Broken Arrow City Council
Meeting of: 07-18-17
To: Mayor and City Council
From: Finance Department
Title:
title
Approval of and authorization to execute an Engagement Letter with Crawford & Associates, P.C. to prepare the Fiscal Year 2017 Annual Financial Statements
End
Background:
The City of Broken Arrow requested a proposal from Crawford & Associates, P.C. to prepare the City of Broken Arrow Fiscal Year (FY) 2017 Annual Financial Statements. This preparation includes the basic financial statements, including the notes to the financial statements and required supplementary information. The completed FY 2017 Annual Financial Statements will be audited by Arledge & Associates, P.C. who have been previously engaged.
The annual financial statements have been prepared by the Finance Director for the last several years. The financial statements have become more complex as each year there are new pronouncements from the Governmental Accounting Standards Board (GASB) required to be applied to the financial statements. There have been approximately 40 GASB Statements issued in the last 10 years. As a result of these additional requirements the Finance Department has decided to engage the professional services of Crawford & Associates, P.C. to rely on their expertise in the preparation of the Annual Financial Statements. As accounting experts in state and local governments Crawford & Associates, P.C. provide this service to many Oklahoma municipalities and counties including The City of Edmond, The City of Sand Springs, The City of Bartlesville, The City of El Reno and Tulsa County. Staff recommends that the Council approve the firm of Crawford & Associates P.C. to prepare the FY 2017 Annual Financial Statements for a fee that is expected to be between $50,000 and $60,000. Funds are available in the respective General Fund and BAMA General Government Departments operating budgets.
Cost: $50,000 - $60,000
Prepared By: Tom Cook, Jr, Acting Finance Director
Reviewed By: Legal Department
Assistant City Manager - Administration
Approved By: Michael L. Spurgeon, City Manager
Attachments: Fiscal Year 2017 Preparation of Annual Financial Statements
Engagement Letter
Recommendation:
Approval of and Authorization to Execute an Engagement Letter with Crawford & Associates, P.C. to prepare the Fiscal Year 2017 Annual Financial Statements.