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BACKGROUND <br /> State and Federal regulations and bond covenants require that an independent auditor <br /> conduct an annual audit of the City's financial records. The City has used the auditing <br /> services of Caporicci & Larson for the past seven years. The State requires that a public <br /> entity solicit for audit services no less than every five years. It is the City's policy to rotate <br /> audit firms to obtain a fresh perspective on its financial operations. Based on this, staff <br /> circulated a Request for Proposal for Professional Auditing Services in January 2011. <br /> SELECTION PROCESS <br /> Staff received twelve responses (Proposals) to the Request for Proposal. After reviewing <br /> the Proposals for a number of factors, including pricing, ability to meet the required audit <br /> timeline, applicable and comparable audit experience, experience and credentials of the <br /> staff and the firm, and CAFR (Comprehensive Annual Financial Report) award <br /> accomplishments, staff reduced the candidate firms to five firms. The five firms <br /> interviewed were (in alphabetical order): Caporicci & Larson; JJACPA; Macias, Gini and <br /> O'Connell; Maze & Associates; and Vavrinek, Trine, Day & Co., LLP. After the initial <br /> interview, staff further reduced the list to two finalists: <br /> • Macias, Gini and O'Connell <br /> • Vavrinek, Trine, Day & Co., LLP <br /> After an additional interview and reference checks, staff concluded that the most qualified <br /> and well suited firm for the City is Vavrinek, Trine, Day & Co., LLP. The following table <br /> presents a breakdown of the first year fee schedule for the audit for the 2010/11 FY for <br /> $75,000: <br /> Com • rehensive Annual Financial Report $47,000 <br /> Sine IeAudit Re )ort 8,500 <br /> Joint Powers Financing Authority Report 3,000 <br /> TDA Facilities Fund Report 1,500 <br /> Communi Transit Services Report 4,000 <br /> Measure B Compliance Letter 1,000 <br /> Gann Limit Re•ort 1,000 <br /> Housin. Authority Report 9,000 <br /> Total not to exceed) $75,000 <br /> Vavrinek, Trine, Day & Co., LLP has committed to keeping their fees at $75,000 per year <br /> for the entire term of the contract (through and including the 2015FY audit). <br /> Submitted by: Approve by: <br /> Emily E. Wagner Nelson Fialho <br /> Director of Finance City Manager <br /> Attachments: <br /> 1. Contract <br /> Page 2 of 2 <br />