TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Libby Bretthauer, Finance Director
Julie Bondarchuk, Financial Controller
Amira Khodari, Accounting Supervisor
SUBJECT:Title
Consideration of a Resolution Approving a Three-Year Agreement with CliftonLarsonAllen LLP for Financial Audit Services in an Amount Not-to-Exceed $186,900 with an Optional Two-Year Extension in an Additional Amount Not-To-Exceed $143,100 (Budgeted) (Finance Director Bretthauer).
A) ADOPT RESOLUTION NO. 25-0106
B) AUTHORIZE THE CITY MANAGER TO EXECUTE AN OPTIONAL TWO-YEAR EXTENSION
Body
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RECOMMENDATION:
Staff recommends that the City Council adopt Resolution No. 25-0106 approving a three-year agreement with CliftonLarsonAllen LLP (CLA) for audit services in an amount not-to-exceed $186,900 and authorize the City Manager to execute an optional two-year extension for an additional $143,100.
FISCAL IMPLICATIONS:
Funds in the amount of $75,000 are currently budgeted within the General Fund Finance Department budget for audit services. Subsequent years will be budgeted accordingly.
BACKGROUND:
The City's financial policies and best practices require the performance of an annual audit. The purpose of an audit is to provide stakeholders with an independent auditor's opinion on whether the financial statements of an entity are presented fairly in all material respects. Additionally, the Uniform Guidance (2 CFR Part 200) issued by the Office of Management and Budget (OMB) specifies that any non-federal agencies spending more than $1 million in federal awards during a fiscal year are required to conduct an audit.
These audits are conducted in conformance with Generally Accepted Government Auditing Standards (GAGAS) by a licensed independent public accounting firm. The City's current agreement with Lance Soll Lunghard (LSL) is set to expire at the conclusion of the FY 2024-2025 audit....
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