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f <br /> FINANCIAL MANAGEMENT DEPARTMENT <br /> #94 - 06 <br /> March 2 , 1994 <br /> MEMO TO: Honorable Mayor and City Council Members <br /> FROM: James C. Bacon, Jr., City Manager <br /> Beth B. Couter, Financial Management Director �jaC= <br /> Dawn K. Yuhas, Comptroller <br /> .�— <br /> SUBJECT: Auditing Services <br /> On January 6, 1994, the City requested audit proposals through a Request For Proposal , <br /> (RFP) to seven different CPA firms. The City has an established policy to solicit proposals every <br /> four years. ' <br /> Proposals to perform the City's audit, for inclusion in the Comprehensive Annual Financial I <br /> Report, were received from four firms on January 31, 1994. The City staff had developed an <br /> evaluation formula with values assigned to different criteria and subcriteria. Total scores were <br /> determined by adding the points received for technical qualifications (80 points) plus the points <br /> received for the cost of the audit (20 points). <br /> The four CPA firms to provide bid proposals were: <br /> Municipal CAFR experience <br /> Firm Name/Address Fee Bid of Audit Team <br /> 1. Geo. S.Olive-Decatur $ 29,000 Three <br /> 2. Sleeper,Disbrow,Morrison <br /> Tano&Lively-Decatur 29,000 No current clients <br /> 3. Deloite&Touche-Springfield 32,500 No current clients <br /> 4. May, Cocagne&King-Decatur 38,250 No experience <br /> We have carefully reviewed and evaluated the proposals. We hereby recommend the <br /> engagement of Geo. S. Olive& Co., of Decatur, Illinois for a fee of$29,000 for fiscal year ending <br /> April 30, 1994. As Geo. S. Olive has performed our audit for the past three years, we are quite <br /> familiar with their expertise and believe they are the most technically qualified for a municipality <br /> the size of Decatur. <br /> Staff recommends adoption of the attached Resolution. <br />