Title
Auditing Services - Approval
History
In August 2012, the Village entered into a five year contract for auditing services with Baker Tilly. The services included financial audits of fiscal years 2012 through 2016. Due to Baker Tilly’s familiarity with the Ninety 7 Fifty on the Park agreement and the complexity of the accounting transactions due to the liquidation event, as well as the integration of OPHFC into the Village’s financial reporting, staff recommends extending the contract with Baker Tilly to include the audit of fiscal year 2017. Requests for proposals for auditing services will be issued in 2018 for audits of fiscal years 2018 through 2022.
The auditing fee for fiscal year 2017 was quoted at $51,207 which is a 3% increase from fiscal year 2016. This fee includes audits for the Village, Civic Center, Open Lands, Stellwagen, 911, History Museum, and the Main Street Triangle TIF. The fee amount for a Single Audit, if required, would be $6,788.
On September 5, 2017, this item was reviewed and approved by the Finance Committee and referred to the Board of Trustees for approval.
Financial Impact
Sufficient funds will be included in the FY2018 budget to cover annual audit fees.
Recommended Action/Motion
I move to approve Baker Tilly to provide auditing services to the Village for fiscal year 2017.