ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria 2016-2017 BIENNIAL BUDGET Relating to the Use of General Fund Balance, in the Amount of $314,763.00, and the Use of the Capital Fund Balance, in the Amount of $485,884.00, to Complete the Agreement with AZAVAR AUDIT SOLUTIONS Pursuant to the Professional Services Agreement.
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BACKGROUND: In August of 2010, the City of Peoria entered into a professional services agreement with Azavar Audit Solutions to perform audits of each utility tax taxpayer, franchise fee, and utility tax service fee imposed within the corporate boundaries including but not limited to the electric, gas, cable, telecommunications, and local sales/use tax. The agreement states that the City shall pay Azavar an amount equal to 45% of estimated funds recovered per account, per taxpayer. The attached budget amendment will increase both the General Fund and Capital Fund expenditures to fully pay all amounts owed to Azavar Audit Solutions in accordance with professional services agreement.
FINANCIAL IMPACT: Use of General Fund Balance in the amount of $314,763 and the Use of Capital Fund Balance in the amount of $485,884 to complete payment of professional service agreement.
NEIGHBORHOOD CONCERNS: None.
IMPACT IF APPROVED: The budget will be amended to reflect the increase in expenditures in the General Fund and Capital Fund.
IMPACT IF DENIED: The budget will not be amended resulting in expenditures being over budget in the General Fund and Capital Fund.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Keep taxes and fees competitive.
DEPARTMENT: Finance