Council approves Cantor & Associates for GAAP conversion, extends contract to five years

The Cortland City Council on Monday approved Ordinance O-01-25 authorizing the finance director to retain Cantor & Associates to perform the city's GAAP conversion year‑end financial reporting and related services. Councilors also amended the proposed contract term at the meeting, changing the recommended three‑year, $12,000‑per‑year option to a five‑year agreement capped at $11,000 per year.

Finance Director Patty said she solicited five quotes for the work and described the city as fortunate to secure Cantor & Associates after some firms declined or quoted higher fees. “I did get 5 quotes. 1 would not even quote us because they just do not have time,” Patty said. She told council the firm offered a three‑year proposal at $12,000 per year and a five‑year option at $11,000 per year and that she preferred starting with three years but was comfortable moving to five after discussion.

Council members questioned whether state actions affecting GAAP conversion vendors could change availability or prices; Patty said there is a no‑cost cancellation clause and that the city likely has about 30 days to adjust if the state restores its program. Councilors agreed by consensus to adopt the five‑year, $11,000‑per‑year term and then approved the ordinance by roll call.

The ordinance gives the finance director authority to retain Cantor & Associates for the GAAP conversion and updates the contract terms and the ordinance language to reflect the five‑year period covering 2024–2028. Patty said the finance office will contact Cantor & Associates to begin the conversion work once paperwork is completed.

Votes: Council approved the ordinance in roll call votes recorded during the meeting.