SUBJECT
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Clifton Larson Allen Financial Management Accounting Services for FY2023 (Action Item)
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DESCRIPTION
Presented for the Board's consideration is a Statement of Work (SOW) to the Master Services Agreement (MSA) for account services for Fiscal Year 2023 (October 1, 2022 - September 30, 2023). Clifton Larson Allen (CLA) will continue to provide normal accounting services such as accounting functions and cash access as well as fiscal statements. For this SOW the PRWC Executive Director has requested that CLA take a more active role in the management of cash flow and reporting as the PRWC's finances become increasingly complex due to the numerous funding sources and financial tracking requirements.
The fixed fee for the accounting services will reduce from $2,160 to $1,500 per month plus out-of-pocket expenses. The fixed fee includes unlimited meetings and phone calls to discuss operations, business matters, and accounting issues of the PRWC. The out-of-pocket expenses include out-of-town travel, meals, and lodging. In addition, CLA will charge an hourly rate ranging from $95 to $185 based on staff level for additional services including:
1) Tracking of accounts receivables;
2) Providing budgeting services;
3) Development and tracking of key business metrics;
4) Develop improved accounting processes and procedures;
5) Process and procedure improvement implementation;
6) Assist with bank negotiations and communications.
The approved FY2023 PRWC administrative budget provides appropriations of $28,000 for the CLA - SOW. Because much of the new work associated with the CLA - SOW will be projects based, staff will begin dividing charges between the PRWC Administrative Budget and the Project Budgets for the Southeast and West Polk Projects. Therefore, it is anticipated that most of the hourly charges above CLA's fixed fee will be financed under the WIFIA loan. Sufficient funds are in the administrative budget for the general administrative tasks. ...
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