City Council
259 N. Wilma Avenue
Ripon, CA 95366
MEMO
To: Honorable City Council
From: Lisa Roos, City Clerk & Finance Director
Date: 03/14/2023
Subject: Audit Engagement Letters
RECOMMENDED ACTION:
Approve and authorize the Mayor and City Administrator to sign the engagement letters with Price Paige & Company to perform the annual audits of the City of Ripon Financial Statements and the Money Purchase Thrift Pension Plan for the year ending June 30, 2023 in the amount of $59,580.00.
BACKGROUND:
Price Paige & Company of Clovis, CA, has been performing the annual audits of the City of Ripon Financial Statements and the Money Purchase Thrift Pension Plan since fiscal year ended June 30, 2015. Staff has requested an engagement letter to continue to provide auditing services for the fiscal year ending June 30, 2023.
DISCUSSION:
The attached engagement letters are for the audits of the City Financial Statement, the filing of required State Controller Reports, and audit of the Money Purchase Thrift Pension Plan.
Proposed costs for fiscal year ending June 30, 2023 compared to fiscal year ending June 30, 2022 are in Table 1 below. There is a proposed 3.8% increase for FYE 6/30/2023, however, there was no increase in the prior year.
Table 1:
FYE 6/30/2023 FYE 6/30/2022 Percent Increase
Annual Financial Statement Audit $37,000 $35,308
Single Audit Report $5,700 $5,460
State Controller’s Reports $7,830 $7,830
Total $50,530 $48,598
Money Purchase Thrift Pension Plan Audit $9,050 $8,788
Grand Total $59,580 $57,386 3.8%
FISCAL IMPACT:
The audit will be paid for from the following funding sources:
General Operating Fund $41,280
Water Operating Fund $4,500
Garbage Operating Fund $2,800
Sewer Operating Fund $3,000
Street & Roads Operating Fund $6,500
Transit Operating Fund $1,500
Grand Total $59,580
Attachments:
1. RIPON Audit Engagement Letter SA 2023 (Unsigned)
2. RIPON Consulting SCO Engagement Letter 2023 (Unsigned)
3. RIPON Pension Audit Engagement Letter 2023 (Unsigned)