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THE CITY OF ^ _ 14 <br /> la CITY COUNCIL AGENDA REPORT <br /> LEAAiTó . <br /> February 16, 2016 <br /> Finance <br /> TITLE: APPROVE AN AGREEMENT WITH MAZE &ASSOCIATES ACCOUNTANCY <br /> CORPORATION FOR AUDITING SERVICES <br /> SUMMARY <br /> State and Federal regulations and bond covenants require that an independent auditor <br /> conduct an annual audit of the City's financial records. Staff sent out a Request for <br /> Proposal for Professional Auditing Services in November 2015 and received eight <br /> proposals from qualified firms. Staff interviewed four of the firms and has determined that <br /> the most qualified firm is Maze & Associates Accountancy Corporation (Maze & <br /> Associates). Staff is recommending that the Council award a three year contract to them <br /> with an option to extend the contract for two years for a total of five years. <br /> RECOMMENDATION <br /> Staff recommends that Council approve a three year contract with an option to extend the <br /> contract for two years for a total of five years with Maze &Associates, and authorize the <br /> City Manager to execute the contract. <br /> FISCAL IMPACT <br /> The Finance Department's FY 2016/17 Budget includes the funding for the annual audit. <br /> The proposed contract begins with the FY 2015/16 audit; however, the audit fees <br /> associated with that audit will be paid in the FY 2016/17. <br />