Title
Consider/Discuss/Act on a Resolution Authorizing a Contract for Professional Auditing Services with Weaver and Tidwell, LLP
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: August 4, 2020
DEPARTMENT: Financial Services
CONTACT: Trudy Mathis, Finance Director
Mark Holloway, Chief Finance Officer
RECOMMENDED CITY COUNCIL ACTION:
* Approval of Resolution
ITEM SUMMARY:
* Request for proposal #20-29RFP was advertised May 10, 2020 for professional auditing services to include the City's annual financial audit, federal and state single audits, and CAFR preparation.
* Bid opening was conducted June 4, 2020. Nine (9) proposals were submitted.
* BKD, LLP and Weaver and Tidwell, LLP were selected for interviews based on staff scoring of the proposals.
* A second phase of scoring was conducted based on the interviews, presentations, interaction, communication skills and response to questions.
* Staff recommends Weaver and Tidwell, LLP
o National firm serves more than 175 governmental entities
o Dallas office serves several Texas municipalities including:
* City of Lewisville, Allen, Bedford, Frisco, and Plano - all receiving the GFOA Certificate of Excellence in Financial Reporting
o Extensive knowledge and experience with airports
* Dallas office - Addison and Killeen Airports and Alliance Airport Authority
o City of McKinney Auditors from 2005-2015.
BACKGROUND INFORMATION:
* The City Charter requires an independent audit of the City at least once yearly.
* The last solicitation for professional auditing services was done in 2015.
* The contract with our existing auditor, BKD, LLP, has expired.
* The Government Finance Officers Association recommends the use of request for proposal to obtain professional auditing services .
FINANCIAL SUMMARY:
* Annual fees for audit and CAFR preparation services will be $99,075 which is a 4.4% decrease from the prior fiscal year audit fees.
* It is a 3-year contract with one two-year renewal ...
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