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
o Contract allows for a 3% fee increase in the second and third years
BOARD OR COMMISSION RECOMMENDATION: N/A