DATE: January 8, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator
Mike Lowe, Comptroller
SUBJECT:
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Discussion of Audit Firm Selection RFP Process
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the process for requesting proposals for auditing services for the City of Franklin and the Cool Springs Conference Center.
Background
For the past four (4) fiscal years, the accounting firm of Crosslin and Associates has performed the required annual audit for both the City of Franklin and the Cool Springs Conference Center. With the completion of the audit of fiscal year 2014, the contract with Crosslin has expired.
Shortly after the January Budget and Finance Committee meeting, the City will solicit requests for proposals for auditing services. It is anticipated the request for proposal process will incorporate the following:
1. Proposals will be for the audit for fiscal year 2015, with potential renewals for up to three (3) additional one-year terms.
2. Ensuring the firm is one approved by the State Comptroller's Office to perform the annual audit,
3. Ensuring the County is included in selection and approval of the audit firm of the conference center,
4. Ensuring the firm will have the audit complete and ready to present its findings to the City's Budget and Finance Committee, acting as the City's audit committee, in November or December 2015.
5. Ensuring the firm will assist in required filings with the federal and state governments, and assist in enabling the City to apply for the Certificate of Achievement for Excellence in Financial Reporting awarded by the Government Finance Officers Association.
Financial Impact
The City's audit fee for the past four (4) years has ranged from $47,500 to $49,000. For the Cool Springs Conference Center, the fee has ranged from $12,500 to $13,900. It is expected proposals may be in or near this range.
Recommendation
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Staff recommends going forward with the request for proposals.