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City Council Finance Committee <br />Meeting Minutes <br />09/18/17 <br />Page 5 of 13 <br />The reports and corresponding narrative can be located in the packet of the <br />September 18, 2017 Finance Committee Meeting. <br />AWARD OF BID FOR PROFESSIONAL AUDITING SERVICES <br />Finance Director Kevin Watson informed the Finance Committee Members that <br />the five audit services proposals received in response to the Request For Proposal <br />(RFP) issued June 30, 2017 have been reviewed by members of the City's Finance <br />Department. <br />Director Watson stated that based on the evaluation of the technical proposals and <br />costs, staff recommends awarding the bid for professional auditing services to Eide <br />Bailly, LLP. <br />Finance Committee Member Dennis Maloney asked Director Watson if the rates <br />were comparable. Director Watson stated that there were variances in the quoted <br />rates primarily due to the number of hours allocated for partners versus other <br />support staff. Director Watson stated that some of the respondents also <br />underestimated the total number of audit hours necessary based on staff's <br />experience. <br />The Finance Committee unanimously approved the recommendation and directed <br />staff to proceed with the engagement letter. Director Watson stated the full <br />contract would be presented to City Council before year-end. <br />The report narrative can be located in the packet of the September 18, 2017 <br />Finance Committee Meeting. <br />UPDATE ON NEGOTIATIONS FOR BANKING SERVICES <br />Director Watson informed the Finance Committee that since the last Finance <br />Committee Meeting he had been working to extend the current Banking Services <br />agreement with 1st National Bank. After negotiating, 1st National has proposed a <br />34% increase in overall banking fees, again citing that the City of Louisville has <br />been assessed below-market fees for the past seven years. <br />Director Watson stated that he recommends approval of a three-year agreement <br />with 1St National Bank which would provide stability throughout the remaining ERP <br />conversions. After such three-year period, the Finance Director proposes the City <br />re -bid for banking services. <br />The Finance Committee unanimously approved the recommendation and directed <br />staff to proceed with the engagement letter. Director Watson stated the full <br />contract would be brought forward to the full Council as soon as possible. <br />6 <br />