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TO: Mayor Richard C. Irvin
FROM: Martin S. Lyons, Chief Financial Officer/City Treasurer
DATE: October 17, 2018
SUBJECT:
A Resolution Accepting the Proposal of Sikich LLP to Conduct the Audit of All Funds and Accounts of the City for the Fiscal Years Ending December 31, 2018, 2019, 2020, and 2021.
PURPOSE:
To facilitate the City Council's approval of a proposed resolution that would provide for the engagement of Sikich LLP, to conduct the audit of the city's annual financial statements for the fiscal years ending December 31, 2018, 2019, 2020, and 2021.
BACKGROUND:
Under state law, municipalities in Illinois are required to have an audit of their annual financial statements. Sikich LLP, has audited the City's financial statements since the late 1980s. I believe that the Finance Committee and the City Council have been highly satisfied with Sikich's examination of the city's financial records. The firm's assistance with the preparation of the city's Comprehensive Annual Financial Reports has also been excellent as evidenced by the Government Finance Officers Association awarding to Aurora the Certificate of Achievement for Excellence in Financial Reporting every year since.
The previous contract that we had with Sikich for auditing services covered the 2014 through 2017 audits. Sikich's fees for the 2017 audit are attached.
DISCUSSION:
Sikich has submitted the attached proposal to provide auditing services to the city for the fiscal years ending December 31, 2018, 2019, 2020, and 2021. The proposed services would meet the city's needs. Sikich's proposed fees for the audits are attached.
Sikich has offered a fee for all auditing services of $101,687, which is 3% higher than the 2017 fee amount. The average fee increase for all services is just below 3.0% for the four year term. Given the current rate of inflation and the increasing complexity of the City's many requirements under rules put forth by the Government Accounting Standards Board (GAS...
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