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CITY O1, NORTH OLMS'I'EI) <br />ORDINANCE NO. 2014 — 71 <br />BY: Mayor Kennedy <br />AN ORDINANCE DISPENSING WITH TILL' RIP PROCESS AND <br />A U 171ORIZING THE MAYOR TO ENTER INTO A CONTRACT W1771 <br />CIUNI & PANICIII TO PROVIDE GAAP CONVERSION ASSISTANCE <br />SERVICES FOR THE PREPARATION OF THE COMPREHENSIVIS <br />ANNUAL FINANCIAL REPORT (CAFR) FOR 2014 AND DECLARING <br />AN EMERGENCY. <br />WHEREAS, Ohio Law (Ohio Administrative Code Section 117-2-03(13)) requires that all <br />cities file annual audited financial reports prepared on it Generally Accepted Audit Principles <br />(GAAI') basis with the Auditor of State within six (Ci) months of the close of the city's fiscal <br />year: and <br />WHEREAS, the City maintains its books and records on a non -(;AAP, budget basis, as <br />municipalities do, and converts the financial information to a GAAP hasis for year-end linancial <br />auditing and reporting; and <br />WHERLAS, each year since 1999, the City has issued it 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 competertl outside professional accounting services; and <br />WHEREAS, although the City is responsible tier the creating ofthe 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 />I'VHEREAS, Cium and Panichi have provided assistance to the City in masters <br />hereHiheflore described for eight (8) years, having been selected in the RI"P process most recently <br />in 201 1: 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 />I'anichi fora one (1) year contract, with two (2) one (1) year options. <br />NOW, THEREFORE, Bl 17' ORDAINED BY 711E COUNCIL OF' THE CITY OF <br />NORTH OLMSTE.D, COUNTY OF CUYAHOGA, AND SIA TE OF 01110: <br />