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Home My WebLink About93-4 SPEED MESSAGE TO $ FROM I, SUB1Ect DATEti, -k !Z1, z, r.' 'L!- �Y �•�.�i�-�� "i C � ,. f� �� r i��b'�cs"�/_�-%{�.��'f^ ':��-,, /�,' { ''�-r.l'y�-.. ��', YL E� r 1 L �. r � -� C -L- z.� � ;�' �� L/ i�'Yl\l yt� � �c.'' -•L' f� 'r SIGNED "f Z WllsonJones•CaftnI—•MADE IN USA DUPLICATE 44-9W Duplicate Resolution No. 93-4 RESOLUTION ACCEPTING THE PROPOSAL OF MCGLADREY & PULLEN FOR ACCOUNTING SERVICES BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS, that Larry L. Rice, City Manager, be and is hereby authorized and directed to accept the proposal on behalf of the City of Elgin of McGladrey & Pullen for accounting services, a copy of which is attached hereto and made a part hereof by reference. sl George VanDeVoorde George VanDeVoorde, Mayor Presented: January 13, 1993 Adopted: January 13, 1993 Omnibus Vote: Yeas 6 Nays 0 Recorded: Attest: sl Nancy Roll Nancy Roll, Deputy Clerk F, CITY OF ELGIN PROPOSAL TO PERFORM ACCOUNTING SERVICES FIRM PREPARING PROPOSAL McGLADREY & PULLEN 20280 GOVERNORS HIGHWAY OLYMPIA FIELDS , ILLINOIS 60461 (708 ) 481 -8100 CONTACT PERSON ROBERT W . THOMA PROPOSAL DATE DECEMBER 1 , 1992 ffiIVA 0 McGLADREY&PULLEN Certified Public Accountants and Consultants PART I December 1 , 1992 Mr . Larry Rice City Manager City of Elgin 150 Dexter Court Elgin , Illinois 60121 Dear Mr . Rice: In response to your request , McGladrey & Pullen is pleased to submit this proposal for accounting services . We feel our overall expertise and familiarity with local government allows us to provide you with the full range of professional services you need . Enclosed please find our proposal . Again , thank you for allowing us this opportunity . Very truly yours, McGLA�DRREEY_ & PULLEN 2 Robert W . Thoma, C .P . A . Partner RWT :mb enc . 20280 Governors Highway, Suite 301, Olympia Fields, Illinois 60461 (708) 481-8100 FAX (708) 481-9365 Internationally Dunwoody Robson McGladrey & Pullen 1 PARK II PROPOSED FEES AND BILLINGS You have requested a proposal regarding the preparation of data necessary to issue Internal Revenue Service Tax Forms 1099 to your City vendors for the year ended December 31 , 1992 and for the preparation of investment data related to four City bond issues for submission to Chapman and Cutler regarding arbitrage calculations . Our proposal is as follows : Preparation of Investment Data We will prepare the information as requested by Chapman and Cutler for computation of the required rebate ( if any ) on four outstanding City bond issues. We will analyze all investment and accounting records as required to provide this data. Our fee for these services would be $3 , 500 . Internal Revenue Service Form 1099 ' s We will obtain tax information of new vendors for 1992 . Upon returned receipt of this data you would enter the federal identification numbers onto your computerized vendor lists . After year end , the City would generate a vendor list including amounts paid to same and federal identification numbers ( if applicable ) . From this listing we would report to you the vendors requiring Form 1099 . It is our understanding that your computers would generate the 1099 ' s on magnetic tape for filing and the actual 1099 ' s to be mailed from your office . Our fees for these services would be $600 - $700 . McGLADREY & PULLEN Robert W . Thoma, C .P . A . Partner ACCEPTED: CITY OF LG By : `''� — Date: 2 - El . RPWIS o in Al Agenda Item No. rpt •i December 16, 1992 TO: Mayor and Members of the City Council FROM: Larry L. Rice, City Manager SUBJECT: Appointment of McGladrey & Pullen as 1992 Auditor The firm of McGladrey & Pullen, Certified Public Accoun- tants of Olympia Fields has now completed the second year of a three audit contract for the City, and the final management letter is the following agenda item. This action completes their work for the year except for the attached supplemental proposal to perform year-end accounting services on the Form 1099 's as well as the City's arbitrage report for the current year 1992 relating to previous bond issues. The arbitrage report must be submitted to Chapman and Cutler for their use in our final reporting of the current year. Because of the increased number of funds to be audited and the increased work by the auditor this past year in com- pleting the audit for 1991, the firm is asking for an amended sum in the coming year (proposal available Tuesday) . We expect to begin the audit process immediately in order to complete the 1992 audit much earlier this coming year. FINANCIAL IMPACT The attached proposals for the arbitrage work ($3,500) , the 1099 preparation ($600-700) , additional audit costs in- curred by the firm this past year ($3,000) , and the amended contract for the coming audit year ($55,000 plus expenses not to exceed $5,000) total an estimated $67, 100 which will be paid from the various funds to which this work is related. Mayor and Members of the City Council December 16, 1992 Page 2 RECOMMENDATION The City Council is asked to approve the attached con- tracts for remaining 1992 and the coming audit year work, place the management letter on file, and approve payment for these additonal services as proposed. La "L. Rice", City Manager LLR:amp Attachments folk D McGLADREY&PULLEN Certified Public Accountants and Consultants December 8 , 1992 Mr . Larry Rice, Manager City of Elgin 150 Dexter Court Elgin , Illinois 60120 Dear Mr . Rice: It was a pleasure to meet with you and the City board members yesterday . I appreciate the concerns you have over the Village ' s immediate finance department situation . I truly believe we can provide the current and ongoing help you need . I will submit my proposed fee schedule to my regional managing partner either this week or early next week for approval . After my initial notifica- tion to him of our withdrawal from the contract , I must now obtain authorization to renew. Larry , as you are aware , each bill we submitted to you for payment during the audit engagement was held until a minimum of 60 days before payment , and only paid upon our requests when they became delinquent on our in-house records. We still have open bills amounting to $5 , 880 that are between 90 and 120 days old . We would appreciate the final payment of these bills as soon as possible. The time incurred to compile data necessary to audit the sewer and vehicular replacement funds was materially over original projec- tions . The audit could not have been completed without this data. Our total billing to you is $3 , 000 over our contract . We would ask that you allow us to collect this addition as a partial reimburse- ment to the out of pocket fees we incurred . This $3 ,000 is a part of the outstanding bill mentioned earlier in this letter . We look forward to serving you and becoming a full service member of your financial team. If I can be of further assistance in this or any other matter , please call . Very truly yours , McGLADREY & PULLEN Robert W. Thoma, C .P .A . Partner RWT :gb 20280 Governors Highway, Suite 301, Olympia Fields, Illinois 60461 (708) 481-8100 FAX (708) 481-9365 Internationally Dunwoody Robson McGladrey & Pullen