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TO: Mayor Thomas J. Weisner
FROM: Brian W. Caputo, Chief Financial Officer/City Treasurer
DATE: November 10, 2014
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, 2014, 2015, 2016, and 2017
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, 2014, 2015, 2016, and 2017.
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 1998.
The previous contract that we had with Sikich for auditing services covered the 2010 through 2013 audits. Sikich's fees for the 2013 audit are attached.
DISCUSSION:
Sikich has submitted the attached proposal to provide auditing services to the city for the fiscal years ending December 31, 2014, 2015, 2016, and 2017. The proposed services would meet the city's needs. Sikich's proposed fees for the audits are attached.
As indicated above, Sikich has offered a fee for the city's portion of the 2014 and 2015 audits that is approximately 1% higher than the respective previous years. For the 2016 and 2017 audits, Sikich has proposed fees with increases of approximately 1.5% and 2% over the prior year for the city's portion of the audit.
Sikich has...
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