TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Julie Bondarchuk, Financial Controller
Amira Khodari, Accounting and Payroll Supervisor
SUBJECT:Title
Consideration of a Resolution Approving Amendment No. 2 to the Professional Services Agreement with Lance, Soll & Lunghard, LLP for One Year and One Optional Year in the Amount of $137,780 for Financial Audit Services (Finance Director Charelian).
ADOPT RESOLUTION NO. 24-0027
Body
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RECOMMENDATION:
Finance Subcommittee (FSC) and Staff recommend that City Council adopt Resolution No. 24-0027 approving an amendment to extend the contract with Lance, Soll & Lunghard, LLP (LSL) for one additional year with an optional extension of a second year in an amount not to exceed $137,780. If approved, services will be extended to include the audit for fiscal years ending June 30, 2024 and an option to extend the contract for fiscal year ending June 30, 2025.
FISCAL IMPLICATIONS:
Sufficient funds are included in the Finance Department's budget and will be budgeted accordingly in future budgets. The cost of the amendment will be $67,210 for the FY 2023-2024 audit year and $70,570 for the FY 2024-2025 audit year.
BACKGROUND:
The City hires an independent Certified Public Accountant (CPA) firm to audit the City's financial statements annually. The audits provide an independent, objective assessment of stewardship, performance, and provides a determination on whether the City's financials are fairly presented.
The City issued Request for Proposal #1195-19 for auditing services in 2018-2019. Seven proposals were received and finance staff narrowed the proposals down to three firms based on the submitted scope of work and references. Finance staff interviewed the three audit firms and selected two finalists. The City Treasurer, Finance Director, Controller, and Senior Accountant interviewe...
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