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Shakopee City Council
November 4, 2020
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| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | Mayor & City Council Members |
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| | | | | | | | Subject:
Audit engagement letter for years ending December 31, 2020 and 2021. | | |
| | | | | | | | Policy/Action Requested:
Motion to approve audit engagement letter for year's ending December 31, 2020 and 2021. | | |
| | | | | | | | Recommendation:
Approve audit engagement letter with Abdo, Eick & Meyers, LLP for the year's ending December 31, 2020 and 2021. | | |
| | | | | | | | Discussion:
In 2017, the city completed a request for proposal for audit firms to complete the annual audit for a three year period with an option two year addendum to be considered beyond the three year contract. The engagement letter being proposed by Abdo, Eick & Meyers, LLP covers the additional two year period. It is anticipated that the city will complete a formal request for proposal following the completion of the five year covered period. | | |
| | | | | | | | Budget Impact:
The cost of the audit has been included in the preliminary 2021 budget. The cost of the city audit for years ending 2020 and 2021 will be $36,800 and $37,800, respectively. An additional single audit will be required this year as a result of the city being the recipient of Federal CARES Acts funds, which is an additional $4,000. | | |
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