEREAS, Ohio Law (Ohio Administrative Code Section 117- 2- 03(B)) requires that all <br />cities file annual audited financial reports prepared on a Generally Accepted Audit Principles <br />(GAAP) basis with the Auditor of State within six (6) months of the close of the city's fiscal <br />year; and <br />WHEREAS, the City maintains its books and records on a non -GAAP, budget basis, as <br />municipalities do, and converts the financial information to a GAAP basis for year -end financial <br />auditing and reporting; and <br />WHEREAS, each year since 1999, the City has issued a Comprehensive Annual <br />Financial Report (CAFR); and <br />WHEREAS, the financial section of this report is critical and the accumulation and <br />recording of data using GAAP to clearly represent the City's finances greatly depends on <br />obtaining competent outside professional accounting services; and <br />WHEREAS, although the City is responsible for the creating of the conversion schedules, <br />it requires conversion assistance to complete the required financial reporting including, but not <br />limited to, financial statement footnotes, supporting schedules and statistical tables; and <br />WHEREAS, Ciuni and Panichi have provided assistance to the City in matters <br />hereinbefore described for eight (8) years, having been selected in the RFP process most recently <br />in 2011; and <br />WHEREAS, in accordance with the recommendation of the Director of Finance, it is the <br />desire of this Council to authorize the Mayor to enter into an additional contract with Ciuni and <br />Panichi for a one (1) year contract, with two (2) one (1) year options. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />