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RESOLUTION NO. 11,562
3 A RESOLUTION TO AUTHORIZE AN AGREEMENT WITH BKD, LLP TO
4 CONDUCT AUDIT SERVICES FOR THE CITY OF LITTLE ROCK,
5 ARKANSAS, FOR THE 2003 FISCAL YEAR; TO ASSIST THE CITY IN
6 COMPLIANCE WITH GASB 34; AND FOR OTHER PURPOSES.
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8 WHEREAS, the City is required to conduct an independent financial audit each year of its
9 various funds and pension plans, and in doing so to comply with various City ordinances and state
to and federal laws and regulations, and
11 WHEREAS, the City is also required to come into compliance with GASB 34, and
12 WHEREAS, after a competitive selection process the Board of Directors authorized an
13 audit contract with BKD, LLP, in Little Rock, Ark., Resolution No. 10,770 (February 15, 2000),
14 which could extend through 2004, in order to cover the audit for fiscal year 2003, if the Board so
15 desired, and
16 WHEREAS, the City Manager and the Director of Finance & Treasurer have declared
17 acceptable an agreement negotiated with BKD, LLP that sets maximum fees for a review of the
18 2003 financial matters,
19 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
20 THE CITY OF LITTLE ROCK, ARKANSAS:
21 Section 1. The City Manager is authorized to enter into an agreement with BKD, LLP, in
22 an amount not to exceed $203,200.00 as set forth more fully below, to provide the following
23 services to the City as part of its financial review of the 2003 fiscal year:
24 (A) The sum of ninety -three thousand dollars ($93,000) as the maximum audit fee for
25 various City funds;
26 (B) The sum of twenty -two thousand seven hundred dollars ($22,700) as the maximum
27 audit fee for the audit of various City pension funds;
28 (C) The sum of twenty -two thousand five hundred dollars ($22,500) for assistance in the
29 implementation of GASB 34 requirements, and for various audit and on -audit
30 services as deemed necessary by the City Manager and the Director of Finance and
31 Treasurer.
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Rnolulion
(;onlnrl wilh BAD, LLP for A.dh Srnirn
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(D) The sum of twenty -eight thousand dollars ($28,000) as the maximum audit fee for
various grant funds;
(E) The sum of thirty -seven thousand dollars ($37,000) for the preparation of
comprehensive annual financial reports.
Section 2. Funds for this agreement shall be included as a specific line item in the 2004
annual budget, and will be available in Account No. 100 -111- 1100 -6081.
Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause,
phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such
declaration or adjudication shall not affect the remaining portions of the resolution which shall
remain in full force and effect as if the portion so declared or adjudged invalid or unconstitutional
was not originally a part of the resolution.
Section 4. Repealer. All ordinances and resolutions are hereby repealed to the extent of
such inconsistency.
ADOPTED: August 4, 2003
ATTEST: APPROVED:
17 71�226;Z
18 Naifey Wu d, City Clerk
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20 APPROVED AS TO LEGAL FORM:
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23 Thomas M. Carpenter, City torney
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RooWtiuh
Coidnct with BKD, LLP for Audit Servien
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Ji alley, Mayor