DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott, CPA, Director
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
One Year Extension and Renewal of the Independent External Audit Services Contract
SUMMARY:
An Ordinance approving and authorizing execution of the Second Extension of the External Audit Services Contract with Padgett Stratemann & Co., LLP, to provide independent audit services to the City for Fiscal Year 2016, for a total fee not to exceed $837,500.00.
BACKGROUND INFORMATION:
On June 14, 2012, Ordinance Number 2012-06-14-0444 was passed executing an audit services contract with Padgett Stratemann & Co., L.L.P. (PS&Co) to provide independent audit services for fiscal years ending September 30, 2012, 2013 and 2014.
On December 4, 2014, Ordinance Number 2014-12-04-0940 was passed executing the first extension of the audit services contract with PS&Co to provide independent audit services for fiscal year ending September 30, 2015. The award to PS&Co was for a 3 year external audit services contract with 2, 1-year extensions (for FY2015 and FY2016) upon Council approval. The City is currently on the first extension of the contract. An item was placed on the Audit Committee's October 20, 2015 agenda to discuss and recommend exercising the second extension option. The Audit Committee moved that the extension be forwarded to the full Council for consideration. The audit fees for the extensions were negotiated in advance in the amount of $837,500.00 for fiscal year 2016. The contract includes sub-contractor participation as follows:
* Prime Contractor (PS&Co.) with 50% SBEDA Sub-Contractors to include:
o Robert J. Williams, CPA (AABE/VBE/ESBE) - $75,375
o Britts & Associates, LLP (AABE/WBE/DBE) - $150,750
o C.C. Garcia & Co., PC (HABE/WBE/ESBE) - $117,250
o Schriver, Carmona & Carrera, PLLC (HABE/ESBE) - $75,375
The contract was structured to provide the opportunity for staff to evaluate the firm's pe...
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