HomeMy WebLinkAbout1992-04-07; City Council; 11615; RENEWAL OF CONTRACT KPMG PEAT MARWICK 1991-92 AUDIT SERVICES,
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MTG. 4/7/9 2 RENEWAL OF CONTRACT WITH KPMG PEAT MARWICK CITY AI
DEPT. CM FOR 1991-92 AUDIT SERVICES CITY Mi
RECOMMENDED ACTION:
Adopt Resolution No. 93 - 8 3 renewing the contract with KPMG Peat Marwick
for auditing services of the City's 1991-92 financial statements and authorizing
the City Manager to approve the terms of engagement.
ITEM EXPLANATION:
In 1988, the certified public accounting firm of KPMG Peat Marwick was selected
to perform the City's audit services. For the past four years, KPMG Peat Marwick
has audited the financial records for all city funds, prepared audit reports for the
City of Carlsbad, the Redevelopment Agency, Public Improvement Corporation,
Building and Parking Authority, the Carlsbad Municipal Water District and
Federal Singfe Audit, and reviewed the City's internal controls and compliance
with budgetary and legal requirements. As part of their annual auditing fees,
KPMG Peat Marwick also serves the Finance Department as a financial advisor
throughout the year.
The Financial Management Director is recommending that the contract with
KPMG Peat Marwick for audit services be extended for a fifth year, fiscal year
1991-92. KPMG staff have exhibited excellent auditing skills, strong local
management support with expertise in areas of interest to the city, and enabled
our Comprehensive Annual Financial Report to continue to receive awards for
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excellence. The City has also utilized Peat Marwick's auditing and financial
services in the past for the Encina Joint Powers Authority audit, and the
certification of Redevelopment revenues for release of escrowed tax increment
bond funds.
For the fiscal year 1992-93 audit, staff intends to request proposals for our
auditing service and a review of other possible accounting firms will be made.
FISCAL IMPACT:
Peat Marwick will audit the Citfs financial statements including separate audit
reports for all the entities listed above for fiscal year 1991-92 for a fee oi
$43,850 which is an increase of $1,350 over 1990-91. Funds for the 1991-92
audit are included in the 1992-93 proposed Operating Budget.
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EXHIBITS:
1. Resolution No. 9 &! -83 renewing the contract with KPMG Peat Marwick
for audit services for the City's 1991-92 financial statements and
authorizing the City Manager to approve the terms of the engagement.
Contract with KPMG Peat Marwick for audit services for the City's 1991-
92 financial statements.
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0 RESOLUTION NO. 9 2 - 87 0
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, RENEWING THE CONTRACT
WITH KPMG PEAT MARWICK, CERTIFIER PUBLIC
FINAVCIAL STATEMENTS AND AUTHORIZING THE CITY
MANAGER TO APPROVE THE TERMS OF ENGAGEMENT.
ACCOUNTANTS, FOR THE AUDIT OF THE CITY'S 1991-92
WHEREAS, the City annually contracts with a certified public
accounting firm licensed in the State of California for the audit of the City's
annual financial statements; and
WHEREAS, the City contracted with KPMG Peat Marwick to
perform such audit services for fiscal years 1987-88 through 1990-91; and
WHEREAS, the City staff recommends renewing the KPMG Peat
Marwick contract for fiscal year 1991-92; and
WHEREAS, funds for these services will be included in the 1992-93
Operating Budget.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad, California, that the contract with KPMG Peat Marwick is hereby
renewed for fiscal year 1991-92, and the City Manager is authorized to approve
the terms of engagement for audit services shown in Exhibit A attached hereto.
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