2020-112 Ordinance - Laserfiche WebLink

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CITY OF NORTH OLMSTED ORDINANCE NO. 2020 — 112 BY: Mayor Kennedy AN ORDINANCE AUTHORIZING THE DIRECTOR OF FINANCE TO REQUEST PROPOSALS FROM CERTIFIED PUBLIC ACCOUNTANTS TO PROVIDE GAAP CONVERSION ASSISTANCE SERVICES FOR THE PREPARATION OF THE 2020 COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR); AND FURTHER AUTHORIZING THE MAYOR, SUBJECT TO APPROVAL OF THE BOARD OF CONTROL, TO ENTER INTO A FIVE (5) YEAR AGREEMENT (WITHA TWO (2) YEAR OPTION) WITH THE PROFESSIONAL SELECTED IN THE RFP PROCESS, AND DECLARING AN EMERGENCY. 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 creation 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 2020 Comprehensive Annual Financial Report and further to authorize the Mayor to enter into a five (5) year agreement (with a City option for an additional two years) with the professional selected in the RFP process following approval by the Board of Control. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: