Consultant to continue to run city finances

Published 9:38 am Tuesday, August 23, 2011

A financial consultant firm will continue monitoring the city of Albert Lea’s finances — at least for now.

The Albert Lea City Council on Monday voted to continue an agreement with AEM Financial Solutions to provide financial management services to the city.

The company has been assisting the city off and on since the fall of 2010, in lieu of a finance director, after former Albert Lea Finance Director Rhonda Moen accepted a new job in Owatonna.

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A search to fill the position has been unsuccessful, and Albert Lea and Austin also tried a hand at a shared finance director, with no success.

According to the agreement, the city will be have the opportunity to renew and extend the services with the firm every six months.

The term of the proposed contract is for three years, with performance reviews at six months.

The city has the right to cancel the agreement by providing written notice within 60 days of the end of each review.

The annual fee outlined in the contract is $85,000 for the first year, $87,000 for the second year and $89,000 for the third year.

The agreement includes tasks to be performed on a weekly monthly, quarterly and annual basis.

Look to the Tribune later today or Wednesday for more information about the other items voted on during the council meeting.