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BACKGROUND State and Federal regulations and bond covenants require that an independent auditor conduct an annual audit of the City's financial records. The City has used the auditing services of Vavrinek, Trine, Day & Co., LLP for the past five years. The State requires that a public entity solicit for audit services no less than every five years. In addition, it is the City's practice to periodically rotate audit firms to obtain a fresh perspective on its financial operations. Based on this, staff circulated a Request for Proposal for Professional Auditing Services in November 2015. SELECTION PROCESS Staff received eight responses (Proposals) to the Request for Proposal. After reviewing the Proposals for a number of factors, including pricing, ability to meet the required audit timeline, applicable and comparable audit experience, experience and credentials of the staff and the firm, staff reduced the candidate firms to four firms. Finance Department staff interviewed the four firms to determine which firm could best meet the City's needs for an audited CAFR and other reports completed in a timely manner Staff concluded that the most qualified and well suited firm for the City is Maze & Associates. The following table presents a breakdown of the first year fee schedule for the audit: City Audit, including CAFR $46,920 Single Audit Report 8,500 GANN Limit Report 955 Measure B Audit Report 955 Measure BB Audit Report 3,650 Measure F Audit Report 955 Housing Authority Report 8,960 Community Transit Services 3,990 Cities Financial Transactions 4,180 TDA Audit Report 1,500 Total FY 2016/17 Fees $80,565 Maze & Associates has committed to keeping their fees at $80,565 for the first year and $80,800 per year each year thereafter. Submitte by: Approved by: Af(/ Tina Olson Nelson Fialho Director of Finance City Manager Attachments: Contract for Audit Services Page 2 of 2