Last week the Plymouth Common Council approved a proposal from Baker Tilly that will provide financial support to the city’s Clerk-Treasurer’s Office along with budgeting of the utilities. The additional cost is $37,200.
Clerk-Treasurer Lynn Gorski said in 2019 Baker Tilly provided the city with a Comprehensive Financial Plan that was good for four years, so it is time to have another plan completed.
The scope of work includes accounting and reporting support, Gateway annual reporting, debt management consulting services, financial management reports, annual budget assistance, and analysis, and working with the city’s utility departments.
Councilman Jeff Houin asked if it’s a one-time payment to Baker Tilly for a new Comprehensive Financial Plan and the clerk said the cost is for the plan plus extra financial support with financial reports with Cumulative Capital Development Fund,
When asked if this cost would become an annual expenditure, the clerk said Baker Tilly would continue to review the city’s financial plan and with this proposal, the council would get quarterly reports on the financial stability of the city.
Councilman Greg Compton said he really likes the idea of this and commented, “In terms of us having future capital pledges, this is vital. In other words, like for a fire truck. We put $400,000 into our Rainy-Day fund but we need a future capital expenditure plan.” He explained that in 10 years the city would need another fire truck and putting money toward those larger purchases would be helpful.
When asked if an additional appropriation was needed for the proposal, Clerk-Treasurer Gorski said she had the funds in her budget this year for the agreement.
The Plymouth Common Council unanimously approved the Baker Tilly proposal.
