Title
Consider approving Resolution No. 2017-067 designating Grant Thornton, LLP as the City's Independent Auditor and authorizing the City Manager to execute a letter of agreement for Financial Audit Services beginning with the Fiscal Year End September 30, 2017; and take appropriate action.
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BACKGROUND:
The City Charter requires that the City Council designate an independent certified public accountant to perform an annual audit of the City. The City recently completed a five-year audit services contract with the firm of Grant Thornton LLP. The City Council appointed Mayor Bob Phelps and Councilmember Mike Bomgardner to an Auditor Selection Committee to review proposals, interview firms, and recommend an independent auditor.
DISCUSSION:
A request for proposals was released in February and three firms responded with proposals for a 5-year engagement. Each firm was interviewed by the Auditor Selection Committee for mandatory, technical, and cost factors. The Committee selected Grant Thornton LLP from the three firms interviewed. The other two firms were Crowe Horwath LLP and Weaver and Tidwell LLP.
The cost of the City's annual audit for the year ending September 30, 2016 was $66,300. The cost proposed by Grant Thornton for the audit for the year ending September 30, 2017 will be $65,000.
RECOMMENDATION:
The Auditor Selection Committee recommends Grant Thornton LLP as the City's independent auditor and recommends that the City Manager to enter into a letter of agreement for audit services.
POSSIBLE COUNCIL ACTION:
1. I move to approve Resolution No. 2017-067 designating Grant Thornton, LLP as the City's Independent Auditor and authorizing the City Manager to execute a letter of agreement for Financial Audit Services beginning with the Fiscal Year End September 30, 2017.
2. I move to approve Resolution No. 2017-067 designating Grant Thornton, LLP as the City's Independent Auditor and authorizing the City Manager to execute a letter of agreement for Fi...
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