1986 RES R-79-86 - Laserfiche WebLink

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Exhibit "A" THOMAS, BYRNE & SMITH AN ACCOUNTANCY CORPORATION CERTIFIED PUBLIC ACCOUNTANTS 6362 Orange Street R,veraiae. Caelorma 92501 W24651 OOnaia L Tmomas C R A ^ C R¢eara Byrne C P A V C Sm,in. n CRA April 30, 1986 Alien rrarr,Son CPA Mr. Steven Edwards, City Manager City of Colton 650 N. La Cadena Drive '`r� �•�;�-:-'� Colton, California 92324 Dear Mr. Edwards: We have recently completed a review of the audit requirements, as they relate to the City of Colton, pursuant to the Single Audit Act of 1984, Public Law 98-502 and the Office of Management and Budget Circular A-128. The Act requires a Financial Compliance Audit of all applicable federal funds, e.g. Federal Revenue Sharing, Community Development Block Grants, Economic Development Grants, etc, beginning for fiscal year 1985-86. Prior to the adoption of the Single Audit Act of 1984 the City would have needed an audit cor'_ucted of its Community Development Block Grant funds for 1985-86. The fee for this audit would approximate $5,000. Therefore, we propose to conduct the 1985-86 annual audit pursuant to the Single Audit Act of 1984, encompassing all the City's applicable federal funds, for an increase of $5,000 over the prior years maximum audit fee. The aforementioned revision results in the following summary of the audit activities: Basic Annual Audit $18,000 Compilation of activities relative to 1984 Single Family Residential Mortgage Revenue Bonds; 1984 Variable Rate Demand Multi -family Housing Revenue Bonds; 1985 Variable Rate Multi -family Mortgage Revenue Bonds (this should be billed to the Trustees) 3,500 Federal Revenue Sharing 2,500 Community Development Block Grants 5,000 29 000 We can appreciate your concern over any costs incurred by the City and would be happy to meet with you personally and explain in more detail our position in this matter. Very truly yours, THOMAS, BYRNE & SMITH An Accountancy GO jporation /, /-11 `-' By: D. Richard Byrne Certified Public Accountant DRB/km