DATE: March 2, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russell Truell, Assistant City Administrator / CFO
Mike Lowe, Comptroller
Brian Wilcox, Purchasing Manager
SUBJECT:
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Consideration Of Contract Award For Financial And Compliance Auditing Services For The City For The Fiscal Year Ending June 30, 2015, With Up To Four (4) Additional Consecutive One-Year Optional Renewals For Fees Established At The Time Of The Initial Proposal, For A Maximum Possible Term Of Award Of Auditing Five (5) Fiscal Years Total (Purchasing Office Procurement Solicitation No. 2015-020; To Be Budgeted In Future Fiscal Year Budgets; Contract No. 2015-0060); (3/12/15 Finance 3-0)
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Purpose
The purpose of this procurement is to purchase municipal financial and compliance auditing services for the City. The services to be rendered pursuant to this procurement solicitation are to be offered for the fiscal year ending June 30, 2015. At any time after commencement but before or as soon as practicable after the completion of the scope of work, the City and the vendor may exercise an option to extend the term of award up to four (4) times, each time for the audit of one (1) additional fiscal year, for a maximum possible term of award of auditing five (5) fiscal years total.
Background
Each fiscal year, the City's General Fund, Water Utility Fund and Wastewater Utility Fund budget monies adequate to procure annual municipal financial and compliance auditing services for the City of Franklin. The purpose of this procurement is to comply with state law requiring an annual audit for each municipality. The City's practice is to have 50% of the cost of the audit to be borne by the General Fund, 25% by the Water Utility Fund, and 25% by the Wastewater Utility Fund. Note that the majority of the cost of each annual audit is incurred during and paid by the budget for the first fiscal year immediately following the fiscal...
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