Number
030807
Version
SUBSTITUTE 1
Reference
990957
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the examination of the City of Milwaukee's financial activity for the years 2003-2006.
Analysis
This resolution directs the City Clerk to issue a request for proposals for the audit of the City's financial activity for the years 2003 through 2006, hold a bidders conference, evaluate responses and select an auditing firm.
Body
Whereas, An examination of the financial activity of the City of Milwaukee by an independent auditor is an essential element of financial control and accountability; and
Whereas, The State of Wisconsin requires an independent audit of the City's financial activity and will reduce the City's General Transportation Aids by up to 10% if an audited financial report is not submitted to the Department of Revenue; and
Whereas, The federal amended Single Audit Act of 1996 and State of Wisconsin's Single Audit guidelines requires an independent auditor report on compliance, internal control structure and schedule of expenditures for grant financial activity; and
Whereas, An examination of the financial activity of the City of Milwaukee by an independent auditor is necessary to maintain the City of Milwaukee's bond rating; and
Whereas, The Common Council, by Resolution File Number 990957, amended City policy to permit the engagement of the services of an independent auditor for a 4-year period without competitive selection at the City's sole option, and subject to satisfactory performance and contract negotiation; and that the independent auditors selected could succeed themselves for consecutive 4-year terms without limitation provided there is a competitive process every 4 years; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Clerk is directed to issue a request for proposals for the audit of the City's financial activity for the years 2003 through 2006, h...
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