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Resolution 1997-09 STATE OF ILLINOIS ) June 20, 1997 )ss. COUNTY OF KENDALL ) RESOLUTION NO: 97-9 RESOLUTION APPROVING THE FIRM OF PANDOLFI, TOPOLSKI, WEISS & CO., LTD, FOR AUDITING SERVICES AND AUTHORIZING THE MAYOR OF THE UNITED CITY OF YORKVILLE AND THE CITY CLERK TO ENTER INTO THE AGREEMENT ON BEHALF OF THE CITY OF YORKVILLE WHEREAS, the Mayor and the City Council have reviewed the proposed agreement between the firm of PANDOLFI, TOPOLSKI, WEISS & COMPANY, LTD and THE UNITED CITY OF YORKVILLE for the auditing services; and WHEREAS, the CITY OF YORKVILLE has utilized the audition services of the firm of PANDOLFI, TOPOLSKI, WEISS&COMPANY and they have performed well over the past three years; and PANDOLFI, TOPOLSKI, WEISS & COMPANY have presented a proposed three year agreement at a fixed rate of$11,100.00 per year for annual audits, $1650.00 per single Audit as per the fee schedule attached, starting with fiscal year ending April 30, 1997; and WHEREAS, the Mayor and the City Council have determined that it is in the best interest of the citizens of the City of Yorkville to enter into such agreement; and WHEREAS, the agreement with PANDOLFI, TOPOLSKI, WEISS & COMPANY will provide a needed service for the City of Yorkville. NOW THEREFORE BE IT RESOLVED by THE UNITED CITY OF YORKVILLE: I. That the auditing services agreement between the firm of PANDOLFI, TOPOLSKI, WEISS & COMPANY, Certified Public Accountants and the UNITED CITY OF YORKVILLE be approved by THE UNITED CITY OF YORKVILLE and the Yorkville City Council. 2. That the Mayor and City Clerk of THE UNITED CITY OF YORKVILLE are hereby authorized to enter into a three year agreement with PANDOLFI, TOPOLSKI, WEISS & COMPANY for auditing services on behalf of the City. PASSED and APPROVED this day of 1997. i MAYO ATTEST: 4<1m CITY CLERK Law Offices of Daniel J. Kramer 1107A S. Bridge Street Yorkville, Illinois 60560 630.553.9500 s IPTW7 PANDOLFI,1%-j?OLSKI, WEISS &CO., LTD. Certified Public Accountants 2221 CAMDEN COURT, 300 OAK BROOK,,IL IL 60521 PHONE(630)574-1040 FAX(630)574-8313 June 19, 1997 To The Honorable Mayor and Members of the City Council City of Yorkville, Illinois We are pleased to confirm our understanding of the services we are to provide for the City of Yorkville for the fiscal year ending April 30, 1997, 1998, and 1999. We will audit the general purpose financial statements of the City of Yorkville as of and for the year ended April 30, 1997, 1998, and 1999. Also, the document we submit to you will include the following additional information that will be subjected to the auditing procedures applied in our audit of the general purpose financial statements: 1. Combining, individual and account group financial statements, 2. Supplemental financial information. Our audit will be conducted in accordance with generally accepted auditing standards, the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and will include tests of the accounting records of the City of Yorkville and other procedures we consider necessary to enable us to express an opinion that the financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles. Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will also request certain written representations from you about the financial statements and related matters. CHICAGO LOOP NEW YORK METROPOLITAN AREA CENTRAL ILLINOIS CHICAGO METROPOLITAN AREA INDIANA 54 W.Hubbard Street,Suite 204 208 Greenwood Avenue 107 W.Cook Street 2221 Camden Court,Suite 300 833 W.Lincoln Highway Chicago,IL 60610 Bethel,CT 06801 Springfield,IL 62704 Oak Brook,IL 60521 Suite 430W Phone(312)321-1040 Phone(203)797-9681 Phone(217)7441040 Phone(630)574-1040 Schererville,IN 46375 Fax(312)321-0481 Fax(203)744-7890 Fax(217)744-8113 Fax(630)574-8313 Phone(219)322-1099 City of Yorkville Page Two An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. Also, we will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. However, because of the concept of reasonable assurance and because we will not perform a detailed examination of all transactions, there is a risk that material errors, irregularities, or illegal acts, including fraud or defalcations, may exist and not be detected by us. We will advise you, however, of any matters of that nature that come to our attention. Our responsibility as auditors is limited to the period covered by our audit and does not extend to matters that might arise during any later periods for which we are not engaged as auditors. We understand that you will provide us with the basic information required for our audit and that you are responsible for the accuracy and completeness of that information. We will advise you about appropriate accounting principles and their application and will assist in the preparation of your financial statements, but the responsibility for the financial statements remains with you. This responsibility includes the maintenance of adequate records and related internal control structure policies and procedures, the selection and application of accounting principles, and the safeguarding of assets. We understand that your employees will locate any invoices or supporting documentation for items selected by us for testing. We will start our audit by June 3Uh of each year, assuming that the City's records are ready and in auditable condition. Our audit is not specifically designed and cannot be relied on to disclose reportable conditions, that is, significant deficiencies in the design or operation of the internal control structure. However, during the audit, if we become aware of such reportable conditions or ways that we believe management practices can be improved, we will communicate them to you in a separate letter. Our fees for the examination outlined above will be based on time actually expended at our standard professional rate. However, the cost of this engagement, within the scope described above, will not exceed the fees described on the attached page. If an extension of our services appears to be required, we will consult with you about extending our services. Please be assured that we will keep the costs commensurate with the work involved and we will use the City's personnel wherever possible to keep our fees to a minimum. If the actual hours incurred are less than our estimate, you will be charged the lesser amount. Our fees will be billed semi-monthly for services and costs incurred during that period. We would appreciate payment of these invoices as they are received. City of Yorkville Page Three We appreciate the opportunity to be of service to the City of Yorkville and believe this letter accurately summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Very truly yours, PAND LFI, T POLS I, WEISS & CO., LTD. RESPONSE This letter correctly sets forth the understanding of the City of Yorkville. By: Title: C7 Date: CITY OF YORKVILLE MAXIMUM FEE SCHEDULE FISCAL YEAR 1227- 122$ 1222 Annual examination of all funds, and account groups $ 11,100 $ 11,100 $ 11,100 Meet with City officials Included in above fee Management Letter Re: Internal Controls, Administrative Efficiency, and EDP Systems Included in above fee Illinois Municipal Supplemental Report Included in above fee Prior and future year Trend Monitoring Analysis of Revenues, Expenditures and Fund Balances (Optional) Included in above fee .jingle Audit (if required) $ 1,650 $ 1,650 $ 1,650 REGULAR HOURLY FEE SCHEDULE Partner/Principal $ 120 - 140 Manager $ 85 - 105 Senior Accountant $ 55 - 75 Staff and In-Charge $ 40 - 50 Our fee assumes the City of Yorkville will reconcile bank accounts and interfund accounts through April 30 of each year. Due to our desire to maintain a long term relationship with the City of Yorkville, we will not increase our fees for fiscal years 1998 and 1999 if retained by the City.