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City staff recommend four‑year contract with I. Bailey for financial statement preparation
Summary
City staff told the council they recommend a four‑year agreement with I. Bailey for the city’s financial statement preparation and audit readiness after the previous contractor ended the engagement; staff said in‑house capacity is insufficient and contracting aligns with the audit schedule.
City staff recommended the council approve a four‑year contract with I. Bailey to provide financial statement preparation and audit readiness services, saying the change follows the termination of the previous provider.
Staff member (speaker 4) said Hogan Hanson—who previously handled the city’s financial statement preparation—terminated its contract after losing its engagement lead, leaving the city without a CPA on the statements. Staff said they evaluated firms, interviewed three candidates, and determined I. Bailey has the governmental accounting resources needed to provide continuity. The recommended four‑year term aligns with an existing five‑year audit contract so the same firm would provide statement preparation through the fiscal‑2029 audit cycle.
Council members asked whether the work could be done in‑house and why staff chose a four‑year term. Speaker 6 asked whether the city had considered hiring staff instead of outsourcing; staff (speaker 4 and speaker 7) responded that current staffing, training and expertise are insufficient and that contracting is less expensive than adding a full‑time position when considering salary, benefits and training. Staff also said a one‑year agreement would risk repeating the on‑boarding burden and would not provide continuity during the audit cycle.
Speaker 6 pressed about how the firm was selected; staff said they completed an expedited interview process consistent with an RFP‑style review and asked for a purchasing‑policy exception because of timing constraints tied to audit preparation.
No formal resolution specific to this contract was recorded separately from the consent agenda, and the consent agenda (which included this item) was approved by voice vote.
