Submitted By
Steven Drazner, CFO
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Approving a Professional Services Agreement for Annual Financial Audit Services with Sikich LLP for a Three Year Term and Two Optional Years for Audits of the 2018-2022 Fiscal Years at a Total Five Year Not To Exceed Amount of $388,098 and Authorizing Its Execution
End
Overview
Overview
The Village's prior auditing services agreement with Sikich LLP was for three years plus two optional years which were exercised at the Village's discretion. The final optional year with Sikich was for the fiscal year ended December 31, 2017. Auditing services include a complete financial audit, CAFR preparation, TIF compliance reports, and the preparation of a Single Audit, if required.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
Excluding the Oak Park Library's portion of the expense under the proposal, the not-to-exceed fee pertaining to only the Village for annual auditing services would be $65,300 in FY18, $67,259 in FY19, $69,277 in FY20, $71,355 in FY21, and $73,496 in FY22. The annual audit expense would be budgeted and charged to Finance Department account #1001.41300.101.530670. A summary of the annual and total five year fees for all respondents to the RFP is included as a separate attachment to this agenda item. Please note that the Oak Park Public Library has agreed to accept the vendor approved by the Village Board and fees for their portion of the audit would be invoiced separately and directly to them.
Background
The Village is required to have an annual financial audit pursuant to 65 ILCS 5/8-8-3. While there are many certified public accounting firms in the Chicago area, there are only a handful of well known firms that have divisions which specialize in municipal audits. Finance staff prepared a request for proposal to secure new auditing services for a minimum three year term with two optional years at the discretion of the Vil...
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