TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Henry Mitzner, Controller
Julie Bondarchuk, Senior Accountant
SUBJECT:Title
Consider Awarding RFP No. 1195-19 to Lance, Soll & Lunghard, LLP for a Three-Year Contract for Financial Audit Services with an Estimated Value of Up to $170,070 (Finance Director Charelian).
ADOPT RESOLUTION NO. 19-0028
Line
_________________________________________________________
Recommended Action
RECOMMENDATION:
The Finance Subcommittee and staff recommend that the City Council adopt Resolution No. 19-0028 approving a three-year contract with Lance, Soll & Lunghard, LLP (LSL) to provide financial audit services for three fiscal years. Services will commence for the audit year ended June 30, 2019, and include the two subsequent fiscal years ending in June 30, 2020, and June 30, 2021. The contract provides for an additional two-year option if deemed in the City's best interest.
Body
FISCAL IMPLICATIONS:
The proposed contract covers a three-year audit period (FY 2019 through FY 2021) with option years for FY 2022 and FY 2023. Services are provided on a fixed fee basis. Sufficient funds are included in the Finance Department's budget and will be included in future budgets. The contract cost for three years of auditing services is $170,070.
BACKGROUND:
The City's financial policies require the performance of an annual audit. The Government Finance Officers Association (GFOA) recommends that an annual audit of an agency's financial statements should be conducted by an external auditor as a best practice. The purpose of an annual audit is to provide stakeholders with an auditor's opinion on whether the financial statements of an entity are presented fairly in all material respects. As a result of the Office of Management and Budget Circular A-133 (also known as the Uniform Guidance), all non-federal government agencies spending more than $750,000 ...
Click here for full text